Urgent cashback deadline warning – Experts say thousands of people could be owed hundreds of overpaid taxes

FINANCIAL experts are urging people to submit all outstanding tax refund claims before the end of the year.

Taxpayers could lose thousands of dollars in tax refunds if they don’t submit a 2018 tax refund application before midnight on New Year’s Eve, Taxback.com warns.

Marian Ryan Consumer Tax Manager at Taxback.com says many people are unaware of the new tax credits

2

Marian Ryan Consumer Tax Manager at Taxback.com says many people are unaware of the new tax credits
Taxpayers have until midnight on Saturday to submit applications

2

Taxpayers have until midnight on Saturday to submit applicationsCredit: Alamy

Because December 31, 2022 is the last day on which a tax refund claim can be made for the year 2018, as the tax refund period is limited to four years.

Taxback.com is urging tens of thousands of people who haven’t yet submitted a 2018 tax refund claim to do so by New Year’s Eve.

Marian Ryan, Excise Tax Manager at Taxback.com, said ahead of the deadline: “The Irish overpay hundreds of millions in taxes a year and as such they should make claiming their tax refunds a priority.

“Nearly half a million people will have a total of 300 million in 2021.

I do my dishes without having to turn on the hot water tap - here's how
iPhone owners are just now realizing that there is an ingenious hack that can save you money

“At that rate, the average tax refund people could be missing out on for 2021 is €667.

“Those who wait until the New Year to apply for 2018 will lose as the furthest back year they can apply for a tax refund will be 2019.”

Another tax rebate Taxback.com is looking to claim this year is facilitating remote work, as the high energy bills that so many people have been facing over the past few months mean this tax credit will be even more valuable to them .

She said: “With heating and electricity bills soaring, anyone still working from home should make it their priority to take advantage of remote work facilitation.

“The relief has recently been improved so you can claim more of this tax break for 2022 than in previous years. You can reclaim 30 per cent of 2022 electricity, heat and broadband costs through telework relief – so this tax break could easily put hundreds of euros back in your pocket. ”

Taxback.com is also reminding renters — or parents paying rent on behalf of a student child — to take advantage of the recently introduced Rental Tax Credit.

The rental tax credit is up to €500 per year for single people and up to €1,000 per year for married couples and registered life partners for the tax years 2022, 2023, 2024 and 2025 upon application to the tax office.

She said: “Even though the rental loan was not introduced until Budget Day (September 27, 2022), this loan can be drawn for 2022 – as well as 2023, 2024 and 2025.

“It’s unusual for a tax break introduced on budget day to be able to be claimed in the same year that the same budget was announced – so taxpayers could mistakenly believe they can’t claim the 2022 rental credit.”

The tax refund is limited to four years, which means you can claim the tax refund for the years 2018, 2019, 2020 and 2021 – provided you submit your application by December 31, 2022.

More than a million taxpayers overpaid by a total of €620 million in 2019, 2020 and 2021 – with the average tax refund for those three years potentially being around €600.

https://www.thesun.ie/money/9961081/urgent-warning-cashback-deadline-overpaid-taxes/ Urgent cashback deadline warning – Experts say thousands of people could be owed hundreds of overpaid taxes

Fry Electronics Team

Fry Electronics.com is an automatic aggregator of the all world’s media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials, please contact us by email – admin@fry-electronics.com. The content will be deleted within 24 hours.

Related Articles

Back to top button