PAYE taxpayers are not obliged to make an annual tax return if all their income is taxed under PAYE and they have no other taxable income. However, many PAYE taxpayers may be losing out by not claiming up to €800 per year in income tax refunds. A number of tax reliefs have been withdrawn in the last Budget, but consumers can still claim for medical expenses, rent payments, college fees and work-related expenses and householders can claim for refunds for up to four years after the tax relief was due.
Thousands of people are losing out by not claiming these reliefs every year. This happens because people believe that the process of claiming tax relief is arduous and time-consuming and that there is no advantage for them in making the tax return.
Adelphi Financial Brokers now offers a new annual tax return preparation service to all PAYE taxpayers.
Registration for this service automatically means that we accept you as a tax client. We will compile and build a full income tax return each year of membership from the basic records that you provide. You will receive targeted information on a regular basis, which will keep you up-to-date on any new or emerging tax. It involves Income tax planning and completion of your income tax return in time for the filing deadline each year, including the preparation of accounts for all sources of non- PAYE income and computing the tax liability; Capital Gains tax on capital profits on asset disposals; Inheritance tax planning on estates passing to beneficiaries; Gifts tax planning on gifts to favourite people or organisations and Property taxes on private property.
We will register you with the Revenue – if you are not already registered – and use this registration to file your tax returns on your behalf; monitor compliance and authorise payments using the direct debit system already sanctioned.