In this month's money tip, we look at the reasons to do a tax return and how to go about it. View in browser

If your reaction to this month’s money tip is “I am a PAYE worker, I don’t have to do that”, then you would be correct, however, I am encouraging you to do so. 

Here are three reasons why:

1. Keeps your tax affairs up-to-date and in order

2. Ensures you are aware of and claiming allowable tax reliefs and credits

3. It is the easiest way to claim any tax refunds due to you

Many PAYE workers in Ireland do not file tax returns. Anyone, who has worked in other countries, for example, Australia will know that everyone is required to file a tax return regardless of whether they have non-PAYE income or not.

It serves as your declaration of your total earnings for the year and allows you to ensure you are claiming the correct tax credits and availing of applicable tax reliefs. It also means that in the unlikely event you have underpaid tax for the year, the position is sorted out sooner rather than later.

Filing a tax return is also the easiest way to claim some of the tax reliefs that may be available to you. Common tax reliefs available in Ireland that need to be claimed independently of your employer include reliefs available on health expenses and third level tuition fees. 

If you are one of the 800,000 employees in Ireland working remotely as a direct result of Covid-19, there is tax relief available on costs associated with working from home.

Our latest blog article ‘Working from Home?’ will give you all the information you need in relation to the tax relief available for e-workers.

If you have been ignoring your tax returns for years and have some historic expenses that you can claim tax relief on, make sure to complete your 2016 tax return before the end of the year. 

The rest of you can relax until after the New Year and then file your tax returns from 2017 to 2020 inclusive, hopefully giving your finances a much-needed boost in January or February.

Check out our blog article ‘Use it or Lose it’ for information on how to go about filing a tax return and the four-year rule that applies to claiming relief. The article also reminds you to consider what employee benefits you have that you may need to ‘Use or Lose’ before the end of the year.

Book your free Discovery Call

If you book your first coaching session before the end of the year, you will receive €50 off our MonEase package.

For more information on the MonEase programme, visit the ‘What We Do’ section of our website, reply to this email or book a free 20-minute discovery call.

I know there are a lot of additional expenses at this time of year. If you do want to support your financial well-being now and into the future, the skills and awareness that you will gain from the MonEase programme will stay with you for a life-time. 

Now that’s something worth investing in.

Happy December everyone!

Create Coaching Ltd T/A Money Coaching Ireland

43 the Paddock, Blackhorse Ave, Dublin 7, Ireland

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