- File your Tax returns and CRO returns on time to avoid late filing penalties. Pay your taxes on time to avoid interest charges.
- Check that you are receiving the correct annual tax credits and if your employment entitles you to Flat Rate Expenses.
- If you are an employee or a director you can reclaim business travel and subsistence expenses from your employer tax free. You can refer to the Civil Service Rates.
- If you let a room in your home, the income you receive may be exempt from tax. Since 1 January 2017 the annual limit on rent-a-room exempt income is €14,000.
- Retain all medical expense receipts for you, your spouse, your children and dependant relatives for tax relief. This applies to prescription charges, medical bills and non-routine dental work.
- Check with you health insurer if you can claim a refund for your medical expenses.
- Payments made to a nursing home on behalf of a relative qualify for tax relief at the marginal rate of 41%.
- Look at making an annual pension contribution.
- If you own a business look at availing of the 10% Capital Gains Tax Relief for Entrepreneurs.
- New business start-ups may qualify for the 3 year tax free holiday, depending on the type of business involved. The relief is linked to the amount of Employer PRSI paid.
- If you are currently running your business as a sole trader, consider changing to a limited liability company. You can invest much higher amounts into your pension, which qualifies for tax relief. Tax on business profits is also lower at 12.5%.
- The annual small gift exemption of €3,000. This is the amount that you can receive tax free from anybody, in the calendar year, without any charge to gift tax.
