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Mortgage Interest Relief – is my loan eligible?

Written by John O' Connor on August 10, 2009

Following the emergency budget in April 2009, a number of changes were made to mortgage interest relief. These affected

Who is eligible for mortgage interest relief
How much relief you will get

We’re going to look at who is eligible for mortgage interest relief here.  In later posts, we will look at how much relief you are due, including the important question: are you a first time buyer

Who is eligible?

Tax Relief is now only available for the 1st seven years interest paid

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DIRT Tax refunds for over 65’s

Written by John O' Connor on August 4, 2009

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 from €575 per dependent person.

For many, you will know in advance that your income will be within the exemption limit and you can arrange to

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Tax Refunds for Management Fees

Written by John O' Connor on July 30, 2009

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 claim that portion of the management fee against the service charges tax credit.

Service charges tax credit allows you to claim 20% of the cost of

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Medical Insurance tax credit

Written by John O' Connor on July 29, 2009

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 pay a lesser amount.
However, if your employer pays for your medical insurance, they pay the full premium. but you can then separately claim the tax

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DWT Dividend Tax Exemption for Over 65’s

Written by John O' Connor on July 23, 2009

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

Written by John O' Connor on July 19, 2009

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 of tax payable on dividends received is capped at 20%. So even if you are paying tax at the higher rate (41% now), your

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

Written by John O' Connor on July 2, 2009

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 are aged 65 or over and your annual income does not exceed €20,000 p.a.
You are a Full medical card holder
Social Welfare payments are also excluded

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June Newsletter

Written by John O' Connor on June 23, 2009

June Newsletter

We have released our June Newsletter.  It contains latest news affecting PAYE workers as well as our Top Tax Tips section.

Many thanks to Rich on the design work, we think he has done an excellent job.

Best wishes,


PAYE Taxpayers missing out on Tax Credits – Survey

Written by John O' Connor on June 16, 2009

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 their taxes for them.
1/2 are not sure if they are getting their full entitlements

Most worrying for taxpayers, employers do not actively manage their employees tax

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PAYE Workers Overpaying Tax

Written by John O' Connor on April 4, 2009

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.