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Saturday 25th May 2013
Local Property Tax Essentials (LPT)
Your essential guide to the Local Property Tax (LPT) and what you need to do. Read more [...]
Local Property Tax (LPT) Exemptions
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 [...]
€880 Competition Winner
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!
Example refund of Income Levy
Example of a Tax Refund of Income Levy available to the holder of a Medical Card, Read more [...]
Posted in Income Levy, Refund Examples, Tax Refunds
Tagged claim tax back, Income levy tax refunds
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Refunds for Drug Payment Scheme
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 [...]
Posted in Medical Expenses, Refund Examples, Tax Refunds
Tagged Medical Expenses, tax back, tax refund
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What’s Changed in your Payslip in 2013?
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 [...]
Posted in Paye Tax, Tax Refunds
Tagged 2012 tax refund, 2013 Pay, 2013 payslip, 2013 PRSI, 2013 Rent Tax
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New Job Vacancies at Red Oak
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 [...]
Irish Blog Awards – Best Personal Blog
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 [...]
PRSI Refunds News
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 [...]
2012 Tax Refunds
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 [...]
Boom to Broke: Tax Take from Construction
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 [...]
2012 Tax changes to your Payslip
Why your net pay per payslip may change
In Budget 2012, it was announced that no new changes to Income Tax would be introduced for 2012. So why has your Net Pay per your Payslip changed? Here are 8 likely reasons.
1. You Are Renting
If you are renting, then annual reductions in Rent Relief leading to it's eventual abolishment were announced in Budget 2011. So what does that mean in 2012? For a single person under 55, the rent relief tax credit you receive will be reduced by €80 per annum this year, double that if you are married - doubled again if married and over 55.
2. Bins Tax Credit
If you are a home owner, you probably knew your home was going to cost you more in 2012 due to the Household Read more [...]
Posted in Bin & Service Charges, Budget 2012, Income Tax, Paye Tax, PRSI, Rent Relief, Single Parents, Tax Refunds, Universal Social Charge
Tagged budget 2012, pay 2012, payslip 2012, tax 2012
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Jan 2012 Mortgage Interest Relief
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 [...]
Posted in Mortgage Interest Relief
Tagged Budget 2012 Mortgage, mortgage interest relief, TRS 2012
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VAT Changes in Budget 2012
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 [...]
Universal Social Charge Budget 2012
USC Exemption Threshold increased in Budget 2012
Budget 2012 was kind to your paypacket. No changes to PRSI or Income Tax to reduce your pay, with only one change to the Universal Social Charge - and that will reduce the charge for some people.
Universal Social Charge Exemption Level
The level at which you do not have to pay the USC has been increased from €4,004 to €10,036 per annum.
This means you do not have to pay any USC if you earn less than €10,036, but will pay 2% on that of your earnings if you earn more than that.
So if you earn €10,000, instead of a €200 USC charge, you now have a charge of zero.
But if you earn €11,000, you pay the full 2% on the €11,000, which is €220.
This Read more [...]
Motor Tax New Rates – Budget 2012
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 [...]
Posted in Random posts
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Budget 2012 Household Charge
Household bill introduced in Budget 2012 as precursor to a Value based Property Tax later in 2012 Read more [...]
Posted in Budget 2012
Tagged Budget 2012 property, House hold Charge, Household bill
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Child Benefit Changes in Budget 2012
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 [...]
Expected Child Benefit Changes in Budget 2012
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 [...]
Posted in Budget 2012
Tagged budget 2012, Budget Ireland, Child Benefit, Child Benefit Vouchers
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Budget 2012 – Possible PRSI Changes
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 [...]
Posted in Budget 2012, PRSI
Tagged budget 2012, Budget PRSI, PRSI 2012, PRSI Dividends, PRSI Rental income
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