Red Oak Tax Refunds Blog

Latest News on Income Tax, Tax Refunds and money matters in Ireland

Commission on Taxation Report published

Government approach to public consumption of reports findings
The commission on taxation report will be officially released today and it will be extensively covered in all medias.
There was initial talk that the findings would not be released and held for private use for the government in allowing them to make decisions in the next and following [...]

Don’t bin service charges tax refunds

Are we throwing money in the bin by not claiming tax refunds for the cost of our waste disposal?
This is one of the more commonly claimed tax credits, but still a large % of home owners and renters miss out on this.
Very simply?  if you are paid any amount up €400 on waste disposal in [...]

Maintenance Payments –How it affects your Income levy and PRSI

Firstly, how maintenance payment is treated for Income Levy depends on whether you have voluntarily agreed to pay maintenance or if there is a legally enforceable agreement

Child Benefit – Proposed changes

The Commission on Taxation’s job was to make suggestions across the spectrum of tax and social payments and Child benefit is proving to be one of the most vexing issues. But they will be recommending to the Government next week that Child Benefit is made taxable. How would Taxing Child Benefit work?

Calculate my Mortgage Interest Relief

So you have a new/existing mortgage or loan relating to your home and want to know how much you are due in mortgage interest relief. there are 3 questions you need to ask yourself in relation to this:

Have I an eligible loan?
Am I a First Time Buyer (FTB)?
What are the rates of relief?

We have looked [...]

Mortgage Interest Relief – are you a 1st time Buyer?

So much changed for mortgage holders in the April 2009 emergency Budget. Many who previously had mortgage interest relief lost it, and for others the amount they received changed.
We have already looked at eligiblility in a previous post (Here). Once you have checked that you are eligible, the next step is to see [...]

DIRT Tax refunds for over 65’s

If you are over 65, you may not need to pay DIRT (Deposit Interest Retention Tax) on your deposit income.
Exemption limits:
As of 2009, if you earn less than €20,000 as a single person, or €40,000 as a married couple then you are exemption from DIRT tax.
This exemption is increased for each dependent person by amounts [...]

Tax Refunds for Management Fees

Are you Renting or a Home owner and paying management fees?
Not all of your apartment or home management fees are worth a tax credit, but they could still be worth a few quid.
If your management fee includes the cost of waste disposal or a charge for water or sewerage, then you could be able to [...]

Medical Insurance tax credit

Probably the least understood of the common Tax Reliefs is the Medical Insurance Tax Relief – so many people miss out on this tax relief!
How does it work?
If you pay for Medical Insurance to an Insurer direct or through your employer, you will receive this relief at source. i.e. your premium is reduced, so you [...]

DWT Dividend Tax Exemption for Over 65’s

What is DWT
DWT, or Dividend Witholding Tax, is deducted from dividends paid by Irish companies. If you are in receipt of Irish dividend income, DWT is deducted at 20% – this is taken out of the dividend you have received, which you can confirm in your dividend certificate. This 20% is then used as an offset against your income tax liability.

Tax on ISEQ ETF Dividends

While most dividends are taxable in Ireland at your highest rate of tax, one very popular dividend paying investment in Ireland does not. However, many people will miss out on this advantage if they do not complete there tax returns correctly and could easily overpay on tax.
With the ISEQ 20 ® ETF, the rate [...]

Are you paying the Income Levy when you should be Exempt?

The Income Levy was introduced for 2009 and within 4 months was doubled for most people in the April 2009 Budget.  But should you be paying Income levy?
It’s worth checking if you are exempt from the income levy.  You are exempt from the income levy if:

Your income for a year does not exceed €15,028 p.a.
You [...]

PAYE Taxpayers missing out on Tax Credits – Survey

The Irish Taxation Institute (ITI) in conjunction with Red C have released a survey of PAYE taxpayers in Ireland, with the following main points:

40% of Irish taxpayers are not claiming basic reliefs due to them
19% of Irish taxpayers are now using a Tax Service to handle their tax affairs
1/3 of respondants let their employer handle [...]

PAYE Workers Overpaying Tax

Please find a copy of our press release of the 4th April 2009

Red Oak Tax Refunds urge PAYE workers to claim money owed to them
John McGuinness Tax
John McGuinness TD, Minister for Trade & Commerce speaking at the Red Oak Tax Refunds Launch

PAYE workers afraid of what the mini-budget has in store may already be overpaying hundreds of euro each in unclaimed refunds, according to Irish tax refunds firm Red Oak Tax Refunds.

Hundreds of thousands of workers who every year pay union fees, refuse charges and medical expenses for example don’t claim relief on the payments – with millions of euro remaining unclaimed every year.

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Welcome to the Red Oak Tax Refund Blog, where we will discuss money matters, tax and in particular tax refunds relating to PAYE employment in Ireland. If you have any topics you would like discussed, send us a mail to refunds@redoaktaxrefunds.ie and happy reading!.

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