Start 2024 by making a resolution to claim your €1,880 taxback windfall
Up to €300m in overpaid taxes is left unclaimed each year by Irish taxpayers.
January is a month where every euro counts, as people continue to count the cost of Christmas.
The fact is, many people are missing out on a potential €1,880 windfall that's waiting to be claimed.
Research shows that a significant percentage of people overpay tax without realising it, and are out of pocket up to €1,880 that could otherwise be rightly claimed from Revenue.
Irish taxpayers are historically slow in claiming what's owed from overpaid taxes — as evidenced by up to €300m left unclaimed annually.
"This is a new tax year so you can now claim your 2023 refund, which is especially important at this time of the year when money can be an issue," explains Marian Ryan, Consumer Tax Manager at Taxback. "January is a good time for a financial boost and getting money owed into taxpayers bank accounts where it belongs."
For 28 years, Taxback have specialised in supporting workers in Ireland to claim their maximum Irish tax refund.
If you rent or pay a mortgage, work from home, have medical bills, college fees or flat rate expenses, then it is definitely worth investigating what you can claim back. "Tax credits might seem to be not worth claiming - but when you add them together, they quickly add up to build a very sizable refund amount."
There are a wide range of tax reliefs available to Irish workers. Exactly what you can claim will depend on your personal circumstances. The Taxback team illustrates a number of the most common types of tax relief.
For property owners, Budget 2024 announced Mortgage Interest Relief worth up to €1250 - which kicks into action this January. "Homeowners can claim up to 20% on the increased mortgage interest paid in 2023 versus 2022" explains Marian Ryan. "Clients can often be totally unaware of what can be claimed and the different areas where claims can be made - everything from medical costs, nursing home fees, and working from home expenses."
This tax credit, which specifically targets renters, was originally introduced in Budget 2023. Increased by €250, this credit is now worth €750 per year for a single individual and €1,500 for a married couple.
It is understood that nearly 400,000 people are eligible to apply for it, with the credit backdated to include rent paid in 2022. The latest Taxback survey revealed a widespread lack of awareness amongst the public around the tax break, with a sizeable 67% admitting they were unaware of it.
Tax relief is available at 20% on the cost of many different types of common medical expenses - such as visits to the GP, Consultant or physiotherapist. Other areas where refunds are due include prescriptions, ambulance calls, diagnostic procedures and maternity care. Tax back can also be claimed on certain non-routine dental expenses such as orthodontic and root canal treatments. Similarly, the substantial costs associated with long-term care in a nursing home can mean refunds of up to 40% for either an individual or a loved one.
If you are unsure whether a particular medical expense is eligible for tax relief, you can talk to Taxback's Irish tax experts at anytime 24/7! They will advise you on what can be claimed and help you to maximise your refund. Simply register here to get started.
Married couples, of which there are over 1.7 million in Ireland, may also have potential refunds due, depending largely on how much a working couple earns. In the year you get married, both you and your spouse will continue to be treated as single people for tax purposes. If you married in 2022, for example, you may now be due a refund if the tax you paid as two single people is greater than the tax payable if you were taxed as a married couple. Savings can also be made if both are working, but only one pays tax at the higher rate, or if one spouse has unused credits due to low income or cares for children in the home.
Flat Rate Expenses are available to thousands of Irish employees who work in a variety of different jobs, including bar staff, nurses, teachers and firefighters. These expenses are designed to cover common work-related costs such as tools, uniforms and stationery. How much you will be able to claim will depend on your personal circumstances.
If you work from home, as many do nowadays, it is likely that you are entitled to tax back on your utility bills. You can apply for a tax refund — also known as e-worker tax relief — on heating, electricity and broadband bills. E-working is defined as working for substantial amounts of time outside the normal place of work — so those working from home, either full or part-time, may be eligible for WFH tax relief.
Taxback simplifies the process of claiming your maximum tax rebate.
They will analyse your tax situation, ensure you are receiving every credit, relief, and expense you're due and manage the paperwork for you.
They will even transfer your refund straight to your bank account. Not bad!
And the best part? Taxback offer a 'no refund, no fee' service which means it can't hurt to check if you're due a refund!
To quickly find out how much tax back you're owed, simply register with Taxback here.
