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THE PAYE TAX CREDIT

Written by Ray Byrne on October 12, 2016

PAYE Tax Credit Fix

We often come across errors in our customers taxes that need to be fixed and that lead to a tax refund. One of the most common is where they, or their spouse if married, are not receiving the correct PAYE tax credit or in some cases they may not be receiving it at all. In this post we will just explain a little about what the PAYE tax credit is, how it is calculated and go through

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Equitable but not Neutral

Written by John O' Connor on September 14, 2009

Just some quick thoughts on the Commission on Taxation and Stamp Duty.

Stamp Duty created an Unbalanced Tax System

One of the main thrusts of the commission on taxation is that its purpose was not to increase the tax burden, but rather to distribute it more fairly.

However at the time the commission was put together, Stamp Duty produced a huge portion of the tax take in this country.  At this stage it produces minimal return.  In remaining Revenue neutral, the commission

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Don’t bin service charges tax refunds

Written by John O' Connor on September 2, 2009

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 a year, in the following year you can claim 20% of that amount as a tax credit.  That’s up to €80.

For us, we paid €30

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

Written by John O' Connor on August 14, 2009

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 if you are deemed as a first time buyer or not a first time buyer. This has a huge effect on the amount of

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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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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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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,

John


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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