Thousands of workers in Ireland are losing out on substantial amounts of unclaimed tax each year, with many potentially entitled to at least €1,880, warns the Revenue. The call comes as an estimated €180 million in unclaimed tax refunds for the year 2022 alone has been identified, prompting tax experts to urge PAYE workers to take control of their taxes. Thousands of Workers Missing Out on Unclaimed Tax Refunds
KPMG, a leading professional services firm, is encouraging workers in Ireland to proactively pursue their tax reliefs for the previous year and beyond. According to Olive O’Donoghue, a tax partner at KPMG, there is a significant number of workers who do not file tax returns annually, possibly unaware of their eligibility for various reliefs.
Various schemes, such as the Rent Tax Credit, Flat-Rate expenses, and reimbursements for medical and pension fees, could entitle workers to substantial refunds. O’Donoghue emphasizes the importance of employees taking charge of their tax affairs, especially in light of the staggering amount of unclaimed tax refunds estimated by Revenue.
Currently, 2.5 million workers have access to their Preliminary End of Year Statements for 2023 on the Revenue MyAccount platform, allowing them to claim back any owed amounts from the previous year. In 2023, 650,000 taxpayers filed a tax return for 2022 and received an average refund of €624.
The urgency for workers to actively manage their taxes is underscored by the ease and speed of claiming tax refunds through MyAccount on Revenue’s website. This online platform provides the quickest and simplest method for workers in Ireland to retrieve unclaimed tax amounts.
The unclaimed tax refunds signal a need for greater awareness among workers about their entitlements and the importance of filing annual tax returns. By doing so, workers can unlock potential refunds under various schemes and ensure they are maximizing their entitlements to tax credits and reliefs.
As the call to action resonates, workers are encouraged to familiarize themselves with the available tax reliefs, such as the Rent Tax Credit and Flat-Rate expenses, and to promptly submit their tax returns through MyAccount. By taking this proactive approach, workers in Ireland can rectify the oversight of unclaimed tax and secure the financial benefits they are rightfully entitled to.
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Thousands of Workers Missing Out on Unclaimed Tax Refunds
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