Accounts

Accounts board - Oliver Niland Chartered Accountant & Tax Specialist Galway Ireland

Tax Returns

Tax Returns - Oliver Niland Chartered Accountant & Tax Specialist - Galway Ireland

New Business

Starting a new business - Start your own business - Oliver Niland Chartered Accountant  & Tax Specialist Galway Ireland

Income protection schemes – tax relief

Income protection schemes – tax relief

Permanent Health Benefit contributions

You might take part in a scheme to have your income continue if you are absent due to illness or injury. The schemes, also known as income continuance plans, can be:

  1. group schemes or individual policies, and will have a Revenue registered number
  2. approved or unapproved by Revenue as Permanent Health Benefit Schemes.

If you take part in such a scheme you may claim tax relief under certain conditions.

To qualify for tax relief, the scheme you take part in must be Revenue approved.

Relief due

You will receive tax relief based on the premiums that you paid in the year that you are claiming for. The relief is allowed by either:

The relief you receive is limited to 10% of your total income for the tax year. Payments to these schemes do not qualify for Pay Related Social Insurance (PRSI) or Universal Social Charge (USC) relief.

Subject to qualifying conditions

Any queries on the above give me a call on 091 763817 or email me at oliver@taxreturnhelp.ie

© 2020 Oliver Niland & Co – Chartered Accountant and Tax Specialists | Powered by Outstandingthemes