2010 proved to be a very fruitful year for members of the Eolas Money Academy as the total tax refunds secured for members averaged €615 for the year.
With income tax return forms containing up to 930 separate entries, for some people, the thoughts of completing a basic tax return can be extremely intimidating. However, putting this apprehension aside, the importance of ensuring that your payslip’s biggest deduction is correct, cannot be understated. The Revenue Commissioners confirmed that the average PAYE tax refund in 2009 was €360 and they are currently finalising their 2010 statistics.
If you are seeking to claim a refund of tax, you are limited to reviewing the last four tax years only, 2010-2007 inclusive. It is important to ensure that you have claimed all relevant tax credits and allowances that you are entitled to claim within the previosu four years as any refunds due to you for years longer than four years are lost. Also, if your personal circumstances have changed in the previous four years or beyond and you have yet to update your tax affairs accordingly, then you may be missing out on valuable unclaimed tax refunds. For example, if you got married, separated, widowed or divorced in recent years, your tax position should be updated to ensure that you are only paying the minimum amount of tax required.
Revenue have confirmed that they have resources set aside for tax refund claims as they expect taxpayers in 2011 to be looking at all aspects of their finances and applying to get money back on areas such as medical expenses incurred, service charges paid, tuition fees, caring for elderly relatives and many other qualifying reliefs. The Revenue advised that only approximately 15% of PAYE taxpayers regularly file a tax return and of those who do file their returns, 75% actually receive a refund of tax paid.
For all members of the Eolas Money Academy, we ensure that your taxes over the preceding four years are fully reviewed and if any anomalies are identified, we ensure that your returns are processed without delay to ensure any refunds are secured or any other errors are rectified going forward.
If you have not as yet reviewed your taxes to identify if you too are due a refund, Eolas Money Management will be delighted to assist you with any element of your taxes. Please contact us at firstname.lastname@example.org or 052 6129696 to see if you too are one of the many taxpayers who will receive a refund of tax in 2011.