Tax Tips

5 Important Tax Credits for Medical Professionals

Every year, thousands of tax credits go unclaimed. During our tax reviews for clients, we have found this to be especially true for medical and healthcare professionals.

Unbeknownst to many professionals working in the healthcare sector, there are a number of important tax credits which they should be claiming.

tax credits for medical professionals

 

1. Education Fees

Are you a student doctor/nurse? Do you have children in college? If you find yourself answering yes to any of these questions, then you may be entitled to a tax rebate for these college expenses. You can claim a tax credit on the fees that you have paid for that particular tax year by submitting the completed claim form and a P60 form.

Once this form is submitted, your income tax liability is reviewed and any refund due to you will be made. Tax credits can only be claimed on tuition fees and not fees like exam expenses or registration fees. The college admissions office will be able to provide you with a receipt if you are unsure on what you can claim.

2. Married Persons

If you recently got married, then you may be eligible to claim the “year of marriage” tax rebate. In essence, if you have married between 2012 to 2015, in that particular year you and your spouse may have been treated as two single persons in terms of taxation.

However, if in that year the sum of tax paid by you and your spouse as two single persons is more than what it would have been if you were classed as a couple in a marriage, then you may be due a tax rebate.

3.Uniform Expenses

If you work in the healthcare industry, you may be entitled to claim a tax rebate in relation to your work uniform. There are applicable tax credits for work uniform expenses however these only apply in certain instances:

• You supply and launder your own uniform

• You supply your own uniform but it is laundered for free

• You are required to launder a uniform that is supplied for you

• Where uniforms are supplied and laundered for free

4.Medical and non-routine Dental expenses

Medical and dental expenses are two areas in which medical professionals often under claim. If you have been to the dentist or visited your local GP in the last four years you may be eligible to claim tax credits on these expenses.

To qualify for this credit you must have proof of all these visits. This can be gained by getting a print out of all these expenses in receipt form. Up to 20% of these expenses can be claimed back in your tax rebate!

5. Permanent Health Insurance

Any medical professional who pays a premium to have their income protected in the event of disablement through an accident or some form of injury is entitled to tax relief. This it is in respect of premiums paid within the year.

The portion that qualifies for this relief is the portion of the premium attributable to the provision of Permanent Health Benefit.

Are you a medical professional looking to claim a tax rebate?

At Irish Tax Rebates we have the experience and expertise that will help you maximise any potential refund that is due to you. Apply Online today! Our expert agents are on hand to offer you the advice and information you need.