Messed Up my Tax! :(

FoxHouse

Where I am working offers a benefits package where you can select health insurance, dental, etc. For the past few years I have selected health insurance and could see noted as a deduction monthly from my overall payment package in each month's payslips. I thought that I could claim a tax credit on this but I've since learned that TRS is applied already. :(

So I've incorrectly claimed on something I'm not eligible for through sheer ignorance. If this is the case what happens next? Will my employer be informed? Will it be Revenue that catches?

I plan to call Revenue tomorrow and clarify but I'd rather not have my employer realize how stupid I am...Quite worried about it...:(:(:(

EverythingGood

Nothing to do with your employer and if you have underpaid Revenue will just deduct from your tax via decreasing your tax credits. Don't worry.

FoxHouse

EverythingGood wrote: »

Nothing to do with your employer and if you have underpaid Revenue will just deduct from your tax via decreasing your tax credits. Don't worry.

Really I thought because employer had dealt with TRS and health insurance it'd be involving them?

Sunny Dayz

I thought TRS was applied at source only on personal policies, not company plans like the OP.

Calahonda52

Sunny Dayz wrote: »

I thought TRS was applied at source only on personal policies, not company plans like the OP.

Correct
https://www.revenue.ie/en/personal-tax-credits-reliefs-and-exemptions/health-and-age/medical-insurance-premiums/index.aspx

Sunny Dayz

Calahonda52 wrote: »

Correct
https://www.revenue.ie/en/personal-tax-credits-reliefs-and-exemptions/health-and-age/medical-insurance-premiums/index.aspx

Therefore the OP is correct to claim the TRS as medical insurance relief - just check that you haven't already got it on your tax credit certificate.

lawred2

FoxHouse wrote: »

Where I am working offers a benefits package where you can select health insurance, dental, etc. For the past few years I have selected health insurance and could see noted as a deduction monthly from my overall payment package in each month's payslips. I thought that I could claim a tax credit on this but I've since learned that TRS is applied already. :(

So I've incorrectly claimed on something I'm not eligible for through sheer ignorance. If this is the case what happens next? Will my employer be informed? Will it be Revenue that catches?

I plan to call Revenue tomorrow and clarify but I'd rather not have my employer realize how stupid I am...Quite worried about it...:(:(:(

You are paying BIK because it is a company benefit. That means TRS not deducted at source.

Chilll out. It's fine. You've done the correct thing.

Either way, even if you were in receipt of it in error, it's a couple of hundred quid per annum, small beans really. The revenue would make a small adjustment to your credits for this year and everyone would move on.

But you're good. Stop stressing about nothing.