Tax Deadline FAQ

The 31 October personal tax return deadline is only 6 weeks away and our tax department are gearing up for the busy period. To assist you in preparing for the deadline we have put together some frequently asked questions.

What details do you need to send in to OSK to prepare your tax return?

• details of your income from all sources for the year, including P60’s and income levy certificates,
• details of any assets acquired or disposed of by you during the year,
• receipts in respect of any medical expenses incurred during the year,
• details of any new sources of income i.e. items not included on your last return of income.
• details of any other reliefs you may be entitled to, e.g. permanent health insurance, rent relief, retirement annuity contributions etc.
• if you are entitled to claim rent relief (for private rented accommodation) send in your landlord’s name, address and PPS number.
• details of service charges paid to your local authority for bin collections during 2009 and 2010.

 Pension contributions – how much is allowable?

Contributions made to approved pension schemes are allowed in full, subject to certain limits. The following are the percentage relief limits:

Age                              % of gross income

Aged under 30                  15%

Aged 30 to 39                   20%

Aged 40 to 49                   25%

Aged 50 to 54                   30%

Aged 55 to 59                   35%       

Aged 60 and over              40%

The maximum gross income figure for relief purposes is €262,382 in 2007 and €275,237 in 2008.

Any unused allowances may be carried forward to subsequent years. The last date for making contributions and claiming relief is 31 October in the following tax year.  For further details, please refer to leaflet IT14 available on www.revenue.ie.

Medical expenses – how much is allowable?

Tax relief is granted for a wide range of unreimbursed medical expenses paid by the taxpayer on behalf of him/herself or on behalf of any other person. Relief is not available for any expense which may have been or will be reimbursed by your health insurer. Tax relief is only available at 20%.

Tax relief may be claimed in the tax year in which the payment was made or in the year in which it was incurred.  Receipts do not need to be submitted with your tax claim however, receipts should be kept for all expenses incurred in the event of Revenue choosing your claim for a detailed inspection. The forms you need to make claim are Med 1 and Med 2, which can be easily downloaded from the Revenue website. For a comprehensive listing of allowable and non-allowable expenses please refer to leaflet IT 6 available on www.revenue.ie.

Tuition fees – how much is allowable?

Tax relief may be claimed on tuition fees on certain approved undergraduate, postgraduate and foreign language and information technology courses. From the tax year 2007 onwards an individual may only claim tax relief on fees paid for an approved course as long as the individual has paid the fees themselves.  Tax relief is not available for administration, registration, examination fees or any part of the tuition fees which are met by grants, scholarships or employers. A full list of approved colleges and courses is available on the Revenue website (www.revenue.ie) from leaflet IT 31.

Contact the OSK Tax department for further information.