Over the years the government has offered a range of tax credits and relief options, from private pensions to medical expenses. We have decided to detail some of the tax credits you can currently still avail of.
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 instalments, 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.
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 cover the cost of nursing home fees for a relative, 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
Pension contributions qualify for relief at the higher rate of tax.
Tax relief for PRSA or an AVC is based on the appropriate age-related percentage limit of the income from the employment in question. This is reduced by any employee contributions to the pension scheme relating to the employment.
You may pay a once-off or special contribution after the end of a tax year. This must be done before the following 31 October.
If you make this payment, you can choose to have the tax relief for the contributions allowed in the earlier tax year. This must also be carried out before 31 October of the following year.
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.
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.