Tax credits are the reductions in Irish income tax owed by taxpayers. Some tax credits are automatically granted, while others can be claimed by the taxpayer. These credits are non-refundable and expressed as an annual amount. Taxpayers can claim personal tax credits for a variety of reasons, but they usually receive the highest amount for certain circumstances. Here are a few examples of tax credits you might qualify for. Whether you need them or not depends on your individual circumstances.
Section 481 tax credit
Irish filmmakers can claim a Section 481 tax credit if they produce a feature film or television drama in the country. To qualify for this tax credit, a qualifying company must be 100 percent owned by an Irish company. Qualifying expenditures must include the cost of goods and services purchased in Ireland. Films produced outside of Dublin and Cork will be eligible for the benefit. The maximum benefit is 32% of the eligible expenditure.
In order to receive a Section 481 tax credit, the investor must hold shares directly in the production company. These may be beneficially owned by the investor, or they may be recorded in the name of a nominee, typically a specific company. The investor cannot grant options to purchase the shares to the nominee. Option grants may not qualify, as they are not deemed Section 481 investments. Investments in a production company linked to the producers or the Production Company will not be eligible.
To qualify for Section 481 tax credits, film and television productions must spend at least EUR100,000 each. For digital games, the minimum eligible expenditure is EUR100,000. For film and television projects, the minimum eligible expenditure is EUR125,000 with a budget of at least EUR250,000. For both projects, the Government has indicated that the Section 481 tax credit can be claimed before completion. If a production is completed in Ireland, it can claim 90% of its Section 481 tax credit and the remaining 10% can be claimed after completion.
Films, television drama, animation and creative documentary are all eligible for the Section 481 tax credit. Advertising, reality television, and current affairs are not eligible. Talk shows and games are also excluded, as the Irish Government explicitly states that they are not eligible for this tax credit. In addition to film, television drama, and games, there are also other types of media that are excluded. The Irish Government specifically states that games that are used for gambling or advertising cannot qualify for the Section 481 tax credit.
Age tax credit
The Age Tax Credit is available to married and separated taxpayers who are 65 or older. This benefit also applies to civil partners. It is claimed online through myAccount, but it might not be visible on your Tax Credit Certificate. You can manually fill in the date of birth if you don’t see the Age Tax Credit. This article will provide you with some tips on how to apply for the Age Tax Credit and other benefits.
This tax relief is only applicable to people who earn over the minimum exemption amount or those who earn more than the 40% income tax rate. The maximum tax relief is EUR245 per year, or EUR490 for a married couple. While the Age Tax Credit can reduce your taxes by several hundred euros, you should not expect it to replace the PRSI. You will likely still have to pay the Universal Social Charge, which is based on your gross income.
The USC kicks in after you reach EUR13,000, so if you earn EUR12,012 a year, you can claim a credit of up to EUR70. There are also special rules for people who have divorced or separated from their spouses. The Revenue also offers PAYE service, which allows them to claim dental and medical expenses that their spouses cannot. This can be quite advantageous, as it gives you more disposable income and a lower tax burden.
This relief is available for five consecutive tax years and is available to both Irish and non-Irish citizens. To qualify for this relief, you must be required to live in Ireland for a minimum of 12 months. To be eligible, you must be employed full-time for six months prior to your arrival and must continue to perform duties for at least 12 months after your first assignment. There is no limit on how much relief you can claim, but you must be aware that certain other reliefs can’t be claimed at the same time.
Carer’s income tax credit
There are several different ways to claim the Carer’s income tax credit in Ireland. Some of these are automatically granted, while others must be claimed by the taxpayer. The amount of each of these tax credits is based on the taxpayer’s circumstances and is expressed in annual amounts. The amount of the personal tax credit varies from taxpayer to taxpayer. For example, a single person can claim EUR70 of tax relief for braces while another individual can claim EUR330 for dental and medical expenses.
A home carer must earn an income under EUR7,200 a year, or have a combined income of EUR44300. If the income is between EUR7,200 and EUR9,600 a year, a reduced credit may be available. The person must live with the carer, and must be dependent on their income. If the person is a dependent, they can be a child who is entitled to Child Benefit, an adult who is 65 or older, or a disabled person.
The carers allowance is a taxable benefit, but it is significantly less than the tax threshold. A carer’s allowance is equivalent to PS241 a week, or around PS1,047 per month. If you want to claim the carer’s allowance, you should contact the Tax Credit Office. However, if you receive other benefits, such as disability allowance, you should seek the advice of a welfare rights expert or a tax consultant.
The relief can be claimed for five tax years. Non-Irish taxpayers and Irish citizens may be eligible for the benefit. To qualify, the individual must have worked in Ireland for at least 12 months. Whether the individual has worked for a year under a non-Irish employment contract, the individual will be eligible for a 30% deduction on the total income of the employment. Moreover, the claim can be for up to EUR 1 million.
Film and television tax credit
The Irish film and television industry offers numerous tax incentives to support film and television production. The film and television tax credit, known as Section 481, is worth up to 32% of eligible expenditure for films and television productions, depending on the type of project. In most cases, it applies to feature films and television drama, as well as to animation and creative documentary films. However, to be eligible, the film or television production must pass the Section 481 Cultural Test and qualify as an official co-production.
To apply for the film and television tax credit in Ireland, a film or TV production must be shot in Ireland. The film or television production must also be approved by the Department of Culture, including themes and scenes that reflect Irish culture. An application can be submitted up to three years before the film or television production is completed. Moreover, it can be submitted at any time before the project is completed. There are also special requirements for film productions that shoot outside Dublin or Cork.
The Section 481/Section 481, an investor-based tax incentive, is the best way to promote film and TV productions in Ireland. The tax incentive is payable on up to 30% of qualifying expenditure for films and TV productions, and applies to all cast and crew members, regardless of nationality. A filmmaker can apply for a Section 481/Section 481 certificate at any point prior to the film or television production’s completion.
The film tax incentive is available in Ireland, so it is important to apply for it. The credit can be claimed for up to 30% of the costs of non-resident labor, and up to 50% for local labour. Applicants should apply through the respective film commissioning agency or the relevant board. The guidance note includes details on how to apply for the credit. The film tax credit is available to filmmakers and producers of independent films.
Medical expenses tax credit
If you are a self-employed person and incur expenses for treating a condition or a family member, you can claim up to 20% of your medical expenses as a tax credit. The tax credit is available to individuals and small businesses, and it is applicable to costs incurred up to four years ago. In addition, if the treatment is covered by your health insurance, you may be able to claim a refund of up to EUR1,800.
Health expenses include doctor’s visits and treatments, as well as prescription medication. The tax credit is available for visits to hospitals, doctors’ offices, and pharmacies to receive necessary treatment. Other qualifying expenses include surgery, IVF treatments, and laser eye surgery. The only exclusion is for food intolerances, but diabetics and coeliacs can claim back their medical expenses. Dental costs include non-routine dental care and orthodontics.
There are certain requirements for the medical expenses tax credit. These expenses must total at least 3% of your net income. You may also claim a medical expense tax credit if you are a spouse or dependant child. For example, you may be able to claim the medical expenses incurred by your spouse in 2015 and again in 2016 by claiming the total amount of the medical expenses. You may claim the total medical expenses of all three in the same tax year, or even spread them over two taxation years.
In order to claim a medical expense tax credit, you must incur the expenses over the threshold of $1813, or 3% of your net income. Your expenses must be more than the floor amount, and they must be accompanied by receipts. In other words, you can only claim a medical expense tax credit for the amount that is above the threshold. If you don’t meet these requirements, you may lose out on a valuable tax credit.