It’s an unfortunate fact that many of us are actually overpaying taxes. Thankfully, we can claim this tax back if we know what relief we can apply for and how the rebate process works. Learn the five key things you need to know about claiming tax back.
Currently, you can only claim tax back for the previous four tax years. Unfortunately, this means once another year passes by, so does your chance to claim for another tax year! For example, after 31st December 2018, you’ll no longer be able to claim a tax rebate for the 2014 tax year.
This makes it essential to get your paperwork in on time, or hire a tax rebate company to do this for you.
Expenses require evidence
While you can claim tax back on eligible expenses, you must keep your receipts as evidence. A copy of these will need to be submitted to the Revenue Commissioners if requested by them.
For example, if you claim tax back on medical expenses for either yourself or family members, you’ll need to keep a copy receipts to prove the expenses incurred.
You may be eligible for tax back, even if your P60 says different
In the past, all PAYE workers received an annual P60 form from their employer. Starting in 2019 the P60 system was replaced with an online Employment Details Summary, which summarises the tax and USC deducted from your income in the tax year. However, mistakes can easily be made on this, for example if your tax credits haven’t been assigned correctly.
Tax experts can take a look at your P60 and tell you if you’ve overpaid your taxes or are eligible for any additional credits and reliefs.
Revenue may not have all of the information they need.
Many of our customers have been mistakenly informed by Revenue that they aren’t due tax back. This is largely because Revenue may not check what tax credits you’re eligible for and generally only investigates the ones you detail on your paperwork.
As a result, being aware of the tax credits and reliefs you’re entitled to is essential, as it ensures you’re not needlessly overpaying tax.
If you’re unemployed, you may be eligible for tax back
If you find yourself experiencing a break in employment, you may be entitled to tax back. This is because if your income is suddenly reduced, you may have leftover tax credits that can be applied to tax you have already paid in that tax year.
Similarly, if you go on maternity leave and are not paid by your employer in this period, you can claim any overpaid USC back.
Claim tax back
Think you may have overpaid tax in the last 4 years? Contact our team of tax experts at Irish Tax Rebates. We advise on tax relief applicable to your expenses and help you to get your money back in a matter of weeks.
We have the highest average tax rebate in Ireland and the lowest fee; and if you aren’t owed any tax back, there is no fee applied. To get the ball rolling, you can apply for your tax back online today.
For more simple explanations of Irish taxation and how you may be due tax back, read our previous blog posts.