You will not get the tax credit back
Does the 1000euro health insurance paid by company then become part of your gross income on you p60
If you have the option of a salary of €3k extra or medical insurance of €3k - then its more or less the same difference.
Perhaps not - regardless of the savings involved - if you would not otherwise feel the need to take out insurance.is it worth accepting medical Insurance as BIK
Well basically you'll be taxed on an extra 3k of income, so if you're a high rate taxpayer, that'll be 3k @ (41%+4% PRSI + 7% USC) = 1,560 extra in income tax.
You'll also be entitled to 20% tax relief on the 3k, so you'll get an additional tax credit of 600.
So, effectively you get 3k worth of medical insurance for €960 (€1,560 extra tax - 600 extra tax credit).
Yes - You can go back four years so you can claim the credit for 2011, 2010, 2009 and 2008.
Can someone explain how I can claim the 20% TRS tax credits?
I checked online at my REACHSERVICES login and there is no area for claiming this particular credit.
Does it have to be done over the phone or in writing?