Numbers4u

Flat rate expenses - check the list to see if you can claim. These often go unclaimed as everyone not familiar with these.

If you have not been claiming and are entitled to any, don’t forget you can go back 4 years to 2020. Deadline to claim for 2020 is 31st December 2024.

www.revenue.ie

Rent Tax Credit
The Rent Tax Credit is available for the tax years 2022 to 2025. The Rent Tax Credit reduces the amount of Income Tax that you are due to pay in a tax year.

To benefit from the Rent Tax Credit, you must have an Income Tax liability to offset against it.

You can now claim your Rent Tax Credit for the 2023 tax year on your Income Tax Return. If you have Pay As You Earn (PAYE) income, you can do this through myAccount. Otherwise, you can do this through Revenue Online Service (ROS).
For 2022 and 2023, the maximum value of the Rent Tax Credit is €1,000 per year for jointly assessed married couples or civil partners. The maximum value is €500 in all other cases, including single persons.

For 2024 and 2025, the maximum value of the Rent Tax Credit is €1,500 per year for jointly assessed married couples or civil partners. The maximum value is €750 in all other cases, including single persons. This is the case no matter how many properties you pay rent for during the year.

In certain cases, the Rent Tax Credit applies for tenancies which do not need to be registered with the RTB. This includes ‘rent-a-room’ or ‘digs’ type arrangements.

The Rent Tax Credit is not available for ‘rent-a-room’ or ‘digs’ type arrangements if you and the landlord are related.

We will run through some tax credits this week.

First is the Aged Tax Credit.
You can claim the yearly Age Tax Credit if you are:

65 years, or older, in the tax year
jointly assessed or separately assessed and your partner is 65 years or older in the tax year.

The Age Tax Credit is as follows:
Status Amount of Credit
Single, widowed, surviving civil partner or singly assessed €245

Jointly or separately assessed €490

You are automatically granted the Age Tax Credit the year you (or your spouse or civil partner) turn 65.

You can claim the credit through myAccount. Your Tax Credit Certificate (TCC) might not show the Age Tax Credit. If it does not, you may need to provide your date of birth if it is not already on your record.

If you are not claiming this tax credit and you or your spouse is over 65 you could potentially be paying additional tax to a max of €490 for no reason.

Reminder : The Pay and File deadline for the 2023 Income Tax Return (Form 11) is Thursday 14 November 2024 for customers who file and pay on Revenue Online Service (ROS). Make sure you claim all you’re entitled to.

If you are a business paying rates make sure to apply by 1st May. A Pin and customer reference will be needed to complete the application. These info was sent out in a letter from KCC.

A reminder that the Deadline to register to receive the Increased Cost of Business (ICOB) Grant is NEXT WEDNESDAY, 1st of May 2024.

For more information, please visit: https://www.kerrycoco.ie/finance/commercial-rates/

Information on the Increased Cost of Business (ICOB) Grant is available on our website

Eligible businesses will receive a once-off grant payment.

https://www.kerrycoco.ie/finance/commercial-rates/