Tax Credits

March 13, 2022

Here are some simple but very effective Tax updates as Tax season approaches;

The most common credits and expenses that are unclaimed each year are:

  • Home carer credit
  • Medical insurance credit
  • College fees
  • Medical expenses
  • Nursing home fees and employing a carer
  • Personal Pension contributions

Unclaimed tax credits / expenses can be significant when you are filing your returns.

A taxpayer can only go back 4 years to claim a tax refund, If you are due money back from Revenue you can claim for the last 4 tax years.
As we are now in 2021, you can make tax refund claims for; 2017, 2018, 2019 & 2020

Who needs to make a  tax return? .....Those of us who are,

  1. Self-employed - sole traders or partners in partnerships or
  3. Have investment income like rents, dividends, share options or
  5. Company Directors that own more than 15% of the company

Each of these groups  must file an Income Tax return every year as you are in the self-assessment  system. 
While PAYE workers who do not have to file tax returns, they can submit one if they  think they may be due a tax refund again take a look at some of the common credits and expenses that go unclaimed.