Most Irish people don't know how much they’re owed in tax refunds 2 years ago

Most Irish people don't know how much they’re owed in tax refunds

Are you one of them?

New research shows that 64 per cent of Irish workers have no idea of how much tax they pay on a weekly or monthly basis and many have no idea of the refunds they’re entitled to every year.

A 2017 customer sentiment survey conducted by Taxback.com revealed that only 38 per cent of Irish workers know how much tax they pay, with a similar percentage admitting to knowledge of how BIK (Benefit in Kind) works.

While over 90 per cent of Irish workers, meanwhile, were aware of tax relief from medical expenses, fewer than half of those surveyed knew about tax relief from tuition fees (30.9 per cent), carer’s allowance (41.1 per cent), nursing home (20.8 per cent) or flat rate expenses (25 per cent).

What this means is that millions of Euro goes unclaimed by Irish workers every year.

That's why Taxback.com have launched their ‘Bullsh*t-free guide to PAYE taxes in Ireland’, an online guide for PAYE taxpayers in Ireland to show them how the tax system works, what reliefs are available and how to go about getting them.

"We are acutely aware of the fact that millions of Euro goes unclaimed every year," said Christine Keily, Head of Direct Taxes with Taxback.com.

"This is primarily down to the simple fact that people either don’t know about the tax reliefs they are eligible for – or think the process of applying for a refund is 'way too much hassle'.

“Without knowledge, others are afraid to claim for fear that they’ll have missed something and end up owing the Revenue; so, knowledge is critical when dealing with tax."

If you're one of those who hasn't looked into getting tax back, the average refund would make you reconsider.

"We’ve been beating this drum for a while now but we believe it’s worth repeating – our average refund is €995 – that’s almost €1k in someone’s back pocket – it’s definitely worth taking some simple, no hassle, steps to getting what you’re owed."