Employers Tip January 2011 – Get back 20% of your medical bills
It’s a fact that PAYE workers will pay more tax from January 2011. Many tax credits have been reduced or abolished. However, medical receipts can still be reclaimed through the Med1 form. You may claim tax relief at the standard rate of tax (20%) for certain medical expenses incurred by you or in respect of any other individual. A claim for tax relief must be made within 4 years after the end of the tax year to which the claim relates. Relief is only granted in respect of costs actually incurred and therefore, any costs, which are paid for by the medical insurance, compensation or otherwise, do not qualify for relief.
Tax relief is also available for non routine dental (e.g. root canal treatment) and ophthalmic (e.g. laser eye surgery) care. Revenue has issued guidelines on tax relief for dental treatment received in dentist‘s surgery.
Simply fill in a Med 1 form for medical expenses and Med 2 form for dental expenses, which can be found in our DOWNLOAD CENTRE. Complete the form and send to the revenue. Receipts must be kept for 6 years but do not need to be sent with your claim.