There is a four year limit for claiming any refunds due from the Revenue. This means that any refunds due for year ended 31st December 2006 must be claimed by the end of this month.The most common tax reliefs and credits that are overlooked by people are:
Tax reliefs (31st December 2006)
- Health expenses – first €125 is disallowed where expenses relate to one person and €250 where the expenses relate to more than one person. In 2006 relief was available at your highest rate of tax
Tax Credits (31st December 2006)
- Age Credit – If you reached 65 years of age in the year 31st December 2006 you can claim the age credit which is €250 for a single person and €500 for a married couple
- Rent Tax Credit– If you were in private rented accommodation you are entitled to a rent tax credit.The relief due in 2006 was €330(single person)/€660 (married couple) for under 55’s and €660(single person)/€1320(married couple) for over 55’s.
- Service Charges – relief for services charges are on a prior year basis. Therefore payments for 2005 service charges are claimable in year ended 31st December 2006. For tags and payments to independent contractors the maximum claimable is €195 at 20% is €39 and there is no maximum for all other charges.
- Home Carers Credit-This credit is for a married couple where one spouse is the home carer and cares for one/more dependant persons. The home carers income must not exceed €5,080 for the year. The maximum credit allowed is €770 in 2006.
- Trade Union Subscriptions – Tax relief is available at 20% on trade union subscriptions up to €300 which means a max tax credit of €60 a year.
- Flat Rate Expenses-Many workers are unaware that they can claim an amount called flat rate expenses for expenses incurred in their performance of duties of employment. Revenue have a list of employment expenses and the claimable amounts on their website
Some of these can be claimed through PAYE anytime or the relevant forms can be downloaded from the Revenue website or picked up from their offices.
It is also possible to claim for years 2007 to 2010 at the same time.