Month: June 2017

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Help to Buy Incentive

With the new ‘Help to Buy’ incentive introduced, it’s providing a welcome support to first-time buyers of newly built homes trying to save for a deposit.

How does it work?

The scheme provides a refund of income tax and Deposit Interest Tax (DIRT) paid over the last 4 years to first-time buyers who buy or self-build a new residential property between 19th July 2016 and 31st December 2019.

Terms & Conditions

  • First-Time Buyers only
  • Buy or Build your own home
  • Relief up to 5% of Purchase Price
  • Max Relief is €20,000 per property
  • Minimum 70% Mortgage taken out
  • Maximum purchase price of €500,000
  • Must occupy home for 5 years

How to apply?

  • Must submit Tax Returns for 4 years prior to show fully tax compliant
  • 3 Step Process to apply
    • Register contract through Revenue online
    • Submit Claim
    • Provide reference to Developer or Contractor
  • Refund paid to contractor (if buying) or bank (if self-build)

 

Need help? Contact us today or complete our application form

 

While you’re here….why not read our article on Revenue’s Annual Report 2016

 

 The above article is for general use only and does not constitute advice. It is accurate based on date of publication and further clarification on possible rule changes should be sought. If we can we be of further assistance, please do not hesitate to contact us.

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Claiming a Tax Refund on Tuition Fees

Tax relief is available on fees paid for approved Third Level, Foreign Languages and Information Technology courses as long as you have paid the fee for yourself or on behalf of another person, this includes;

  • Tuition Fees &
  • Student Contribution for 2nd and subsequent student in the same year

It’s not available for;

  • Examination or administration fees
  • Any part of the tuition fees that is covered by a grant or scholarship or where the fees are reimbursed by an employer.

How is it calculated?

Relief is granted per student, per course, per academic year and is allowed at the standard rate of income tax i.e., 20%. There is no limit on the number of people you can claim for.

  • Capped @ €7,000
  • Deduct; Full-Time Course – €3,000 / Part-Time Course – €1,500
  • Relief @ 20%

For example;

Full-Time Course Fee €9,000
Relief capped @ €7,000
Deduct €3,000
Tax Relief @ 20% €4,000
Tax Refund €800


Paying fee’s in instalments?

If you are paying the fees in instalments and any amount is paid in the tax year following the year in which the academic year commenced, the relief for fees relating to that academic year may be granted either;

  • In the tax year during which the academic year commenced or
  • In the tax year in which the instalment was paid

 

Could you be due a tax refund for fees paid in the last 4 years? Contact us today or complete our application form

 

The above article is for general use only and does not constitute advice. It is accurate based on date of publication and further clarification on possibly rule changes should be sought. If we can we be of further assistance, please do not hesitate to contact us.

 

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