Thursday 26 April 2018

If you've kids in college, crowns, or rent out a room, get your tax refund

Tax matters may be about to get easier for the self- employed too

Tax matters: Minister for Finance Michael Noonan. Photo: Frank McGrath
Tax matters: Minister for Finance Michael Noonan. Photo: Frank McGrath

James Fitzsimons

The Government is promising to cut tax and the Minister for Finance, Michael Noonan, has promised to ease the tax burden on the self-employed in the next Budget. Before we look at what to expect, it is worth looking at what we have. Every year, millions of euro in tax refunds remain unclaimed and it's not that taxpayers don't care. In many cases, they just don't know, or didn't think they could get it back.

Health expenses are the most common, and sometimes, when you add it all up, it amounts to a lot. You can look back over the last four years to claim back tax, and even though most health expenses only attract tax relief at 20pc, if you spend €500 a year on them and it includes visits to the GP and prescription medicines, then that's a refund of €400 (€100 per year).

Routine dental work is not deductible for tax, but many that we consider routine, such as root canal treatment, crowns and braces, are deductible. They cost a lot and the tax refunds are valuable.

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