Top Five Tax-Man Treats as Taxback.com FREE advice Roadshow comes to Cork

15th November 2010

Surge in consumers claiming their tax rebates from some of the €3,800 Cork people pay in tax per year

With each person in Cork paying on average €3,800 in tax per year they may be interested to know that tax specialist website www.taxback.com has today released their “Top 5 Taxman Treats” which outline 5 key areas in which many Cork’s taxpayers are claiming the most tax relief. The specialists say that there is a long list of tax reliefs available to people that could result in savings of hundreds of Euro but that many of these go unclaimed every year either due to a lack of awareness or unfortunately the apathetic nature of some people.

www.taxback.com are also hitting the road to Cork on its nationwide roadshow to help people throughout the country save on their tax bill. The roadshow will consist of expert tax consultants travelling up and down the country meeting with thousands of people for a FREE for a face-to-face review of their tax situation.

Meabh Ni Riain with www.taxback.com, commented today: “On November 16th, we will be setting up tax stations in Cork for students and PAYE workers to come and have all those difficult and niggling tax questions answered. Our goal is to make sure that everyone who comes to see us is assessed and leaves us either a) knowing that they are claiming all the relief they are entitled to or b) knowing that they are entitled to a tax rebate of some sort and that they have just begun the process of reclaiming it. We have seen an increase of over 100% in applications for PAYE refunds over the past year. We believe this influx is due to an increase in public awareness of tax credits and reliefs and people’s desire to save the pennies wherever possible.”.

Meabh continued: “We have outlined 5 areas where tax relief may be claimed so as to alert people to the fact that they may be missing out on significant savings. With people in Cork paying approx. €3,800 each in tax per year, we believe that it’s so important that taxpayers are aware of all the tax credits and reliefs that they are entitled to and submit a claim to the Revenue Commissioners each year in order to maximise the potential refunds that they are legally entitled to. It is the responsibility of each taxpayer to keep on top of their tax affairs and claim the tax credits and reliefs available to them”.

1. Medical Expenses
Tax relief on qualifying medical expenses was slashed from 41% to 20% at the beginning of 2009 but this has not deterred people from applying for tax relief. If a person has incurred medical expenses such as doctor's bills, prescription medicines, or even laser eye surgery they can claim tax relief on all of these. However, other lesser known medical expenses such as costs incurred for in vitro fertilisation, gluten-free food for coeliacs, and diagnostic procedures and physiotherapy carried out on the advice of a practitioner may all also qualify for this valuable tax relief.
2. Tuition Fees
Tax relief at the standard rate (20%) may be available in respect of tuition fees paid for both approved undergraduate and postgraduate courses in approved colleges. The maximum limit for qualifying fees is €5,000 and so individuals may be entitled to a tax credit as high as €1,000 (€5,000 @ 20%). Tax relief is also available for tuition fees paid for certain approved training courses in the areas of information technology and foreign languages. In these cases, relief applies to fees ranging from €315 to €1,270 per course.
The Revenue Commissioners publishes a list of courses that qualify for this valuable relief each year.

3. Home Carer’s Credit
Married couples who are jointly assessed and where one spouse works in the home caring for their children may be entitled to an additional tax credit of up to €900 in certain instances.

4. Lesser Known Entitlements
Childcare Services relief is a scheme of tax relief for income arising from the provision of certain childcare services. When the gross annual income from the provision of certain childcare services does not exceed €15,000 the income is exempt from tax. The childcare service must be provided in the service provider’s own home and the service cannot be provided to more than 3 children at any time. The exemption must be claimed on the individual’s annual tax return and be accompanied by evidence that the service provider has notified the appropriate person recognised by the HSE that they are providing childminding services.

5. Accommodation Reliefs (Rent A Room & Private Rental Accommodation)
Where an individual rents out a room, or rooms, in their principal private residence and the gross income received, including sums received for food, laundry or similar goods and services, does not exceed €10,000 in the tax year this income will be exempt from income tax.
Tax relief is also available to tenants for rents paid by them for private rented residential accommodation which is their sole or main residence. A single individual aged under 55, for example, may receive a credit of up to €400 in the tax year in which they pay rent.

Maebh concluded, “Given the uncertainty and anticipated stringency of the impending Budget, it is a very good time for taxpayers to come and avail of this free information and ensure that they are claiming everything that they are entitled to”.

When: Taxback.com’s roadshow is kicking off in Cork on November 16th.
Where:
o On-campus at University College Cork during the day between 10am and 3pm, providing information on tax refunds for any J1 students.
o In the Clarion Hotel, Lapps Quay in the city centre between 6pm and 8pm that evening where they will be talking any PAYE workers through their tax refunds and explaining how to claim back any expenses they’re owed.

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