Simon Ball Archive

Simon Ball

Tuesday 15th November 2011, 3:06 pm

How to make your tax return less of a bitter pill

By Simon Ball

As everyone knows a visit to the doctor followed by a trip to the pharmacy is a very costly couple of hours! But did you know that there is a health expenses tax credit?

You can claim tax relief in respect of the cost of certain medical expenses paid by you. The tax relief up to 2008 was given at the marginal rate of tax of 41pc. However, from 2009 onwards, relief is given at the standard rate of tax of 20pc.

A claim for tax relief must be made within four years after the end of the tax year to which the claim relates — this means, for instance, that 2009 expenses must be claimed by the end of 2013. Therefore, the last claim for relief at the higher rate of 41pc (2008 tax year) must be made by the end of 2012. Continue reading →

Simon Ball

Wednesday 24th August 2011, 1:41 pm

Income Tax Filing

By Simon Ball

Most people hear the adverts on the radio come October each year informing you that the Income Tax filing deadline is looming, and you have until 31 October to file your Income Tax return. A lot of individuals probably aren’t fully aware of their obligations to file a return, and what are the potential ramifications of they fail to do so.

A large percentage of the working population in Ireland would be regarded as ‘normal PAYE’ workers. That is, they are an employee of a company which they do not own, and they receive their pay cheque each month. They are not regarded as a ‘chargeable person’ for Income tax purposes i.e. they do not have a requirement to file an annual Income tax return as this is their only source of income. Continue reading →

Simon Ball

Tuesday 14th June 2011, 12:01 pm

Film Relief

By Simon Ball

Over the last number of years in Ireland, it seems like taxes are constantly being increased, while at the same time, the number of allowances to reduce our taxes are being decreased!

Investment in pensions was traditionally the favoured method of reducing taxes and was touted by the authorities as the most beneficial, as it ‘saved for the future’. Now that pensions have been decimated by falling asset values, and the tax relief available on them has been greatly reduced, with more reductions possible in the future, then perhaps it is no harm to look at another method of reducing your tax liability. Continue reading →

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