You need to inform Revenue (not necessarily a full tax return - just write a letter) if your circumstances change. These FAQs might be of interest to you:My company is proposing to cover 50% of my Health Insurance, as I understand it I will be liable for a benefit in kind tax & I should also be able to avail of some extra tax credit because I will still contribute 50% of the cost. My Q - do I have to make a tax return to the revenue to resolve this? At present I pay health insurance by direct debit every month so I'm wondering if I can claim some tax back on this also?
Thanks
You mean per month?they have my gross salary + BIK of €52.39 (they say that's cost per year+TRS)
Yes.so then they have ((my gross salary + BIK) - (PAYE+PRSI)) - BIK i.e €52.39) = net salary
is this correct??
Because you are charged BIK on the gross premium. You can now apply for a standard rated tax credit on the €628.68 figure which will be worth c. €126 to you once you get an updated statement of tax credits.why are they adding on the TRS to the cost of health insurance and then dividing it monthly.... is this how it's worked out?
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