For employees and company directors who pay taxes through the PAYE system, you currently have one last chance to back date relief from PRSI and health levy on certain pension contributions. But time is running out as everything needs to be in place for October 31st 2011 to claim your refund. There is a small extension for those who use Revenue’s online filing system (ROS) to file their tax return and pay the required tax. The extended deadline is to November 15th.
Revenue practise allows for the backdating to 2010 of relief against Income Tax, PRSI and the Health Levy to be claimed on certain personal contributions and notified to Revenue before October 31st 2011. Therefore, for example, individuals who paid Income Tax at 41%, PRSI at 4% and Health Levy at 4% in 2010 could claim back €490 for every €1,000 of qualifying contributions they make before October 31st.
Qualifying contributions must be paid personally by the individual employee/director and they must fall within the relevant age and earnings related contribution limits as directed by Revenue.
This really is an oppertunity not to be missed. For any further details regaridng a potential tax, PRSI and health levy refund from 2010, please dont hesitate to contact Brendan or Jim for specific information.