witchymand
Registered User
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All you have to do is retain the bin tags
Tags come with a removeable serial number sticker which you are supposed to retain for tax relief purposes. Some don't but you get a receipt (e.g. from An Post) which serves the same purpose. I think it's all academic though since as far as I know bin tag relief is flat rated. See [broken link removed]. I think you just get the €195 @ 20% = €39 automatically regardless of how much you actually spend on tags. We're in a DCC bag tag collection area and get a flat rated relief for this which is way in excess of what we actually spend on tags most to date. However [broken link removed] suggests that such relief must be claimed manually which is not my experience (my underlining):SarahMc said:This is impossible as the refuse collectors take the tags!
“Tag” system
A variety of domestic refuse collection “tag” systems are operated throughout the country by both local authorities and independent contractors. The “tags” can be purchased from normal retail outlets as well as directly from the service provider. claims for relief for the cost of “tags” can be made directly to the Tax Office. Receipts will not normally be required.
Last year:Service charges relief: €22
We are on pay as you go bin tags so should according to [broken link removed] be entitled to a flat rated (?) maximum of €195 @ 20% = €39.Service charges paid €195 = tax credit of: €39
Note that the [broken link removed] states that no amount is needed for bin tag relief so I presume that they just grant the maximum as per last year.2002 onwards -
...
Tag System - Max Relief - €195 at the standard rate of tax
[B]Tax Credits Self Spouse[/B]
Personal Tax Credit €3260
PAYE Tax Credit €1490 €1490
Home Carer's Tax Credit €770
Service Charges Relief €22
Medical Insurance Relief €127
Gross Tax Credits €5719 €1490
SRCOP €41K
Last year I claimed it online and they just granted the full €195 @ 20% = €39 relief. I'm not sure why it changed this year so I've just requested it again for 2006 online and hopefully they'll eventually reissue the tax credits and/or TDC with the corrected amount. I realise that it's small but I like to maximise my tax reliefs/allowances...Ham Slicer said:The refuse issue is quite small - call Revenue and ask them to change it. Tell them you spent over €200 on bin tags last year. That will sort that out.
That's what I thought too. Perhaps they left it because she has not officially left work yet (i.e. no P45) but currently has no plans to return?I'm not sure why your wife's PAYE credit was included on your credit cert. It makes no difference anyway as she's not working.
Yes - I realise that but thanks for pointing it out.Obviously if she started working later in the year you would have to keep an eye on whethter she went over the €5,080 threshold to allow you to keep the home carer credit, as if she earned 15K you would end up owing €770 to tax man
Again I understand the mechanics but I was just wondering if the BIK tax/PRSI issue was taken care of through payroll rather than (as I think it used to be?) through a reduction of the tax credits.Medical insurance - here's how it works. Say your gross premium is €300. Your employer pays €240 to VHI and pays the €60 tax relief to Revenue on your behalf (documented through form P11D). Your are taxed on the gross amount of €300 - say at 42% = €126. You are then entitled to the tax credit of €60. So your medical insurance costs you €66 in this situation
ClubMan said:Just got my updated statement of tax credits yesterday.
On a related note our tax credits are now:
Code:[B]Tax Credits Self Spouse[/B] Personal Tax Credit €3260 PAYE Tax Credit €1490 €1490 Home Carer's Tax Credit €770 Service Charges Relief €22 Medical Insurance Relief €127 Gross Tax Credits €5719 €1490 [/QUOTE]
21. What is the position where the employer pays 50% of the medical insurance premium for an employee? How does it impact on the employee's entitlement to Tax Credits? This is best answered by way of an example:
An employer discharges the full amount of the premium and recovers 50% of the premium (net of TRS) from the employee.
Assume the Gross Premium is €1,000
TRS (Tax Relief at Source) €200
Net Premium € 800
Recovered from employee €400
The employer pays over €800 to the authorised insurer (€400 of which is recovered from the employee) and pays €100 TRS (amount attributable to the €400 paid by the employer) to Revenue.
The taxable benefit (notional pay) is:
Cost to employer €900 (€800 premium paid + €100 TRS paid)
Less amount made good by employee €400
Notional Pay €500
The employee is entitled to a tax credit of €500 @ 20% in his or her certificate of tax credits. He or she has already received credit by way of TRS of €100 by paying the net (of TRS) premium of €400 direct to the employer.
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