When most people hear the words ‘Revenue’ and ‘Costs’ in the same sentence they run for cover. As a nation, the Irish have adapted the attitude of the ostrich when it comes to dealing with their tax situation and it seems the vast majority of us have our heads stuck firmly in the sand. As a result we see some shocking statistics coming out like over €600,000,000 is left unclaimed with the Revenue commissioners and over 80% of Irish tax payers have relief entitlements they do not know about or simply haven’t gotten around to claiming.
The example given above of claiming back work related expenses is just one of a long list of potential entitlements for Ireland’s working professionals. The vast majority of individuals have convinced themselves that they are not entitled to a return but the fact still remains that the average return is €885.00. This is not Ireland best kept secret however. Revenue have launched several initiatives to educate taxpayers on their entitlements regarding tax credits and relief but despite these attempts we still see millions of euros going unclaimed every year. With a limit of 4 years that can be claimed back the clock is ticking for taxpayers to seek out their entitlements for 2011.