Maximise your personal deductions and credits
You may be entitled to a deduction if you:
- Work in certain foreign countries for not less than 30 days in the year (€35,000): s 823A.
- Have been specially assigned from abroad to work in Ireland (30% of income above €75,000): s 825C.
- Employ a carer to look after an incapacitated relative: s 467.
- Covenant some of your income to an elderly relative or incapacitated person: s 792.
- Pay maintenance to your ex-spouse: s 1025.
- Invest in an EIIS scheme (€500,000 p.a.): s 489.
- Avail of seed capital relief (€100,000 p.a.): s 493.
- Incur expenditure on a heritage home or garden: s 482.
You may be entitled to additional credits if you:
- Are widowed (€1,650 in bereavement year: s 461, or a widowed parent in the first five years of bereavement (max €3,600): s 463.
- Aged 65 or more (€245): s 464.
- Pay private or postgraduate college fees: s 473A.
- Incur medical/dental expenses: s 469.
- Have an incapacitated child: s 465.
- Qualify for the help to buy scheme: s 477C.
- Improve your home through the home renovation incentive: s 477B.
Your employer can give you tax-free benefits:
- Pension contributions.
- Bike and cycle gear (up to €1,000), travel to work ticket, mobile phone, home computer, home broadband: s 118.
- Annual gift card not exceeding €500: s 112B.
- Travel and subsistence in accordance with Revenue guidelines.
- A termination payment for loss of your job: s 201.
- Surrendered R & D credit: s 472D.
- Share options through the new Key Employee Engagement Programme – you pay CGT when you sell the shares: s 128F.
- Restricted shares: s 128D.
Avoid the High Earner Restriction by keeping your income below €125,000.
Avoid the domicile levy by keeping your income below €1,000,000.