Income protection tax relief is a way for the government to help you out in times of need. If you meet certain conditions, then you’ll be entitled to a tax relief which can be claimed on your income tax return. Here’s what you need to know about how it works and how to claim it!
You are entitled to a tax relief.
Tax relief is a reduction of the total amount of income tax that you pay.
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The amount of tax relief you are entitled to depends on how much income tax you have paid and how much your total taxable income is.
It can be calculated using Form 11 (pdf) which is available from Revenue’s website. You may also want to check out their guide for employers on special employment payments – this includes information about claiming tax relief for some expenses relating to your job, like travel or childcare costs. Tax relief is available for different types of taxes:
Tax relief is an amount of money that you can claim back from tax.
Tax relief is a tax reduction. For example, if your income was reduced by €1,000 and you paid tax of €500, then your tax relief would be €500. You can claim it directly from the tax office or through an employer’s scheme.
Tax relief is not a refund so make sure that you have enough money withheld from your wages to cover all of the taxes that will be due at the end of each year (this includes USC). Your employer should deduct these amounts before paying any wages to you
You can claim your tax relief if you meet any of these conditions.
If you are any of the following, then you can claim income tax relief:
- A student.
- A trainee.
- An apprentice.
- A part-time worker.
Or, if you’re self-employed (or your spouse is) and have a total annual income of less than €50k, then you may be able to claim tax relief on certain repayments of loans taken out for business purposes (e.g., buying machinery).
If you are eligible for Income Tax Relief then it can be claimed on a yearly basis by filling in a form.
If you are eligible for Income protection tax relief then it can be claimed on a yearly basis by filling in a form. The process is simple and straightforward, but there are a few important things to consider before claiming. For example, how much money do you get? How much relief can you claim?
If you’re over 66 years of age and single, or widowed or divorced from your spouse
If you are caring for another person (and not living with them) who isn’t your child
If one of your parents is dead
Conclusion
That’s it! If you meet any of the above conditions and are eligible for income tax relief, you can claim it by filling in Form 11 and sending it to Revenue.
