Claiming a potential €1880 taxback windfall is an excellent start to the new year
Off The Taxback Of The Your Start 2024 The Out Letting In But Hassle Finances Process! Not To Only Take Order, By Your Getting Get Right
Many people overpay tax without realising it, and can be out of pocket on average about €1,880, that could otherwise be rightly claimed from Revenue.
"At the beginning of a new year, the opportunity to claim tax back can make for a very welcome start to 2024 for many people, and January is the best time to set about this process," explains Marian Ryan, Consumer Tax Manager at Taxback. "We can check out your details and tell you for free what you're owed."
A leading provider of Irish tax returns, every year Taxback helps thousands of Irish workers maximise their tax refund by claiming all eligible credits, expenses and reliefs. "This is a new tax year so you can now claim your 2023 refund, this is especially important at this time of the year when money can be an issue. January is a good time for a financial boost and getting money owed into taxpayers bank accounts where it belongs.”
There is a general lack of awareness around peoples' entitlements, and in many cases the opportunity to claim tax reliefs is missed. "If you rent or own a home, work from home or visited a doctor or dentist in 2023, then it is definitely worth investigating what you can claim back. Sometimes when you look at particular tax credits, it might seem that they are small or not worth claiming — but when you add a few of them together, they quickly add up to build a very sizable refund amount."
You can quickly discover how much you’re owed by registering with Taxback here.
For property owners, Budget 2024 announced a Mortgage Interest Relief worth up to €1250 — which also kicks into action this January.
“Homeowners can claim up to 20% on the increased mortgage interest paid in 2023 versus 2022" says Marian Ryan. Many clients come to Taxback with some inclination they may be owed money, but lack a clear idea of how much it can all add up to.
"Clients can often be totally unaware of what can be claimed and the different areas where claims can be made — everything from medical costs, nursing home fees, and working from home expenses. Taxback are experts in helping people to claim exactly what they are owed, and talking through the most efficient means of maximising what they can claim. We have accountants and tax experts who are experienced in pursuing every available entitlement that clients are owed."
The Rent Tax Credit is another area where Taxback assists clients to claim money they are owed.
In Budget 2023, the Government announced a new tax relief to support the 500,000 property renters in Ireland. The Rent Tax Credit is worth €500 per year for a single individual and €1,000 for a married couple. And more good news for renters as it was announced as part of Budget 2024 that this credit has now been increased to €750 per person and €1500 for a couple, effective for 2024 and 2025.
"You may be entitled to the Rent Tax Credit if you pay rent on your home, rent a second home that you use for work or college, or you pay rent for your child to attend university," Marian Ryan explains. "For parents who own their own home, they should be able to claim the mortgage interest — but if their son or daughter has gone off to university and accommodation is being rented for them — that rent tax credit is there to be claimed as well."
If you're unsure what your entitlements are you can consult with the team at Taxback. "We won't just claim your Rent Tax Credit, we will claim every credit and relief you are entitled to. We will also manage all of the tricky tax paperwork for you and transfer your refund straight to your bank account."
Claim your Rent Tax Credit easily online.
Working from home has become the norm for many over recent years — and is another area where Taxback helps clients claim their entitlements. Remote workers can claim tax relief on many common utility bills such as heating, electricity and broadband — whether they are working from home, either full or part-time.
"Whether people are working from home one day a week or five, they should still investigate tax relief on those everyday expenses such as electricity, broadband and heating bills. You can claim 30% of these costs as an expense apportioned to the number of days you worked from home in the year. Again, it is about following up on every refund that is available — which can certainly build into a sizeable refund when all the figures are added up."
(Learn more about WFH tax relief here)
Taxback are experts in taking clients through the daunting process of claiming taxes owed in a simplified way: "Every year, thousands of people overpay tax on their earnings. A fear of the 'taxman' has left millions of euros of overpaid tax unclaimed — money that belongs back in workers' pockets. Our job is to take the stress out of this process for clients, and to get that owed money into their bank accounts as efficiently as possible."