Saturday 25th May 2013

Local Property Tax Essentials (LPT)

Posted on 12/03/2013 by John O'Connor
Your essential guide to the Local Property Tax (LPT) and what you need to do. Read more [...]
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Local Property Tax (LPT) Exemptions

Posted on 12/03/2013 by John O'Connor
Who is Exempt from the Local Property Tax? While  not a huge number of people are exempt from the Local Property Tax (LPT), there isn't a lot of publicity around who doesn't have to pay the tax. So here are the main Exemption Categories that could apply to typical paye taxpayers: CERTAIN Properties bought 2013-2016 If you buy a house between 1/1/2013 and the end of 2016, you will be granted exemption from the Property Tax if you fall into either of these two categories: You are a 1st time buyer and live in the house. Any buyer who purchases new or 'unused' properties direct from a Builder or Developer.  This exemption stands for purchases before the end of October 2016 Ghost Estates / Pyrite Damage If Read more [...]
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€880 Competition Winner

Posted on 18/02/2013 by John O'Connor

Congratulations to Jackie who won our average tax refund of €880 in a competition run on Beat 102-103 last week.

- Find out how she is going to spend the cash via this Link - Beat102-103 €880 Winner
Well Done again Jackie!

 

 

 

 

 

 

 

 

 

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Example refund of Income Levy

Posted on 12/02/2013 by John O'Connor
Example of a Tax Refund of Income Levy available to the holder of a Medical Card, Read more [...]
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Refunds for Drug Payment Scheme

Posted on 11/02/2013 by John O'Connor
Do I get Tax Back for payments to Drug Payment Scheme? The DPS means the amount you have to  pay for drugs  for your family if you don't have a medical card is max'ed out  -  in 2012 at €132 per month. DPS Example: George O'Dowd is on the Drug Payment Scheme (DPS) for prescriptions from the pharmacy. If he pays the €132 each month in 2012 and is due a medical expenses tax credit of 20%, what is his tax refund? Answer:  €132 x 12 = 1,584 paid under the DPS.  With 20% tax relief = Tax Refund of €316.80.   Note:  The DPS limit has been upped every year in the last 5 (it used to be as low as €80).  If you or your family incur medical expenses and pay tax, make sure you claim tax back   Find Read more [...]
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What’s Changed in your Payslip in 2013?

Posted on 11/01/2013 by John O'Connor
New Year, New Payslip - and we all sit down and wonder "Why is that Different?"! When FF were in Govt they hit tax credits hard, the current FG/Lab administration have mostly looked elsewhere.   None the less,  most people will see some changes in their payslips this year. So what changes should you expect? More PRSI If you earn less than €352 in a week, you do not have to pay PRSI - and that remains the same. But if you earn over €352 in any given pay week, regardless of how much you earn, you will see  the weekly Employees PRSI charge on your payslip increase by exactly €5.08. What changed?  Well, in 2012 if you earned more than €352 you did not have to pay the 4% PRSI charge on the first Read more [...]
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New Job Vacancies at Red Oak

Posted on 28/08/2012 by John O'Connor
Job Vacancies 7th Sept 2012   We have a number of vacancies at Red Oak this September in the areas of Tax, Customer Service as well as a number of part time evening roles and internships. You can find more information on our careers page or by clicking the image thumbnail below.         Read more [...]
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Irish Blog Awards – Best Personal Blog

Posted on 15/08/2012 by John O'Connor
Getting the most out of Personal Blogs Lorna and Amanda spoke to me quite a while ago about setting up Blog Awards Ireland 2012 and we're just delighted to sponsor the Personal Blogs Category. I've been getting more and more sucked in by personal blogs in the last number of years - they are particular great to learn (for you hobbyists)  and for sharing life experiences. What is great too about Personal Blogs is that it is all about the content. it doesn't have to look fancy or flash, just good information and especially, where applicable, good photos. While I'm mentioning photos - For a long time, the main way to find personal blogs was through Google, but more and more these days I am finding great content Read more [...]
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PRSI Refunds News

Posted on 30/01/2012 by John O'Connor
26,000 receive PRSI Refunds A Story that was quietly building across the last few months broke loose today, as it was reported that more than 26,000 people shared in PRSI refunds of over €10m. Exempt from Health Levy The main reason you may be due a refund is for earning under the annual threshold, but earned over the weekly threshold for the health levy.  For example, if you earned less than €26,000 in the year 2010, but more than €500 in any given week, you will be due a refund of at least €20 for each of those weeks. The refunds are due for years 2008, 2009 & 2010.  Why not try calculate your PRSI refund here. Medical Card Refunds If you had a medical card in those years and also held a full Read more [...]
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2012 Tax Refunds

Posted on 25/01/2012 by John O'Connor
Claiming Tax Back from your P60 in 2012 Most people (in the private sector at least) will see their P60's arrive now or in the next few weeks, as the Tax Refunds season starts.   So what are we expecting people to get tax back for in 2012. Here are the main things we are looking out for.   Universal Social Charge (USC) This year the P60 is changing for the first time in my memory, with the addition of the Universal Social Charge.  And we are expecting a lot of people to be due refunds of Universal Social Charge.  Firstly, as it was charged on a week by week basis in 2011, if you changed jobs or were out of work for a period, you are very likely due a refund. Secondly, a lot of Medical Card Read more [...]
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Boom to Broke: Tax Take from Construction

Posted on 16/01/2012 by John O'Connor
We were having a look at some of Revenue's Annual reports lately and thought this would interest some of you out there. Here is Revenue's tax take for 2010 by industry sector, below that we have the same table for 2007. (Sourced from Revenue) No prizes for guessing which sector plummeted in share of tax over the period, construction.  But it really does highlight the knock on effect it had on other sectors, when you judge the table by the total tax take per year, as shown in the smaller box within the image.  Lastly, see the size of those tax refunds reported in the text? Click on the images to see the details in full size.       Read more [...]
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Jan 2012 Mortgage Interest Relief

Posted on 03/01/2012 by John O'Connor
TRS Doubles in 2012 - Just not in January? If you are looking for tax refunds, or stuff you can claim back this January, Budget 2012 had one important sweetener for a lot of mortgage holders. If you took out your 1st mortgage between 2004 & 2008, you probably know by now that mortgage interest relief at source is being double from 15% to 30% in 2012. With most of the Banks, the Tax Relief at Source (TRS) is seen as a separate payment into your bank account on the day the mortgage payment leaves. If you are not seeing a separate payment, do double check to make sure you are receiving it if it is due! But if not, you can look back 4 years for a refund of unpaid mortgage tax relief at source. January 2012 Read more [...]
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VAT Changes in Budget 2012

Posted on 06/12/2011 by John O'Connor
How much will the increase in Vat per Budget 2012 cost you? Read how we have estimated this charge to you in our Budget 2012 Calculator. Read more [...]
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Motor Tax New Rates – Budget 2012

Posted on 06/12/2011 by John O'Connor
Motor Tax increases in Budget 2012 See below for the new rates for motor tax that will apply following Budget 2012. Motor tax is charged on engine size for 2008 cars and before, with all cars 1st July 2008 onwards charged based Co2 emissions. New Cars - registered between 1 January 2008 and 30 June 2008 where CO2 rate is lower than engine capacity (c.c) rate.   Motor Tax Based on Co2 Emissions   Motor Tax Based on Engine size   check how the Motor Tax changes in the budget affect you with the Red Oak Budget 2012 Calculator for Ireland. Read more [...]
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Budget 2012 Household Charge

Posted on 05/12/2011 by John O'Connor
Household bill introduced in Budget 2012 as precursor to a Value based Property Tax later in 2012 Read more [...]
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Child Benefit Changes in Budget 2012

Posted on 05/12/2011 by John O'Connor
Chilld Benefit for 3rd and additional children to be cut in Budget 2012 and Budget 2013 to bring them into line with the payments for 1st and 2nd child. Read more [...]
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Expected Child Benefit Changes in Budget 2012

Posted on 30/11/2011 by John O'Connor
Update Find out what changes were made to Child Benefit in Budget 2012 in our Budget 2012 Child Benefit update   Further cuts likely to Child Benefit In Budget 2011, the Government introduced cuts to Child Benefit with a €10 cut across the board, except for the third child for whom Child Benefit was cut €20.  Coming into Budget 2012 even more discussion centres around what should be done with Child Benefit. Commission on Taxation & Other Views The Commission on Taxation for Ireland recommended that systems in Social Welfare be developed to the extent that some benefits, such as Child Benefit could be taxed at source.  But we are a long way from that. TASC, the Irish equality conscious economics Read more [...]
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Budget 2012 – Possible PRSI Changes

Posted on 29/11/2011 by John O'Connor
PAYE Taxpayers to be charged PRSI on Unearned Income? It has been confirmed that PAYE tax will not be subject to much change in Budget 2012. However there are suggestions that an increase in PRSI is likely.   Rental Income & Dividends charged PRSI In addition to an increase in high earners PRSI there is also talk that any non-earned PAYE income will be subject to PRSI. As it stands if you are a PAYE employee and have investment income, for example Rental Income or Dividends, you are not liable to PRSI on this Income. However, as mentioned above, this is set to change and if the proposal goes ahead in the Budget the exemption from PRSI on investment income for employees will be cancelled. This Read more [...]
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