Tax Tips

Tax Credits – What Can You Claim For?

Over the years the government has offered a range of tax credits and relief options, from rental payments to bin charges. However, tax credits are often gradually phased out every few years. This constant change can be confusing, and so to help we’ve decided to detail some of the tax credits you can currently still avail of.

Tuition Fees

If you’re paying college tuition fees for you or another family member, you could be eligible for tax relief at the standard rate, which is currently 20%.This tax back is available even if you choose to pay in installments, though the course must be on the list of approved courses. There are several other conditions and restrictions you need to be made aware of before applying for the 3rd level education tax credit. Learn all about them in this handy article: How to claim tax back on 3rd level education

Medical Expense

Most medical expenses qualify for tax relief at the standard rate of tax, whether they’re incurred by you or on the behalf of another person. These include GP visits, medication, A&E visits, minor procedures and surgeries.

However, if you’re claiming for these expenses on your health insurance, or receiving any compensation payments, then you cannot claim tax back on the amount already claimed.  If you have to cover the cost of nursing home fees, these fees are allowable at the higher rate of tax. This infographic highlights everything you need to know about claiming tax back on medical expenses: Claiming Tax Back on Medical Expenses

tax credits

Pensions Contributions

Pension contributions qualify for relief at the higher rate of tax. The contributions are deducted from your gross income before that income becomes liable to tax, meaning no tax should be charged on this amount. If you’re in an occupational pension scheme, this relief is usually given automatically through your payroll system. The amount of tax back you can receive on pension contributions increases as you get older, and all pension tax relief is subject to an earnings maximum, which is currently set at €115,000.

Dental expenses

Dental expenses qualify for tax relief if they are non-routine procedures. These include crowns, braces, root canals, veneers, surgical extraction of impacted wisdom teeth and bridgework.   A Med 2 Form must be obtained from your Dentist to claim back on these expenses.

Home Renovations

The government is currently offering incentives for those who wish to complete home renovations under the Home Renovation Incentive Scheme. Qualifying renovations include, painting, extensions, new kitchens, alarm installations and even new windows or doors. To qualify, the combined cost of the work has to be between €4,405 and €30,000 (VAT exclusive) and both the home owner and the contractor must register with the Revenue Online System.Once this is completed, you can claim 13.5% of the cost of the work back in your taxes over a period of two years.

Key Takeaway

Whether you are renovating your home or pursuing 3rd level education, you are entitled to claim tax credits on accruing expenses. No need to worry if you have never applied for tax credits before, you can claim tax back on these expenses for up to 4 years! Want to find out if you’re eligible for any of the above tax credits or reliefs? Simply fill out our 60-second application form today or get in touch directly with the Irish Tax Rebates team.