Workers could get an extra €1,000 in their annual pay packet under new tax proposal being considered by government as part of Budget 2023.
RSVP reports that the government has been discussing different measures to tackle the cost of living crisis with a middle income tax band and further changes to tax credits lined up.
These changes could benefit 1.8 million workers to the tune of €1,000 extra in their salary.
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This comes after it was recently revealed that workers are entitled to a tax refund with the average amount around €1,880 per person.
While a tax refund can vary depending on the person, the average amount claimed in recent years has increased by over €700.
Last year, it was found that almost 500,000 have overpaid a total of €300 million in income tax in 2021. Many can be intimidated by the process of claiming back money, however, the process is quite simple.
It’s recommended that people keep copies of their expenses and bills to show proof of their expenditure.
While you don’t need to send these receipts off during the application process, Revenue can audit your tax refunds from the previous six years.
You can claim money back from any of the previous four years, however, the best time to claim a tax refund from the previous year is during January and February.
You start the application process by signing into your myAccount on Revenue.ie, which is found here.
This can be done via the Revenue website login or using your MyGOVID account.
You will need to complete an income tax return after the end of the tax year, 31 December, through your account.
If you have any additional reliefs or credits that you need to add, this can be done when completing the return form.
Here is a step-by-step guide on claiming your tax refund:
Sign into your Revenue.ie account
Choose ‘Review your tax’ which can be found under the PAYE Services label
Request a Statement of Liability
Choose 'Complete Income Tax Return'
Here you can claim your additional expenses, tax credits and other reliefs
Click ‘Submit’ when it is complete
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