Tax Refund Tips: Redundancy

Were you made redundant at any stage over the past 4 years. Over 90% of employees made redundant are
not aware they may have overpaid tax on their redundancy package, refund amounts depend greatly on how much you earned during that tax year, if you were unemployed for the remainder of the tax year in question, and whether or not you claimed all credits and allowances that were due.

Refund Process: You may claim directly from Revenue using their PAYE anytime service or by contacting your local tax office. Alternatively, we recommend using a third party to process all potential tax refunds due. Outscourcing this process is simple, cost effective and ensures your claims are correct and accurate. Visit Paylesstax.ie for more information.

Tax Refund Tips: Medical Expenses

If you have paid for medical expenses in Ireland or anywhere within the EU, you may be entitled to a partial tax refund.

Most medical expenses are covered, there are exeptions however such as routine eye checks and some dental procedures. For tax years 2009 & 2010, The full amount of your medical expenses can be claimed. Tax relief is granted @ the 20% tax rate, regardless of whether you are a higher or standard rate tax payer.

Refund Process: You may claim directly from Revenue using their PAYE anytime service or by contacting your local tax office. Alternatively, we recommend using a third party to process all potential tax refunds due. Outscourcing this process is simple, cost effective and ensures your claims are correct and accurate. Visit Paylesstax.ie for more information.

Tax Refunds if Unemployed?

Jobseekers Benefit is a taxable source of income. However, any child dependent element and the first €13 per week of benefit are exempt from tax. When you make a claim for a tax refund the taxable portion of the Jobseekers Benefit will be added to your pay and the appropriate refund, if any, will be made. You should note that if the weekly amount of your Jobseekers Benefit exceeds your weekly tax credit you will not be entitled to a refund.

If you have any comments or queries please use the comments or email link below or visit our website @ http://www.cops.ie/

Tax Refunds!

Tax Refunds if you are Unemployed or out of work sick?

The amount of tax refund will depend on:

• The length of time you have been unemployed
• The amount of tax you have paid
• The amount of tax credits you have used
• The amount of your weekly social welfare payment
• How your tax refund is paid

Revenue will issue a cheque if you are unemployed and due a tax refund.

If you are out of work sick, when you return to work your employer usually refunds your tax in your first weeks wages. If you think you may be due a tax refund contact your local district tax office.

If you have any comments or queries please use the comments or email link below or visit our website @ http://www.cops.ie/

Tax Tip, Did you Know?

Did you know you can get a refund of tax you have already paid if you were employed and find yourself unemployed. You may also get a tax refund if you are out of work due to illness. You can also get tax back if you are still employed but have paid more tax than you were liable for.

Another way to get tax back is through tax relief on services or products that you have bought. Some of the cost of certain services and products can be recouped from the tax you have already paid to the Revenue Commissioners, for example, tax relief for employing a carer and tax relief for third level education fees. The amount of relief you get depends on the amount of tax you have paid.

If you have any comments or queries please use the comments or email link below.

Last Chance to Claim for Tax Year 2005

A quick reminder for those yet to register for PAYE Anytime, time is now running out to claim allowances and/or expenses for tax year 2005.

Why Register:

-View your tax record
-Claim a wide range of tax credits: service charges, union subscriptions and Rent Credit etc.
-Apply for refunds of tax including health expenses
-Update your address
-Declare additional income
-Request a review of tax liability for previous years
-Re-allocate credits between yourself and your spouse
-Track your correspondence submitted to Revenue
-Immediate update of your tax credits
-Speedy repayments

Get your TAX BACK

Lets Talk Tax! Your Tax that is.

How many people regularly check how much tax they have paid on an annual basis?
How many people actually check their payslip every week or month?

Unfortunately, very few check either. Less than 20% of the working population applied for tax refunds and/or additional allowances last year. Are you one of the 1.8 million people possibly paying too much tax? If you pay tax, prsi and the income levy, you may be entitled to a refund. Remember, you can only claim for a maximum of 4 previous tax years, so this is your last chance to claim for tax year 2005. We get asked tax back related questions many times during our Payroll Training courses, because possible refunds and allowances differ from person to person, everybody needs to be assessed individually. The excuse we hear all the time from delegates attending our training, who do not apply for refunds is, "What if i end up owing tax?", folks, if you owe tax, you owe tax. If you think you do owe tax, there is probably a reason for it, and one you should sort out sooner rather than later. We are all entitled to claim refunds and additional allowances if due, don't be afraid of the tax man, the tax man is their to serve us all, it's your money after all!

A quick example of a possible refund situation is married couples, did you know a married couple can allocate any unused tax credits or cut-off points to claim a refund? If the tax you pay as two single people is greater than the tax that would be payable if you were taxed as a married couple, you can claim the difference.

If this seems complicated, don't worry for now, we will be posting further details on this over the next week or so, if you wish, please contact us or reply to this post with your query. Why not click the "Follow our Updates" button on the bottom of this page, you will then receive an email everytime our blog is updated.