Revenue Information Campaign for PAYE Taxpayers
New figures published recently by the Revenue show that over 472,000 PAYE Income Tax Returns have been processed for 2023, an increase of almost 30% on the previous year.
Revenue said a total of €203m has already been refunded to people's bank accounts as a result of the 2023 returns filed by PAYE taxpayers so far, while a further €480m may have been overpaid during the year.
Key tax credits and reliefs that were refunded to PAYE taxpayers last year are the rent tax credit and health expenses
Revenue launched a public information campaign on 23 January to raise awareness among PAYE taxpayers about the range of tax credits and reliefs available, and how they can claim those credits and reliefs.
The campaign also reminds PAYE taxpayers that they need to tell Revenue about any additional income which has been earned outside the PAYE system.
Revenue encourages all PAYE taxpayers to log on to Revenue’s myAccount service to finalise their tax position as soon as they can, to ensure that they have claimed all tax credits and reliefs they are entitled to and receive any refund they are due.
The first step for taxpayers is to review their Preliminary End of Year Statement (PEOYS), which is easily accessible in myAccount. This statement sets out the provisional tax position for the year, based on information available to Revenue.
PAYE taxpayers can then file a PAYE Income Tax Return to claim any additional credits or reliefs they are entitled to, and receive any refund they are due. Detailed guidance, including step-by-step videos, on how to review a PEOYS and submit a PAYE Income Tax Return through myAccount is available on Revenue’s website.
Revenue has also introduced the Mortgage Interest Tax Credit. To find out more about it click here.
If you have any questions or would like to discuss your Income Tax return, please contact Padraig at pambrose@nkc.ie