10 Tax Savings Tips that can save you money. ? Quintas Blog

Despite a national advertising campaign by revenue over the last number of years, there is still a significant sum of cash that is not being claimed correctly by tax payer?s. It is important to note that there is a 4 year time limit for claiming refunds of income tax.

Please find below?some of the?reliefs?that you are entitled to use to reclaim/reduce the amount of tax and PRSI that you are currently paying.

Rent a room

This scheme was introduced during the boom to assist tax payers to ?get on the property ladder?. This additional income?was included by the lender when stress testing the repayment capacity of the prospective borrower.

This scheme is still in place today and allows you to receive up to ? 10,000 tax-free income for renting a room/rooms in your home. For more information please click here

Rent Relief

If you are paying rent for private residential accommodation?and are paying income tax in Ireland you are entitled to an additional tax credit. This credit can be claimed through the PAYE?system or as part of your annual income tax return if you are self-employed. For more information please click here

Flat Rate Expenses

These are expenses that can be claimed by an employee based on the nature of their work or profession. These flat rates have been agreed by revenue but you will need to claim this credit from revenue as it is?not automatically added to your tax certificate.??Examples of professions that would qualify would include nurses, pilots, doctors, journalists, hotel workers?etc

For more information and to view a detailed list of the professions that qualify please click here.

Film Finance

This is a scheme where Irish Investors have been able to claim tax breaks by financing a film or television production under the Section 481 tax scheme. This tax relief allows you to invest up to ? 50,000 in a film or television production and to claim tax relief on the amount of the investment.

At Quintas this is a scheme that we are familiar with and we currently have a film investment available, should you wish to receive more information please email film@quintas.ie

For more detailed information on the scheme please click here

EII ? Employment Incentive Scheme

This scheme replaced the old BES (Business Expansion Scheme) last year. In return for investment in a qualifying company you can avail of up to 41% (30% in the year of investment and the balance of 11% in the year following the 3 year investment period).

The EII scheme has widened the list of qualifying companies to include most businesses in the SME sector.

Quintas?are one of the few companies in Ireland that?have their own?EII?fund and we are currently looking for investors to invest in?our?fund (and qualify for tax relief in 2012). We are also looking for qualifying company?s?to invest in our 2011 EII fund.

For more information on the Quintas?EII fund please click here

Tuition Fees

Students or their parents can claim tax relief on tuition fees paid for approved undergraduate and postgraduate courses, as well as certain information technology and foreign language courses. You can claim tax relief as long as you have paid the fee yourself or on behalf of another person.

This relief does not include exam or administration fees and you cannot claim back any amount which you did not incur such as a grant, scholarship or an amount that was paid by your employer.

This relief is at the standard rate of tax (currently 20%) and there are a?number of different thresholds depending on the course and the institution.

For more information please click here.

Bike to Work Scheme

Introduced in 2009 this scheme provides an allowance to employees to purchase a new bike and safety equipment up to ? 1,000. An employer deducts the cost of the bike from the employee through payroll each month.?This could lead to a?potential saving of up to 52% depending on the income of the particular employee. There is also the added benefit to your health in availing of the scheme.

For more information please click here

Tax Saver Commuter Ticket Scheme

This scheme was set up to encourage people to use public transport. The scheme works in a similar manner as the bike to work scheme above in that the cost of the ticket is deducted from the employees gross pay which means that this amount will not be subject to tax and Prsi.

The employer and employee must sign a contract indicating the commuter ticket being used and then deduct the cost of the ticket through the payroll system. This scheme should include most forms of public transport and some private operators.

For more information please click here

Donate to Charity

To avail of this relief the minimum amount that must be donated to a qualifying charity is ? 250 per year. The scheme means that the charity can claim an additional 20% on the amount invested over ? 250 back from revenue. (i.e. the donation is actually worth ? 300 to the charity)

For more information please click here

Medical Expenses

As a tax payer you are entitled to claim back costs for medical expenses incurred on an annual basis. This would include the cost of prescriptions, doctors, medical consultants, physio, non-routine dental bills etc.?It is important to note that you cannot claim any amount reimbursed by?your health insurance company.

For more information please click here.

I hope that the above tax saving tips have been of benefit to?you and that?you?end up having a little bit more of?your hard-earned cash?in?your pocket.

Regards,

Mark Ryan

Mark is a Director at Quintas

?The views expressed in this article? are not reflective of the views or opinions held by Quintas. The material contained herein includes facts, opinions and recommendations which we neither guarantee the accuracy, completeness or timeliness of, nor do we endorse.? We do not accept any liability for any act, or decision not to act, use, misuse or distribution resulting from use of this material?.

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Tags: Bike to Work Scheme, Donate to Charity, Employment Incentive Scheme - EII, Film Finance Scheme, Flat Rate Expenses, Medical Expenses Claim, Rent a room scheme, Rent Relief, Tax Refunds, Tax Saver Ticket, Tuition Fees relief

This entry was posted on July 19, 2012 at 10:19 pm and is filed under Accounting, Positive thinking, SME. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

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