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Claiming back tax

What can you claim tax relief on?

Dated 06/01/2018

Happy New Year to you and your business.

It is great to be back to normality, the Christmas break can make you lose track of days. Just to assure you today is Friday.

Right lets kick off 2018.

Question

‘I have three employees what can they save tax on’?

There are a number of items which you as an employee of a business can claim tax relief for.

Medical expenses.

This has to be the most common expense to claim a refund on at a rate of 20%. But what are medical expenses?

They cover.

  • Medication under a prescription
  • A visit to your Doctor
  • A consultation visits,
  • Surgery costs,
  • Hospital stays,
  • Physiotherapy costs.

These expenses do not have to been incurred by the claimant, however they must have been paid by the claimant. EG A son paying for his parent’s medication.

Dental Expenses

This is another expense which can slip people’s minds. In order to be eligible to claim this expense it must be for non-routine treatments only. This would include

  • Crowns
  • Root Canal treatment.

The maximum amount you can claim back is 20% of the cost.

Cycle to work scheme

If you have a New Year’s resolution to get fit this may aid you, and save you some tax too.

The good news with this scheme is that you don’t have to make a claim; the deduction will be calculated from an employees salary. The maximum value of the bike and accessories is €1,000.

Your employer will purchase to bike and you will then have to pay back a total of €490.00 over the course of the year.

Flat Rate Expenses

This is a relief which is allowed for the laundry of uniforms and upkeep of equipment.

However certain conditions must be met.

Not all trade and professions are allowed to claim.

 

Conclusion

Hopefully you are a little more knowledgeable on what tax reliefs are available.

Happy 2018.