Tax relief on Laser eye surgery

T

tml

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Hi folks,

just wondering if someone can help me here.

I am hoping to get laser surgery in August / September i know i can claim tax relief on it but was wondering if i can wait til January to claim my tax relief based on my earnings for 2005 as opposed to claiming it immediately based on my earnings for 2004 (which are a lot less thus i would only be entitled to tax relief of 20%)

Hope that makes sense!!
 
If you pay for it in 05, it has to be claimed in 05 unfortunately.

I assume it's going to cost you about 3K. Additional tax relief would be 3K @22% = €660.

Would it not be worth waiting until next year to get the op done.
 
thanks for the quick reply......will definitely wait til next year so to get it done and save myself a few quid because will get 1648 tax relief based on the higher 42% rate so waiting another 6 months is not going to kill me!!!
 
Ham Slicer said:
If you pay for it in 05, it has to be claimed in 05 unfortunately.

I assume it's going to cost you about 3K. Additional tax relief would be 3K @22% = €660.

Would it not be worth waiting until next year to get the op done.
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If you pay for it in 05 you can claim in January 06.

So get it done late in 05 and claim back early in new year !
 
tml said:
I am hoping to get laser surgery in August / September i know i can claim tax relief on it but was wondering if i can wait til January to claim my tax relief based on my earnings for 2005 as opposed to claiming it immediately based on my earnings for 2004 (which are a lot less thus i would only be entitled to tax relief of 20%)
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You post is not clear. Your 2004 earnings are irrelevant since that tax year has been and gone and you didn't get the procedure done. If you are in the 42% tax bracket in 2005 then get it done now. If not but you will be next year then wait.
 
You post is not clear. Your 2004 earnings are irrelevant since that tax year has been and gone and you didn't get the procedure done. If you are in the 42% tax bracket in 2005 then get it done now. If not but you will be next year then wait.


Sorry Clubman, maybe i should have made it clearer, my p60 for 2004 will show earnings under 20k, my p60 for 2005 (which i will get in Jan 06) will show earnings over 35k, if i have the surgery in August and submit a claim for tax relief in September 05 presumably i will have to send them my most recent p60 - which is my 2004 one showing the lesser earnings.

What i wanted to know is can i have the surgery in August and wait until January 06 (when i have my 2005 p60) to submit my claim for tax relief then in order to take advantage of tax relief at the 42% rate.
 
yes have it done in august. put in your med i form in Jan and if you have paid tax at 42% you will get refund cheque about a month later of 42%. Also there is an exempt amount of €150 I think so make sure you keep anll gp bills and prescription bills etc to include with the claim.

good luck
angie
 
if i have the surgery in August and submit a claim for tax relief in September 05 presumably i will have to send them my most recent p60
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I wouldn't have thought so. Aren't medical expenses claims normally submitted after the relevant tax year has ended so that if you get the procedure done in 2005 then you will submit a claim in 2006 at which point you will have you 2005 P60 stating your 42% earnings? One way or another I don't see that it makes much difference - if you are paying 20% tax and get 20% tax relief then that income was tax free. If you are paying 42% tax and get 42% tax relief then the same applies. You are not really getting a better deal in the second case even though you seem to be getting more money back into your hand.
 
THis is possibly a silly question but if I earn €42k so only a small preoportion is taxed at 42%. If I spend €4k on laser, do i claim tax back at the rate of 42% ie. does that mean i will get 4000 x .42 (€1680) back?
 
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