I urge hard pressed taxpayers and those paying rent on private rental accommodation to claim up to €500 rent tax credit this month. This measure was introduced in Budget 2023, and it includes parents who are paying rent for a son or daughter in college.
The credit is for 2022 so when a renter claims it, it will result in a refund of up to €500 going straight into their bank account. Married couples will be refunded €1,000.
The credit is per tenant, not per property so for people sharing accommodation, each individual is entitled to the tax relief.
“You need the address where you are living, the name and address of the landlord, their PPS number and confirmation that they are registered with the RTB. It’s straight forward, it’s usually all the information that is on the tenancy agreement.”
“If it’s an official tenancy then your landlord should be registered, but if it’s the case that you’re renting a room in somebody’s house, they’re not necessarily going to be registered with the RTB so you can claim it once it’s in the Rent-a-Room scheme.”
This is high season for people to get their tax refunds. People can claim for medical expenses like doctor visits and prescription fees. You can get 20% back on those costs for the year.
“If you’re working from home, there is a tax relief in relation to the cost of your electricity bills and your heating. You can get 30% back on that as a deductible expense.”
It is really important every January to file your tax return and claim back your refunds; “It’s your money so you may as well go get it.”
See more details on www.revenue.ie