With a couple of part-time farmers in the TaxHug office, incessant talk of long evenings making silage has prompted me to make you aware a subtle change to the inheritance tax rules for farmers.
Tax Tips and Useful Information
Welcome to our blog! You’ll find tax refund tips, news, and tax back advice from the experts that do it everyday. At TaxHug, we want to make sure you get every euro you’re entitled to, in the easiest way possible.
Did you know that you are allowed to receive €3000 in a cash gift in a year, tax free? Given that there are very few instances where you receive money, like the lotto, and it’s tax free. This is worth bearing in mind.
Picture this. You’re renting in Ireland. Your Irish landlord is living the high life abroad. Here’s the kicker. YOU, yes you, the tenant, have to deduct tax at 20% from the gross rent you pay and give it to Revenue.
True! You can claim a tax refund for 20% of the cost of exercise equipment such as rowers, exercise bikes,etc. These are classed as medical expenses. Given these particular machines can cost hundreds if not thousands, it could amount to considerable savings for you.
“Deed of Covenant” is something you might expect to hear from Khalessi in Game of Thrones and not a phrase linked to a tax relief. It is not widely known or availed of, but we feel is should be used more by PAYE employees so here’s the lowdown.