eeek - sort your your tax now

Victor

:eek:

http://home.eircom.net/content/irelandcom/topstories/4738404?view=Eircomnet

Time for tax refund claims running out
From:ireland.com
Friday, 24th December, 2004

Taxpayers owed money from the Revenue Commissioners could be in for a post-Christmas windfall - but they need to act quickly to benefit, the Irish Taxation Institute has warned.

PAYE and other taxpayers have only a few days left to lodge claims with the Revenue for refunds of tax overpaid before April 5th, 2000.

From January 1st, 2005, the rules for tax refunds will change. Taxpayers will only be able to claim back tax overpaid in the previous four years. Up until that date, taxpayers can make refund claims for the previous 10 years.

Taxpayers should now urgently review their tax affairs for the period April 6th, 1994 to April 5th, 2000, according to the Irish Taxation Institute's chief executive, Mr Mark Redmond.

If they believe they have overpaid their tax they should contact the Revenue before the cut-off date of December 31st, he said.

A Revenue Commissioners spokesman said it had felt it was important to remind people of the new rules, which were introduced in last year's Finance Act, by issuing website notices and placing advertisements in national newspapers during October and November.

But the spokesman said only a small number of claims had been submitted since the running of the advertisements.

"There was little or no uptake and it doesn't surprise us, because the number of people looking for reviews going back further than four years would only represent about 3 per cent of taxpayers," he said.

"It's unusual for someone to stack up several years of claims without putting them in for payment."

The spokesman said the total amount that would be claimed would not quite amount to a "bonanza", but that the big item for many taxpayers could be the back claiming of tax relief for medical expenses, as this is available at taxpayers' marginal rate rather than the standard rate.

"But if you're spending a lot on medical expenses, you tend to know about it," the spokesman added. "Once a PAYE taxpayer fills out a medical expenses relief form, the Revenue computer will automatically send out another form the next year."

However, Mr Redmond at the Irish Taxation Institute has reminded taxpayers that they can claim for medical expenses incurred by their dependents as well as for themselves.

The new legislation also applies to capital acquisitions tax, capital gains tax, residential property taxes, VAT and a range of other charges, including vehicle registration, stamp duties and customs and excise duties.

The revised time limits also mean that the Revenue cannot revisit an assessment for the years prior to 2000-2001 after December 31st of this year, except in cases of fraud or neglect.

If taxpayers believe they are entitled to a refund but cannot find the full documentation before the deadline, they should make contact with their local tax office before the deadline, giving as much detail as possible, Mr Redmond said.

Full details on how to make a claim are available from the Revenue's website on www.revenue.ie.However, the Revenue warns there is no guarantee that claimants will receive a repayment.