Over 300,000 taxpayers in Ireland could be due a tax refund in the coming months after overpaying their taxes last year, Revenue has said.
The estimate relates to households that have not yet submitted tax returns for 2021, although workers will have to file their return to check if they are entitled to a refund. Consumer tax manager with Taxback.com, Marian Ryan told Independent.ie that many households overpay taxes due to starting a new job, getting married or a divorce.
Ms Ryan said that increase in the number of people who have overpaid tax this year through the PAYE system is likely due to people underpaying during the pandemic. She said: “They are funny years, 2020 and 2021, as the vast majority of people who would have got the wage subsidy or the PUP ended up with underpayments for a long time."
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Around 366,000 people are now in line for a refund this year, which is an increase by 100,000 from last year. Revenue has urged PAYE taxpayers to file a tax return to ensure they get all the tax credits and allowances they are entitled to each year.
Tax experts have also warned that many taxpayers might also be missing out on tax credits or reliefs, such as home carer tax credit or year of marriage tax relief.
Meanwhile, workers who incur medical or certain dental expenses during the year should also remember they are likely entitled to a refund of 20 per cent of the cost.
Another cause of overpayment of taxes is emergency tax. This is common among young workers or those starting their first employment.
Meanwhile, Permanent TSB has become the latest bank to raise interest on fixed rate mortgages and deposit rates.
The bank said the changes are due to the interest rate increases from the European Central Bank in recent months and follows recent announcements of increased interest rates by AIB and Bank of Ireland. Permanent TSB’s increases will range from 0.05% to 0.9% depending on the length of the fixed term, the size of the loan and the size of the loan relative to the value of the property in question.
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