Although some reliefs have been stopped, you can still back-claim for up to four years on many of them, so it’s worth your while to look into it.
Here are the top 5 refunds to look for:
1. Refunds for Medical Expenses
After deducting any payments you have received from other sources, such as health insurance, you can claim back all medical expenses, including procedures, equipment, medicines, dietary foods, and doctor visits. There is no excess, and those under the Drugs Payment Scheme (DPS) can claim the €144 monthly drugs charge payable. Although you don’t need to send in the receipts to make a claim, you must retain them for six years.
Also covered under the medical fees refunds are some non-routine dental expenses, including braces, bridges and crowns. These treatments are covered, provided they are performed by a qualified practitioner, even if it is outside of Ireland. Tax relief on private medical insurance is up to a maximum of €1,000 a year at 20%. Track your medical expenses by downloading a Health Expense Tracker from Revenue.
- Flat Rate Expenses for Doing Your Job
If your job requires equipment, tools, overalls or uniforms, you’re in luck. Hundreds of jobs qualify for tax credits, including:
- Waiters (€64-97)
- Firefighters (€272-407)
- Nurses (€80-733)
- Bar staff (€93)
- Actors (€750)
- Teachers (€518)
- Members of the RTÉ Orchestras (€2,476)
3. Elder Care Reliefs
Full tax reliefs are available to people who employ carers at home, or who pay for private nursing home care. The payer, who may or may not be the patient, can claim full tax relief at their top rate of up to €75,000 p.a. Elder care reliefs may not be backdated, so it is important to claim each year. Hours provided by the HSE are deducted from these reliefs
You can claim tax relief on fees payable by third-level students up to a maximum of €7,000 p.a., calculated at 20%. Do note however, that the first €2,750 (Student Contribution) is excluded to offset the cost of private colleges.
SUSI (www.studentfinance.ie) offers grants for maintenance or for the Student Contribution. Both these grants are means tested (though those are pretty generous) and distance from the college. The payment is made directly to the college or to the student
5 Pension Contributions
Pension contributions receive the most generous tax relief, which is available to both personal and occupational pension at a full marginal rate. Employees will be paid automatically, but self-employed individuals must apply for their own reliefs.
Pension funds are largely tax free, and when you exit at retirement age, you should receive a tax-free lump sum.
If you have any queries on new or existing pension policies we are here to help.