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Tuesday 22nd May 2012
Dentists in UK, Ireland & Europe
WhatClinic.com launch
About a year ago, I was fortunate enough to bump into Caelaen King and Philip Boyle of Revahealth.com, as it was known as at the time.
I had been following their Blog for some time before that - and I'd advise anyone in the Web business in Ireland to do so - for me they are in the top 3 business blogs in Ireland.
Health, Dentistry and Cosmetic Clinics
Revahealth have now relaunched as WhatClinic.com. It's the number 1 resource if you are searching for health and cosmetic clinics in UK, Ireland & Europe - for example Dentists in Ireland.
They are a fantastic example of how an Irish business can compete as an international web based business. We look forward to following…Read more [...]
Posted in Random posts
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Statutory Redundancy Payments
Redundancy Payments. This post is part of a series of articles relating to Redundancy and Tax issues. For the full list of articles, see the list at the foot of this article.
In particular, check to see if you are eligible for redundancy payments. If so, you will be due a Statutory redundancy Payment.
Statutory Redundancy Payments
In the event of Redundancy there are statutory minimum redundancy payments that the employer must pay to the employee. These minimum amounts are governed by the length of service and the gross weekly Pay of the employee as follows:
Two weeks Pay per year of employment (Length of Service)
One further week’s Pay
Subject to a maximum Pay of €600 per week
Any period over…Read more [...]
Redundancy Payments – Eligibility
This is part of a series of articles on Tax and Redundancy. Click here for the first post in this series.
Being let go from a job is not always treated as a redundancy - there are certain legal criteria that must be met before it is deemed a redundancy and be eligible for Redundancy payments.
Are you eligible for a Redundancy payment?
You are eligible for a Redundancy payment on being let go if you meet the following:
You are over 16 years old
You have been employed with the company continuously for 104 weeks (2 years)
You are in insurable employment. Effectively, these are PRSI class A contributions - you can check this on your payslip.
If you do not meet the conditions above, then any and…Read more [...]
Posted in Redundancy
Tagged exempt redundancy, Redundancy, redundancy tax, redundant, statutory redundancy, tax free redundancy
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Your Employment contributions – how do they compare?
We talked previously about government representatives talking about how only 50% of workers pay income tax - and why this is not a good measure of the contribution low paid workers make to the government coffers as an effect of their employment. We looked at a few examples of contributions at low pay levels.
So it's clear that Income Tax is but a small part of the contribution a low paid worker makes.
But how does this compare to other countries in the EU?
We asked Fabien to look at the contribution the typical French worker makes to the coffers.
Now lets me certain of this - France is firmly positioned at one end of the spectrum for employment contributions and that the costs of employment…Read more [...]
Posted in Budget 2012, Income Tax, Paye Tax
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Credit Union Loans for Home improvement
Tax Relief on Home Improvement Loans
Did you know you can claim tax relief on the interest paid on a loan used by you to purchase, improve, repair or develop your main residence or to pay off another loan used for that purpose? We have previously discussed Mortgage Interest relief but not many people know that you can also get tax relief on your home improvement loan (e.g. a Credit Union loan for home improvements).
The only home improvement that you cannot claim tax relief for is if the loan is used for furniture or removable fittings. For a full list of examples of what the loan can be used for, visit Revenue.
What tax relief will I get?
You get tax relief for interest payments made on your home improvement…Read more [...]
Lies, Damn Lies – and politicians quoting EuroStat
"50% of Workers not paying any Income Tax"
This little snippit of fact has been one of the most frequently quoted up and down the country by Politicians in this last month. We hear it quoted as from the Commission for Taxation Report, or as being sourced from EuroStat Reports, EuroStat being an EU agency providing statistical reporting on the 27 members of the EU.
While the direct statement is broadly accurate, It is a very selective quote for political expediency that counters how EuroStat measures the financing of a states activities.
But the suggestion that any worker contributes 0% through their employment to the state, is insulting to anyone who has ever received a Payslip.
Lets look…Read more [...]
Posted in Budget 2012, Health Levy, Income Levy, Income Tax, Paye Tax, PRSI
Tagged budget 2011, commission on taxation, irish budget
7 Comments
Medical Expenses Abroad & Tax Relief
Have you been abroad for medical Treatment? Many foreign nationals working in Ireland travel back to their home EU country for any required medical treatments. And of course, medical tourism abroad for Irish people is a huge business judging by the number of foreign doctors advertising here. We discussed Tax Relief claims for Medical expenses abroad in this weeks Wednesday Club.
Medical Treatment abroad - the rules
If you are outside Ireland and find yourself in the unfortunate situation where you need medical treatment, or alternatively, you may have travelled to obtain cheaper treatment, (laser eye surgery, dental treatment, etc.). Either way you may be entitled to tax relief on what you paid as long as:
The…Read more [...]
Posted in Medical Expenses, Tax Refunds, Wednesday Club
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Looking into Medical Expenses
We all know that an apple a day keeps the doctor away but sometimes we all need some medical treatment regardless. Most people are aware that people who pay tax are entitled to offset a certain amount against doctor bills, prescriptions, hospital visits, etc. (if you’re not check here). As medical expenses tax relief is such a large area we decided to split it over a few weeks, so we can get into the nitty-gritty of it.
This week we decided to look at some areas that may need to be clarified more for people in our latest Wednesday Club meeting (which just happened to be on a Tuesday this week).
What can you not Claim back on
Medical expenses is a fairly broad area of a refund but there are two main things…Read more [...]
Posted in Medical Expenses, Tax Refunds, Wednesday Club
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Single Parents Tax
Wednesday Club on Single Parents Tax Credit
Aaaaah, the Single Parent Tax Credit. This is the tax credit that causes the most consternation in our office. Bit like some Blur song I can't quite remember the name of, you have people getting it that shouldn't and people that should, not getting it.
And this isn't some piddling Tax Credit worth €70 a year - this can really add up. For instance we had a call a few weeks ago from a fella who had received a notification from Revenue that he owed them €14,000 from incorrectly claiming Single Parent Tax Credit. On the other hand, we have reclaimed refunds for people of up to €9,000 where they should have been receiving tax benefits for being a single parent…Read more [...]
Posted in Single Parents, Tax Refunds, Wednesday Club
Tagged one parent tax, single dads, single mums, single parent
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Property tax in next budget?
You have to pay attention when the Irish independent reports the government is considering a Property tax. Enda Kenny fresh from sorting out his own house, set about challenging the government on this suggesting that he was "flying kites" and presenting "straw men" through the media. A blustery day obviously affecting his choice of words and analogies.
Property Tax Budget Rumours
The rumblings on the property tax were reasonably detailed. Houses are valued by tax band, with houses under €150,000 charged €225, houses from €150,000 - €300,000 charged €675, houses €300,000 to €450,000 charged a €1,125 and after that roughly at a rate of 0.3%, meaning €3,000 if your house is valued at a million.
This…Read more [...]
Posted in Budget 2012
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What’s a Principal Private Residence then?
Principal Private Residence - Why it matters
What's your Principal Private Residence? This has massive tax implications across many areas of tax. In our experience this causes a lot of confusion.
What is it
According to Paul Young, wherever he lays his hat, that's his home. There's a bit of all of us who like that defination, but unfortunately Irish tax law is a lot more presciptive.
According to Revenue, Your Principal Private Residence can be defined as
"An individual's principal private residence at any time is the building or part of a building occupied by the individual as his or her only or main residence: during the period of 12 months ending with that time, or where the building was more…Read more [...]
Married – How to be assessed?
Just Married? Congrats!
This week in the Wednesday club we spoke about how you may have potential wedding pressies from the taxman!
If your taxes are not updated you could be missing out on vital tax credits that could make a big difference to your take home pay. For example:
If you are married you are entitled to the married tax credit which also increases your tax band.
Increase in Rent tax credit if married.
Home Carer’s Tax Credit – if one spouse is at home and cares for one or more dependent children.
Amongst other changes - our full tax assessment will cover these
How it works?
In the year of marriage both spouses continue to be tax as two single persons but if the tax you paid…Read more [...]
Posted in Paye Tax, Tax Refunds, Wednesday Club
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Claiming for Tuition Fees
Wednesday Club Blog - Claiming Tuition Fees
When's a Tuition Fee a Registration fee?
Of the many questions we are asked regarding tuition fees, the most common relate to the difference between Registration fees and Tuition Fees.
From a tax perspective, you will not be able to claim tax relief on Registration fees, but may be able to claim tax relief for Tuition Fees.
The term tuition is used to refer to a fee charged for educational instruction. If you’ve had to pay to attend a certain course or college this would be regarded as a tuition fee. Registration fees however are paid to register with the college this why tuition fees usually apply to mature students. The tax relief on tuition fees applies…Read more [...]
Posted in Paye Tax, Tax Refunds, Wednesday Club
Tagged college fees, Tax Refunds, Tax relief for education, Tuition Fees
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Mortgage Interest Relief – Wednesday Club
Wednesday Club Blog - Mortgage Interest Relief
If you are one of the many people who took the plunge and bought your home since 2002, during the infamous Celtic Tiger, you would have been entitled to claim Mortgage Interest Relief or tax relief at source (TRS). With effect from 1st May 2009 the number of tax years in respect of which mortgage interest relief may be claimed is 7 years for first time and non first time buyers from the start of your mortgage. If you haven’t claimed already you may claim back from 2006 to 2009.
What is a qualifying loan?
A qualifying loan for the purpose of mortgage interest relief (TRS) is a secured loan which must be used solely for the purchase, repair, development or improvement…Read more [...]
Posted in Mortgage Interest Relief, Paye Tax, Tax Refunds, Wednesday Club
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Why you might be due Home Carers Tax Credit
Home Carers Tax Credit iinitially started as a House Wife's tax credit, for the stay at home mum minding the children. But we more and more find that a Married couple will be due this for a partner who has been made redundant and is not working - and this can be either the Mother or Father of the house.Read more [...]
Posted in Home Carers, Paye Tax, Redundancy, Tax Refunds, Wednesday Club
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Single parents reviewed by Revenue
Are you a Single Parent?
Not the most complicated question I hear you say - most of us instinctively know the answer to this question and feel it true for our own situation.
But the Revenue Commissioners take a more definite view on this.
In Tax Terms, being a Single Parent can be of great benefit and can be worth more that €2,700 in Tax Refunds for a single year. But If you claim it incorrectly, then Revenue can review your taxes going back 6 Years - and you could easily be stuck with a Tax bill of over €10,000.
How to qualify as a Single Parent?
The two primary considerations to be deemed a Single Parent by Revenue are:
You have a Child under the age of 18 who is 'dependent on you' -…Read more [...]
Posted in Paye Tax, Single Parents, Tax Refunds
Tagged one parent, single dads, single mums, single parent tax, Single Parents, tax for single parents
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Wednesday Club On Rent Tax Credit
In the Wednesday club this week we were talking about RENT TAX CREDIT. Who can and cannot claim, how much we can claim (the rates of relief), what information do we need to claim this tax credit and what we should do if our landlord is a non-resident (not many of us do know) or we are renting from parents. Rent is one of the most common areas for claiming tax refunds (or taxback) for PAYE taxpayers.
Can claim:
- If you are paying rent for a bedsit, apartment, flat or house to landlord or agency
Cannot claim:
- Rent paid to Local Authority or a State agency
- Rent paid under a lease agreement for 50 years or more
- Rent paid to a parent, where the parent does not declare this as rental…Read more [...]
Posted in Paye Tax, Rent Relief, Tax Refunds, Wednesday Club
Tagged rent relief, rent tax, rent tax credit, rent tax refunds, rent taxback, renting
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Latest on Service Charges Tax Credit
Latest from the Wednesday Club
Service Charges Tax Credits were the topic of conversation in the Wednesday club this week. Most of us just consider claiming tax back on our refuse charges when we think about service charges relief. However, not only can you claim for your bin tags, wheelie bins and skips but you can also claim for your sewage disposal costs and water supplies provided by your local authority or group water schemes.
You can claim up to 4 years in arrears. This means you may claim in 2010 for charges paid in 2009. So at present you can claim as far back as 2005 since tax relief for these payments applies to the tax year 2006.
The total tax relief that can be claimed is subject to an overall limit…Read more [...]
Wednesday Club on Medical Insurance
Here is one tax credit that not may people are aware of - Medical Insurance Tax Relief.
Some 2.3 million people in Ireland are current subscripting to Private Health Insurance.
Most subscribers are either paying their health insurance premiums directly to their health insurer or though there salary/wage deductions at work, in this case you are automatically receiving the Tax Relief at Source (TRS).
HOWEVER employees take note where you’re EMPLOYER pays or partly pays for your Medical Insurance, the Tax Relief at Source has not been given on this. What you can now is make a claim for this tax relief and it is given at the standard rate of 20% and you can go back 4 years to claim for this if applicable.
How does…Read more [...]
Employment Expenses & Trade Unions
Why have we paired Employment Expenses and Trade Unions together in the first Wednesday Club? Well Jobs that get employment expenses tend to be Unionised. Jobs that get great employment expenses tend to be highly, highly Unionised.
So you get occupations like retail/shop employees and the bar trade will get fairly moderate employment expenses, while teachers for example get great employment expenses that can make over a €1,000 difference in take home pay over 4 years.
Working in the Tax Refunds business it becomes quickly clear that Trade Unions have been very effective in representing their members over the years and have not ignored the tax equation. Not only are Employment Expenses available to members,…Read more [...]
Posted in Paye Tax, Tax Refunds, Wednesday Club
Tagged ambulance, Employment Expenses, emt, tax relief, trade union tax, trade Unions, Wednesday Club
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