Stay and Spend: 20% tax relief per person up to €625 – value of €125 per individual or €250 per jointly assessed couple. This applies until April 2021 and can include meals in local restaurants.
Increased income tax relief for the Help-to-Buy Scheme: €30,000 (up from €20,000), or 10% (up from 5%) of the purchase price. Buyers can now max out on this grant on €300,000 homes, rather than the previous amount of €400,000
Cycle to Work Scheme: Increased from €1,000 to €1,250 (€1,500 for electric bikes). Taxpayers may now avail of the exemption once in any four-year period (previously a five-year period), so those who bought a new bike in 2016 or before can upgrade again now.
Medical Expense Relief: Taxback.com stats show that only approximately four-in-10 Irish people claim tax relief on the cost of their medical expenses. If you have paid for eligible health expenses you will be entitled to claim relief at your standard rate of tax — 20%. Day to day medical expenses such as doctor’s visits and prescription fees are often overlooked but can equate to a substantial amount over the course of a year.
Flat Rate Expense Relief: These are a type of tax relief for PAYE workers in specific trades and professions whereby a person can reduce the amount of taxable income they have each year on the cost of certain expenses.
EWorker relief: If a person works from home, they can apply for some tax relief on the cost of utilities and other expenditures that might be incurred over their working year. An employer can make a voluntary payment to an employee of €3.20 per workday without deducting any PAYE, PRSI or USC. This payment is intended to cover expenses such as heating and electricity costs.
Home Carer Tax Credit: Can be claimed by any housewife/househusband caring for their own children. The value of the credit for 2020 is €1,600. It can be claimed either if the spouse is at home full time, or if the spouse works part time and earns less than €10,400 in 2020 (if they earn between €7,200 and €10,400 will get a portion of the tax credit)
If you are paying for tuition fees for a full or part-time third level course, be it for yourself or for your child, then you may well be entitled to tax relief on the cost.
Nursing Home Relief: Anyone paying nursing home fees, either for themselves or for someone else, is eligible to claim relief at their marginal rate of tax. A person can claim up to 40% relief on nursing home or home care costs, up to a maximum of €75,000
Rent a Room Relief: Where an individual lets a room in his or her sole or main residence as residential accommodation, the income may be exempt from income tax where the aggregate of the gross rents received in connection with the letting is below a certain threshold (€14,000). AirBnB type income will not qualify for Rent a Room relief.
Rent relief: Up to December 31, 2017, you could claim a tax credit if you paid for private rented accommodation.
If you care for a child on your own, you may be able to claim the Single Person Child Carer Credit (SPCCC). This child may be your own child; an adopted child; any child that you support and maintain at your own expense. The value of this tax credit is €1,650 per year. This will reduce the tax you pay by €31.73 per week. You will also be entitled to an increased rate band of €4,000.
Dependant Relative Credit: If you’re caring for a dependent relative you may qualify for this tax credit
Home Renovation Incentive and Rent Relief: Both have now been phased out but can still be claimed for retrospectively in certain circumstances.