People all over Ireland can claim of hundreds of euros in tax refunds "they don’t even know about", a financial expert has said.
This advice comes after Labour TD Ged Nash said the "mystery" needs to be taken out of the tax return process as 39% of workers are yet to file for refunds on overpaid tax.
Finance Minister Michael McGrath confirmed in the Dáil over 300,000 people in 2022 and 250,000 in 2021 overpaid Revenue.
Broker and personal finance advisor Denis Eustace told Newstalk Breakfast thousands are eligible for refunds they don’t even know about.
“In 2021, there was €180 million unclaimed,” he said.
“Over 900,000 people have already filed for tax returns for 2022, but over 830,000 have not yet filed a return.
“On average, it’s about €700 in tax refunds for those who haven’t yet claimed it.”
'Straightforward process'
Mr Eustace said claiming tax back is a “straightforward process” of posting Revenue your receipts to see what’s eligible for refunds.
“People can claim back as far as 2019 – that's four years,” he said.
“If you're married, for example, in the last four years, you could be entitled to a ‘marriage tax credit’.
“That’s where usually one individual earns more than the other and now, you’re not being assessed as a single person but as a married household and therefore there could be a refund due.
“Other obvious ones are refunds on medical expenses, the worker relief for people working from home, tuition fees, homecare credit, nursing home credit.”
The refund on tuition applies to workers paying for their own college fees, Mr Eustace clarified.
Receipts
Mr Eustace said he keeps all his receipts for GP visits, dentist appointments and other medical expenses to mail to Revenue.
“They go through them and tell you if you’re entitled to a refund as a percentage of your medical costs overall, including large operation expenses,” he said.
He also reminded people of new refund opportunities, such as the Rent Tax Credit worth €750.
“A lot of people are afraid that they're going to get told that they owe Revenue,” Mr Eustace said.
“But it’s all money that’s in there in Revenue... we're trying to urge people to log into Revenue.ie.”
Return forms are due by November 15th.
