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medical expenses

  • 15-11-2007 2:08pm
    #1
    tonypony
    Closed Accounts Posts: 25 ✭


    how far back can one claim meiacl expenses?

    Thanks


Comments

  • #2
    ircoha
    Closed Accounts Posts: 2,290 ✭✭✭ircoha


    tonypony wrote: »
    how far back can one claim meiacl expenses?

    Thanks
    4 years, forget whether that includes current year

    forms available at revenue.ie


  • #3
    Mr. Incognito
    Registered Users, Registered Users 2 Posts: 9,798 ✭✭✭Mr. Incognito


    Medical Expenses are claimed on a prior year basis so 2005 expenses are claimed in your return filed Ctober 2006. The Form is a Med 1 Form available at www.revenue.ie. It's a credit so 20% of your medical costs that havn't been re-imburced by an insurance provider, eg VHI, BUPA etc.


  • #4
    Mack£r
    Closed Accounts Posts: 8 ✭Mack£r


    Medicial Exps are deducted from your total income and the result is taxed accordingly. So if you pay tax at the higher rate you get relief at the higher rate.

    In other words you get tax refief at your marginal rate.


  • #5
    sealgaire
    Registered Users, Registered Users 2 Posts: 748 ✭✭✭sealgaire


    Can somebody tell me where I should put medical expenses in my accounts? Thanks, help seriously needed:confused:


  • #6
    smcgiff
    Closed Accounts Posts: 5,943 ✭✭✭smcgiff


    sealgaire wrote: »
    Can somebody tell me where I should put medical expenses in my accounts? Thanks, help seriously needed:confused:

    In your business accounts? If you paid your medical expenses through your business bank account you would treat them as drawings. If you have them in the calculation of your net profit you will need to add them back for tax purposes to get your assessable profit.


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  • #7
    smcgiff
    Closed Accounts Posts: 5,943 ✭✭✭smcgiff


    Mr. Incognito wrote: »
    Medical Expenses are claimed on a prior year basis

    From Med 1 notes under Year from which you claim ...

    'Relief is normally claimed for expenses paid in each year (1st January - 31st December).'

    That's how most people will claim, however, you can claim for incurred expenses within the year (but paid later), but in this instance your entire claim must be so calculated.



    Separately, from 2009 - relief is at standard rate (not higher rate)


  • #8
    sealgaire
    Registered Users, Registered Users 2 Posts: 748 ✭✭✭sealgaire


    Thanks for the replies. Since I started up last November I've been paying from my business account but prior to that I would have paid out of my personal account.


  • #9
    dbran
    Registered Users, Registered Users 2 Posts: 2,094 ✭✭✭dbran


    Mack£r wrote: »
    Medicial Exps are deducted from your total income and the result is taxed accordingly. So if you pay tax at the higher rate you get relief at the higher rate.

    In other words you get tax relief at your marginal rate.

    Used to be this way but not anymore. From 2009 onwards they are allowed at the lower rate of tax only.


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