Tax Save Accountants,

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Top Tax Breaks

Tuesday 05th, December


Posted on : Tuesday 01st, July 2014


TOP TEN TAX BREAKS, the tax division of top ten tax breaks of 2013 are as follows:

Commuting – SAVINGS AS HIGH AS 52%

Travelling by public transport or bicycle gives valuable tax relief – but only if your employer agrees to participate in the Taxsaver or cycle to work schemes. To get the tax relief the employer pays for your travel pass or bike.  It recoups the cost thru salary sacrifice.

Rent a room - SAVINGS AS HIGH AS 52%

Renting out a spare room or rooms in your home allows you to earn up to e10,000 a year tax free, the relief cannot be claimed if your child or if your employer rents the room.

Small benefit exemption - SAVINGS AS HIGH AS 52%

Businesses can pay employees tax free bonuses of up to e250 per annum – provided they are not paid in cash.

Pensions - SAVINGS AS HIGH AS 41%

Contributions to a retirement fund qualify for tax relief at your top tax rate.

Life assurance  - SAVINGS AS HIGH AS 41%

Pension term insurance allows you to claim pension type tax breaks on life assurance premiums which do not usually qualify for relief, you must be self employed or work for a company that does not provide a pension for employees.

Film finance - SAVINGS AS HIGH AS 41%

Investing in films that qualify for section 481 tax allows you to make e3,800 tax free on a typical outlay of e16,700, you investment is added to e33,500 in bank borrowing arranged by the projects promoters, to give total investment of e50,000 the maximum allowed.

Charitable donations - SAVINGS AS HIGH AS 41%

Tax relief can be claimed either by the charity of the individual on donations greater that e250If you are in the Paye net the tax break on the donations you make go to the charity.

If you donate e500 and pay tax at the top rate, for example , the charity gets e347.46 back from revenue if you complete a CHY2.  If you are self employed you get the tax relief.

State savings - SAVINGS AS HIGH AS 30%

DIRT has been switched from 20% to just over 30% since 2009, you can avoid it by switching from banks to state savings, most of which are DIRT free and sold through An Post.  Returns compare favourably to banks although you may have to commit for at least three years to earn them.

Capital gains tax - SAVINGS AS HIGH AS 30%

The rate has increased from 20% to 33% since 2009 but you can avoid cht by staggering your profits to ensure you make no more that e1,270 (annual cgt exemption) in any one year. If you don’t use it you lose it.

Small gifts exemption - SAVINGS AS HIGH AS 30%

Like DIRT and CGT the tax rate on gifts and inheritances has increased from 20 to 33% since 2009.  Tax free thresholds, meanwhile has been reduced.  Apart from the tax free thresholds you can utilise, depending on your relation to the donor,  small gifts of up to e3,000 a year are exempt no matter who gives you the money.  Once again stagger the gifts over a number of years to make the most of the small gifts exemption.

If you want more information on any of these tax breaks please call -1 8827600 or email and we will help





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P: +353 1 8827 600

F: +353 1 8600 560

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