We are all looking at ways to maximise the proportion of our hard earned cash which hits our bank accounts after the various taxes are applied. Unfortunately, except for pension saving, relief from the dreaded marginal rate of income tax is virtually non-existent.
Media coverage tends to focus heavily on the headline changes at Budget time however some important tax credits that are available to individuals can go under the radar, particularly those which you have to proactively claim.
One of these is the Home Carer Tax credit which many families with one working spouse and one spouse at home may be eligible for. In 2016 this tax credit will be worth €1,000 per annum.
Because this Tax Credit has to be applied for we have found that many of our clients who do qualify, particularly PAYE employees, are either unaware of the credit or thought it applied only to those who were carers for incapacitated dependents.
Home Carer’s Tax Credit
Review the eligibility criteria for the Home Carer’s Tax Credit here.
Hopefully you or someone you know will benefit from an extra €1,000* in your bank account.
