THE effect of Budget 2013 is already being felt by typical family households in Limerick with the PRSI changes evident in January payslips. Experts at taxback.com ran some calculations that aim to look at the cost to an average family who own their own home, have three children and one income – there are 21,200 such family homes in Limerick, going by Census 2011 data. According to Christine Keily of www.taxback.com, “Our calculations show that an average family in Limerick can expect €778 less in their pockets in 2013.
And this doesn’t take into account the additional charges on discretionary spending such as cigarettes, alcohol, motor tax etc. An estimated €16.5m will be removed from these averaged size family units in the county and will inevitably impact the local economy”.
However Taxback.com say that there are some positives that can be taken from the Government and that more importantly, the tax reliefs that were available over recent years are still there for the taking.
Ms Keily continued, “So many people are unaware of the tax refunds they are entitled to from medical expenses reliefs, tuition fees, bin charges etc. While some of the reliefs may have been cut over the last few austerity budget, the tax rules allow for collection of past years refunds for up to four years”.
Christine concluded, “It’s so important that people know they can claim a refund of tax credits for prior years, as far back as 2008. While people have gotten better in recent year at claiming tax entitlements many people never claimed for anything. Our average PAYE tax refund in 2012 was €840 – now more than ever people need this money. Claims for 2008 should be made before December 31, 2012 so it is important to act fast so taxpayers don’t miss out”.
Log on to www.taxback.com to use their Budget 2013 calculator to work out exactly how much it will affect you. There’s even a tax refund pack that you can download.
There is also a section for landlords and non-resident landlords who can claim tax relief on management fees, mortgage interest, maintenance fees, wear and tear, insurance payments and PRTB registration fee.