You Could Be Entitled To Tax Back– Here’s What To Do NextWe’re coming to the close of 2021 at this stage and with the spend-heavy time that is Christmas around the corner, it’s a time now to look forward and to brighter days ahead.From a financial point of view, what better way to kick off the new year by checking to see if you are entitled to tax relief?Tax relief is available for medical expenses incurred which haven’t been reimbursed by a medical insurance provider, public / local authority or otherwise compensated. These expenses can be your own, for your family or any other individual, provided you paid for them.All PAYE workers are eligible to claim tax back on a host of medical expenses incurred over the last four years. Many people never get their money back on these expenses because they are either unaware they can do so or they don’t know how.You can claim up to 20% tax back on the costs of prescription refills, doctors’ appointments, maternity care and many more expenses. Moreover, if you are paying for nursing home care, either for yourself or a dependent, you can claim tax back at the higher rate of 40%.You’d be surprised with how much you could earn back, given the sheer quantity of typical expenses qualifying for relief. Including:Doctors & consultants fees:Service or treatment in hospitals or clinics where the services are provided by a practitioner or diagnostic procedures recommended by a practitioner PrescriptionsPhysiotherapy (where prescribed by a doctor)In-Vitro fertilisationTreatment from a psychologist or psychotherapist where the psychologist or psychotherapist is a practitioner or you are referred to for a diagnostic procedure by a practitionerSpecial diet expense for coeliacs and diabeticsNursing home expensesNow, before you begin counting pennies, it’s good to know which expenses do not qualify for tax relief.To assist employers in ensuring continued eligibility for the scheme, from 30 June 2021, all employers will be required to complete and submit, through ROS, an online monthly EWSS Eligibility Review Form. The initial submission should be made between 21 and 30 July 2021. Through ROS, employers will need to provide details of actual monthly vat exclusive turnover or customer order values for 2019, together with the same detail for the first six months of 2021. They will also need to provide details of monthly projections for the remainder of 2021 i.e. July to December 2021. Appendix I provides additional detail on how to access and complete the application on ROS.You can submit your claim online directly through Revenue. PAYE taxpayers may reclaim expenses using PAYE Services in myAccount. Income tax registered taxpayers may claim a tax credit on their income tax return (Form 11). Taxpayers are also obliged to retain receipts for six years as Revenue may ask to view them at a later stage.For more information on how to claim tax back and which services are eligible, check out the Citizens Information website here. Get in touch with Mary Drought in the Fitzgerald Power tax department if you have any questions.Further Articles Revenue Has Launched A Local Property Tax (LPT) CampaignNow here’s what that means… They say that in this world nothing can be… Read Blog You Could Be Entitled To Tax Back– Here’s What To Do Next We’re coming to the close of 2021 at… Read Blog
