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2015 tax credits and 2014 health insurance

  • 31-12-2014 3:23pm
    #1
    OmegaRed
    Registered Users, Registered Users 2 Posts: 1,055 ✭✭✭


    Hi Guys,

    I have a couple of questions about my 2015 tax cert and health insurance I have paid in 2014 and will pay in 2015.

    I got my tax cert recently and all was fine. I was comparing with my friend and saw that he is getting an additional tax credit for health for 2015 and I am not. His company pays his health insurance for him and he is taxed as a BIK each month. Why dose he have this tax credit and I don't?

    For 2014 I moved jobs. For the first half of 2014 my company paid my health insurance and I was taxed as BIK each month. Can I claim any of this back? (or is it taxed at source?)

    For the 2nd half of 2014 I paid my health insurance and it was deducted from my salary each month. Can I claim any of this back? (or is it taxed at source?)

    Thanks for any help/guidance you con provide!


Comments

  • #2
    Arbiter of Good Taste
    Registered Users, Registered Users 2 Posts: 2,200 ✭✭✭Arbiter of Good Taste


    At what point in the year did you pay health insurance? Previously tax relief was calculated as 20% of total health insurance paid. For premia paid in 2014, the relief was capped at a percentage of €1,000.

    It relates to new premia paid in 2014 onward, so if you renewed in, say, 1 July, and your premium is €1400 per year, then tax relief is calculated as 20% of €1,200 ie €1,400 x 6/12 + €1,000 x 6/12. I think the tax credit certs for 2014 automatically assume the cap of €1,000 so may be under claimed.


  • #3
    lotsofthegreen
    Registered Users, Registered Users 2 Posts: 483 ✭✭lotsofthegreen


    Sorry to go OT but how have you seen your tax credit cert for 2015 already?

    OmegaRed wrote: »
    Hi Guys,

    I have a couple of questions about my 2015 tax cert and health insurance I have paid in 2014 and will pay in 2015.

    I got my tax cert recently and all was fine. I was comparing with my friend and saw that he is getting an additional tax credit for health for 2015 and I am not. His company pays his health insurance for him and he is taxed as a BIK each month. Why dose he have this tax credit and I don't?

    For 2014 I moved jobs. For the first half of 2014 my company paid my health insurance and I was taxed as BIK each month. Can I claim any of this back? (or is it taxed at source?)

    For the 2nd half of 2014 I paid my health insurance and it was deducted from my salary each month. Can I claim any of this back? (or is it taxed at source?)

    Thanks for any help/guidance you con provide!


  • #4
    OmegaRed
    Registered Users, Registered Users 2 Posts: 1,055 ✭✭✭OmegaRed


    Arbiter of Good Taste wrote: »
    At what point in the year did you pay health insurance? Previously tax relief was calculated as 20% of total health insurance paid. For premia paid in 2014, the relief was capped at a percentage of €1,000.

    It relates to new premia paid in 2014 onward, so if you renewed in, say, 1 July, and your premium is €1400 per year, then tax relief is calculated as 20% of €1,200 ie €1,400 x 6/12 + €1,000 x 6/12. I think the tax credit certs for 2014 automatically assume the cap of €1,000 so may be under claimed.

    Started paying in August of 2014, over 500 euro paid since then. Can I claim any of that back?

    Additional I paid tax (BIK) on the health insurance that my older employer paid during the start of the year. Can I claim any of that back?

    Sorry to go OT but how have you seen your tax credit cert for 2015 already?

    Got my tax cert via ROS at revenue.ie


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