Put €1,000 Back in Your Pocket | Irish Tax Rebates
31K views
Dec 11, 2022
00:00 - Intro 00:38 - How to do an income tax return on Revenue.ie 02:22 - Comparison of tax rebate companies in Ireland 04:32 - Outro A lot of PAYE workers in Ireland never do an income tax return and could be leaving €1,000 on the table for no reason. Disclaimer: This video is for informational and educational purposes only and should not be construed as financial advice. _______________________________________________________________________ Further reading: https://irishfinancial.ie/best-tax-rebate-services-in-ireland/
View Video Transcript
0:00
It is officially the week after Paddy's Day so I'm sure most of us at this stage have either pissed away our money on the beer or the horses
0:08
And I'm sure everybody could do with an extra few quid back in their pocket. Well did you know that the average refunds that a person gets when they do an income tax return in Ireland is around €1,000
0:18
And most people don't ever bother doing a tax return at all so it is a bit of a shame to see people leave this kind of money behind
0:24
If you are one of those people, then in this video, I'm going to tell you exactly how you can do one of these
0:30
You have two options, really. You can either take a stab at doing it yourself or else there are a number of companies that specialize in doing it for you
0:37
For those of you that are going it alone, the first step is to log into your my account on revenue.ie
0:43
The furthest that you can go back with your income tax returns to see if you can claim any rebates is four years
0:49
So we are currently in 2022 so you can go back as far as the years 2018, 2019, 2020 and 2021
0:57
and review them all and see if you are due any tax refunds
1:01
So once you log into your my account you will see this option here to review the years of 2018 to 2021 So click on that So I am just looking at the year 2018 here for example I have the option of either requesting a statement of liabilities or doing an income tax return
1:18
I just want to briefly explain what the difference is between doing both of these. So a statement of
1:23
liabilities is basically like looking at a statement of where your total income that you
1:28
normally have declared and all the taxes that you have paid so far and all your normal tax credits
1:33
so it will calculate all of that and see whether you are in a position where you have over or
1:39
underpaid tax at the end of the year. When you choose the statement of liabilities you will not
1:44
be able to add in any additional tax credits that you may be due for let's say some medical expenses
1:49
for example. So this is the option let's say for somebody who doesn't think that they are due any
1:53
other tax credits they just want to see whether they have over or underpaid their tax for the year
1:58
But if you are in a situation where you know that you haven't claimed any relief for things like
2:03
medical expenses, tuition, private health insurance or your pension contributions then you will need to go and pick the option to do an income tax return. Similarly if you have
2:12
any additional income as well that you haven't declared for that tax year you can add it
2:16
in here in your income tax return as well So that basically where you need to go if you want to do it all yourself but if all of that sounds like a heap of hassle then let go through the other option that you have and that is to use a company that completely specializes in doing it all for you You will probably be already
2:32
familiar with most of these companies such as taxback.com or rebates.ie or taxzap.ie. We will
2:38
compare them all in a moment but in most cases what they will do is if you get a refund they will
2:43
take a small cut of that as a fee. Some reasons that you might want to go with these types of
2:47
companies would be I suppose it saves you a lot of time and these are experts as well so they might
2:53
be able to get you a much higher refund than if you had gone about doing it yourself. So even though
2:59
you might pay a small fee the extra refund that you might possibly get from doing it may make it
3:03
all worth it. Now let's just briefly compare the fees for all of the popular companies that operate
3:08
in Ireland. You obviously want to go with one that is not going to take too much of a cut of
3:13
your refund. So first up taxback.com they will take a 10% cut plus a handling fee with the minimum
3:19
cut actually being 40 euro so 10% or 40 euro whichever is greater. In certain complex cases as
3:26
well they will add another 30 euro charge on top and if your tax refund is 96 euro or below they going to take a 50 cut of that refund The next few companies that I going to mention here have a policy of no rebate no fee
3:40
So that's really good because if you don't get any refund from doing your income tax return, they're not going to charge you anything
3:47
So TaxApp.ie are going to charge you 7% plus VAT or a minimum fee of €25
3:53
euro. Irish tax rebates have similar fees of 7% plus VAT or a 23 euro minimum fee whatever is
4:00
higher. MyTaxRebates.ie will have a charge of 7% plus VAT again or a minimum fee of 23 euro and
4:07
finally Rebates.ie will charge you 12% plus VAT or a minimum charge of 25 euro. They are all of the
4:14
companies that I could still see that are operating but maybe there is one or two ones that I missed
4:18
out on. For most of these companies all you will really have to do is just fill out a form that
4:22
will take you like two or three minutes and that's all you have to do so it makes it really easy so
4:27
it might be well worth saving all of the hassle by just handing over the responsibility to them
4:31
but anyway that's pretty much it for my video today i hope you all get some huge refunds into
4:36
the bank very soon hope you enjoyed the video and found it useful if you did please make sure
4:40
to drop a like on it and subscribe to the channel as well for more content like this in the future
#Financial Planning & Management
#Jobs
#Jobs & Education
#Tax Preparation & Planning