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Are you claiming your tax credits from Revenue?

Each year millions of euro go unclaimed from the Revenue Commissioners in terms of tax credits and reliefs which not have been reclaimed by the Irish taxpayer. Many people think that you have to be self employed to ‘get tax back’ but this is not the case. Whether you are self employed or a PAYE worker you are entitled to make a tax return. Also, it is not just for the current year that you can make a claim, you can go back 4 years. So by 31st December 2011 any claims for the year 2007 will have to be made and claims can also be made for 2008,2009 and 2010.

Below are some common tax credits that may go unclaimed each year:

1. Health Expenses

payments you make for doctor visits, hospital stays or prescription charges can be reclaimed at the standard rate (20%) each year. Any amount you receive from your private health insurance or medical card should be deducted before the claim is made. Any prescription charges in excess of the monthly DPS charge will have to be reclaimed from your local health board. Make sure you keep all your receipts during the year in case Revenue ask you to submit them

2. Permanent Health Insurance or Income Protection

this relief is calculated by deducting the premiums paid from your Income for the relevant tax year before calculating tax so relief may be available to those who pay tax at the higher rate (41%) Relief is not given on all of the amount of the premium paid.

3. Home Carer Tax Credit

A married couple may claim this credit of €810 (maximum) where one spouse earns less than €5,080. Relief may be reduced if the spouse earns between €5,080 and €6,700 in the year. The Home Carer tax credit is allowed for a person who takes care of a dependent person e.g. a child or a person over 65.

4. Rent Tax Credit

A credit is allowed where a person pays rent towards private accommodation used as their sole or main residence. The credit varies between €320 and €1280 dependent on marital circumstances and age.

5. Service Charges

An individual who pays for domestic water, refuse or sewage disposal charges may claim a tax credit of up to €80. This tax credit is allowed for payments which have been made 1 year previously e.g. in 2010 return claim for 2009 payment.

There are many more tax credits and reliefs which are available to the taxpayer and further information can be got here or here.