Many things trigger the requirement for self-assessment such as being self employed, or being PAYE with other income.
For example, you might have a rental property, received an inheritance, and so forth.
You could be due relief that you aren’t aware of. Don’t wait for the Revenue to contact you when you owe them money, instead take the proactive approach. Why pay more tax than you must?
You can only go back 4 calendar years with the Revenue. For example, up until the 31st of December 2017, you can go back until the calendar year of 2013. If you wait until January, you miss out on the year 2013.
Progressive Financial Services will be launching a user-friendly online tax return system, called iTax, that is easy to follow and eliminates the need to wade through the Revenue Online Service. Follow us on Facebook to be the first to hear when the website has launched and win prizes!
In the meantime, here is a list of some of the things that you can potentially avail of tax relief on:
Medical Expenses not covered by your private health insurance
Dental Expenses – non routine rate expenses for certain occupations
Education from approved institutions
Tax credits for various things
Change to jointly assessed if you’ve married
Home Renovations or purchase of new builds
If you need to review existing provisions or new provisions to ensure you are getting the correct tax relief, such as for income protection or regular pension contributions, be sure to talk to a Financial Advisor.
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