€560 million provision for tax rebates!
Some Tax Credits are being phased out. Every year the REVENUE makes a provision for tax due back to PAYE workers. In 2014 Irish Tax Rebates estimates this tax back provision to be in the region of €560 million.
The Revenue has aggressively been reducing and eliminating certain tax credits previously available to PAYE workers, however, there is still time to avail of them before they are completely phased out.
- Union Fees – Tax credit for Union subs were scrapped in 2010, so 2014 is the last year you can claim credit for your Union Fees paid in 2010.
- Service Charges for waste collection – These were scrapped in 2011, so you can still claim for credits for two years (2010 & 2011) in 2014.
- Top Slicing Relief – This will no longer be allowed from 2014, however, if you have been made redundant in the last four years you may still be able to claim Top Slicing relief before the end of 2014.
- Single Parent Tax Credit – The Revenue have made a change to the qualification criteria for the Single Parent Tax Credit. As and from 2014, this credit can only be claimed by the PAYE earner with whom the child is residing.
Irish Tax Rebates estimates that the provision for tax back due to PAYE workers will be reduced by €80 million by 2016. Therefore, if you think you might be due tax back or have not availed of the tax credits mentioned above now is the time to take action and request a free review of your tax situation. Why not Apply Online today to see what tax back you are owed.