Tax relief for OU courses

No2

I'm thinking about taking on an Open University course this year. I know there is tax relief available for the BA (which I'm considering doing), but I don't quite understand how the tax relief works. Would anybody have any idea how it works, or be able to explain it a bit??

Thanks loads

Moonbeam

This might help -

http://www.oasis.gov.ie/education/third_level_education/tax_relief_third_level_fees.html

eth0_

Basically you get 21% of the fees you paid given back to you int he form of a cheque. It's a simple procedure, just fill out the form on the Revenue site, and post it off with a receipt of fee's paid and then a few weeks later you'll get your cheque. I've done it for three years now, it's fine.

Kalikat

Do you know how it works if you have on OUSBA? Obviously I'm not paying my fees flat out, so do I have to wait until the end of my course and I get my last OUSBA statement? Hmm...guess I should contact them.

I had no idea about tax relief, though, so thanks!

eth0_

I pay through OUSBA. You need to wait til you've paid the whole lot of your course fees, then you have to pay £5 to get a receipt/letter to show you've paid from OUSBA, which you send to the revenue. It's simple.

Kalikat

Brilliant. Thanks so much, eth0_!

jd

eth0_ wrote:

I pay through OUSBA. You need to wait til you've paid the whole lot of your course fees, then you have to pay £5 to get a receipt/letter to show you've paid from OUSBA, which you send to the revenue. It's simple.

I thought about claiming, but the company refunds the course fees when the exam results come out. My soul is sold though, I can't just leve the company..
BTW what are you studying eth0_ ?

eth0_

Psychology.

daveg

jd wrote:

I thought about claiming, but the company refunds the course fees when the exam results come out. My soul is sold though, I can't just leve the company..
BTW what are you studying eth0_ ?

Whats the story with this? Can you not claim if the company have a futher education policy (usually not paid until you finish and you have to pass your cert/diploma/degree). Also I've just started a course in Nui Galway. I'm doing the cert this year hen hope to do Diploma next year/Degree years 3 & 4. Can I still claim tax relief even though I'm only taking the certificate course this year (stand alone cert and year one of the 4 year B.A. are the same).

eth0_

Of course you can't claim if the company you work for is paying for the course, if you aren't the one paying for it, you won't be the one getting a tax refund.

I think 2 year certs are the minimum for getting tax relief, if you read the documentation on the link posted in this thread, you'll find out whether your course is covered.

daveg

eth0_ wrote:

Of course you can't claim if the company you work for is paying for the course, if you aren't the one paying for it, you won't be the one getting a tax refund.

I am the one paying for it. The refund is given only if A/ You pass all exams and B/ You stay with the company for 2 years after finishing the course.

Cork

When a company pays for a course - are you liable to BIK(Benefit in Kind)?

Moonbeam

Yes you can claim tax relief if you have to pay it urself first,

I am pretty sure it is subject to benefit in kind

MunkyHed

Cork wrote:

When a company pays for a course - are you liable to BIK(Benefit in Kind)?

I'd really like to find this out... my company is paying for my course but i'm just getting a cheque every time i hand in a receipt. This means its not goin through my wages. I'm afraid that if theres a tax audit or something i'll get hit for BIK. That would be devastating!

How are you getting your money Cork?

NUTLEY BOY

You need to read Revenue form and leaflet IT31 entitled Tax Relief for Tuition Fees. It explains it all.

You can download it from www.revenue.ie/leaflets/it31.pdf

The Saint

How far back can you claim back fees from? I started in the OU in 2003 and have done four courses. I'm wondering can I only claim back from the last year of can I claim back on all of the courses I have done.
Cheers.

The Saint

Is it possible to use OUSBA statements as a receipt for claiming tax back?

Ecallan

MunkyHed wrote: »

I'd really like to find this out... my company is paying for my course but i'm just getting a cheque every time i hand in a receipt. This means its not goin through my wages. I'm afraid that if theres a tax audit or something i'll get hit for BIK. That would be devastating!

How are you getting your money Cork?

Tuition fees are not subject to BIK if the course is directly related to your job or the qualification will improve your job performance. See
http://www.revenue.ie/index.htm?/leaflets/benefit-in-kind/other-benefits.htm

Regards

Eugene

UrbanFox

Is there not a ceiling on the amount of fees in respect of which you can obtain relief ?

VWGolf1.8

I am confused about this too. Is the cap 20% of 5000 (ie 1000) or 20% of the fees with a cap of 5000?

hayser

As far as I know you can claim back a few years but only up to €5000 per year. So say you did 6 modules with them costing €1000 each you could only send in a form for 5 of them but then this time next year you could send in another claim for the last module. You need to send in the receipts for the modules. If you contact the Open University and give them your personal identifier number that you had with them they will send you out receipts for the modules.

EKRIUQ

Can you send the claim for tax relief in respect of tuition fees form back at anytime or do you have to wait till the end of the year.

This form
http://www.revenue.ie/forms/it31_form.pdf

therecklessone

Sorry if this has been answered on the forum before.

To claim tax relief, am I right in saying I must state the title of the degree I am working towards (and a course length, despite that being dependant on work/personal commitments), even though I will only be claiming for individual modules on a year by year basis?