WORKERS can miss out on the €1,200 collection if they don’t file a compressed tax return with Revenue.
And this is why money-making expert Eoin McGee believes that hiring an accountant can be well worth it – even if they’re not self-employed.
The financier returns to the screens this week with RTE A How To Be Good With Money program.
And in his latest episode, he discussed how workers can miss out on hundreds of people by not having an accountant in their corner.
He explains: “If you’re a PAYE worker, your taxes will be deducted before your paychecks go into your account. So you might be thinking why do I need an accountant? ?
“Research shows that people who do Tax return receive an average cashback between 800€ and 1,200€. If your accountant charges you less than that, I suggest it’s worth it.
“You can reimburse yourself, but an accountant is trained to pick up things you might miss out on, like medical expenses, school fees, or work from home reimbursements.
“And they can also file your taxes with Revenue.”
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The financial planner also discusses the benefits sole traders can gain from turning their business into a limited company.
Money man Eoin explains: “Once you go to the limit, you separate the business from yourself. That means if things don’t go your way, you have a little extra protection.
“Secondly, it means that any profits you make from the business, you will be taxed at the corporate tax rate rather than the income tax rate, which is generally much lower.
“But ultimately, and most importantly, when you’re a limited liability company, you can put more money into your pension.”
The financier shot to fame following the success of his hit show that helped shape people’s finances – but he’s previously insisted he’s not. Eddie Hobbs discount.
https://www.thesun.ie/money/8169254/workers-tax-windfall-eoin-mcgee-rte-money/ Workers can collect a net tax of between €800 and €1,200 by doing this one simple thing when money expert Eoin McGee returns to the screen.