Claim 20% back from your Medical & Dental Expenses

It’s that time of year again whereby you can Claim 20% back from your medical and dental expenses. Collect your receipts for any medical and dental expenses for 2015 and claim the tax relief of 20% on them.

The easiest and quickest way to do this is to register for PAYE anytime at http://www.revenue.ie and claim the relief via PAYE anytime.

Tax relief is granted for any medical costs paid by you, expenses which are paid for by medical insurance do not qualify for relief.

Some non-routine Dental expenses can also be claimed at 20% tax relief.

For a list qualifying Medical and Dental expenses that can be claimed, see Revenue http://www.revenue.ie/en/tax/it/leaflets/it6.html

 

Contact Tailored Payroll for all your payroll needs on 0419883524 or Request a callback from a qualified Payroll Team member today.

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P35 2015 Deadline Fast Approaching

With the P35 deadline for 2015 fast approaching, Revenue has issued a notice to employers on the 27th January regarding the completion of the P35 return. In this included the reminder to include any amount of medical insurance (if applicable) eligible for tax relief.  

Where an employer pays Medical Insurance as a benefit in kind for an employee, the ‘Medical Insurance Premium eligible for tax relief paid by employer’ field on the P35L must be completed. The amount of Medical Insurance eligible for tax relief is capped at €1,000 per adult and €500 per child.

An example:

Gross premium paid (in respect of a single-person adult policy) by employer in 2015 was €1,500

P35L ‘Medical Insurance Premium eligible for tax relief paid by employer will be €1,000

It is the amount eligible for tax relief (€1,000) that should be included on the P35L and not the amount of Medical Insurance paid by the employer.

Employers:  The deadline for 2015 is February 15th.

File your return and associated payment the easy way through ROS – the extended deadline if you both file and pay through ROS is 23rd February.

Contact Tailored Payroll for all your payroll needs on 0419883524 or Request a callback from a qualified Payroll Team member today.