Every little helps.
With the cost of living crisis really hitting home lately, most of us are on the lookout for ways to hang onto a few extra quid every month.
And as we edge nearer to New Year’s Eve, experts are highlighting an easy way to nab a quick windfall before the end of the year.
Taxpayers could lose out on hundreds or thousands of euro in tax refunds if they don’t submit a tax refund claim for 2018 before the clock strikes midnight on New Year’s Eve.
This is because December 31st, 2022 is the last day that a tax refund claim can be made for the year 2018 due to the four-year time limit on how far back it is possible to make tax claims for.
“Irish people are overpaying hundreds of millions in taxes a year and so they should make it their priority to claim their tax refunds,” said Marian Ryan, consumer tax manager with Taxback.com.
‘The average tax refund is €667’
“Almost half a million people overpaid a total of €300m in income tax in 2021, according to figures provided in response to a Dáil question earlier this year. At that rate, the average tax refund which people could be missing out on for 2021 is €667.
“Those who wait until the New Year to make a claim for 2018 will lose out as the furthest year back that they can claim a tax refund for will be 2019.”
Given the huge increase in heating and electricity bills, anyone who is still working from home should make it their priority to claim remote working relief:
“The relief was recently improved so you can claim more of this tax relief for 2022 than you could in previous years,” added Ryan.
“You can claim back 30pc of the cost of electricity, heat, and broadband for 2022 through remote working relief – so this tax break could easily put hundreds of euro back into your pocket.”