Do you have unclaimed Tax Benefits?
According to experts, the Irish people are leaving hundreds of millions of euros on the table in unclaimed tax back. In 2021 alone, some 450,000 taxpayers overpaid Revenue to the tune of €300m.
Revenue works on the basis that income tax is self-declared. So, you tell Revenue what you owe and then they go and collect it. Most people who are PAYE workers assume that maybe their payroll or HR department will do all that for them but of course, they don’t. Really, it’s up to individuals to claim it and the vast majority of people don’t claim what they’re due.
Many people leave their tax-back unclaimed because they think the process is overcomplicated. They think there are loads and loads of forms and they have to keep shoeboxes full of receipts and, while it does take a little bit of time, actually it’s way less complicated than it used to be. It is all online, you don’t have to send in receipts for everything and it’s really straightforward.
Below we have grouped together some common tax benefits that you may be eligible to claim. Please note this list is not exhaustive and a full list of benefits together with information on how to register for online services and claim tax benefits can be found at www.revenue.ie**.
Gift & Inheritance
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Disclaimer: The information prepared above is for information purposes only and does not constitute tax advice. You should seek assistance from a professional if you require tax advice. No liability is accepted by askpaul/Pax Financial for any errors, omissions or for any loss to any person in reliance on this information or in the links to external websites. askpaul/ Pax Financial believes the information to be correct as of the 29th of September 2022 and the information is subject to change without notice.