The average tax refund is €1,076.
That means that if you’ve buried your head in the sand when it comes to claiming tax back, you could be missing out on a generous payday.
According to Taxback.com, tax refunds on medical expenses tops the poll of tax reliefs that people claimed for in 2018/19. This was one of the notable observations made in the Taxback.com Customer Index 2019, which found that taxpayers aged between 25-44 applied for the greatest number of tax refunds.
“The overall average refund claimed by our clients for the year came to €1,076.” said Joanne Murphy, CEO of Taxback.com.
“While there is a plethora of reliefs that can be claimed, medical expenses are definitely the refund that is claimed most often. Most people incur medical expenses – even just a routine expense once a year. Trips to the doctor’s surgery can cost anywhere from €40 to €70, so if a family takes even just 5 trips to their GP in a year* and that bill hits approximately €250 – you could get €50 of this back from the Revenue. It makes so much sense to claim.”
The gender distinction
The Index also found that on average, male clients were the most likely to claim – 57% compared with 43% of female clients. The average refund per client was also 6% bigger for males than for females.
“In terms of the gender differential – we see this every year with more men than women claiming the tax rebates they are entitled to.” Ms. Murphy continued,
Taxpayers between the ages of 55-64 had the highest average refund at €1,341.
10 refunds you could be entitled to
According to Taxback.com, these are the top ten refunds that may apply to many taxpayers around the country:
- Medical Expenses
- Tuition Fees
- Flat Rate Expenses
- Working from Home Relief
- Home Carers Credit
- Nursing Home Relief
- Rent a Room Relief
- Employing a Home Carer Tax Relief
- Dependant Relative Credit
- Home Renovation Incentive and Rent Relief (both have now been phased out but can still be claimed for retrospectively in certain circumstances)
“We do find there is a sense of apathy and perhaps an unwillingness to ‘draw Revenue’ attention that could be leading to this underutilization of the tax reliefs available,” said Ms Murphy.
“I can understand why people might think that applying for a refund might be boring or difficult, for many people anything to do with tax and form filling tends to make the eyes glaze over, but in reality, this is one of the most straightforward things you’ll ever do in terms of ‘personal admin’. Also, in terms of apprehension regarding contacting Revenue – if you are tax compliant, which the majority of the taxpaying public are, then there is absolutely nothing to fear by submitting a tax refund application.”
To find out if you are entitled to a tax refund, check out the Revenue website.