370,000 tax returns processed for PAYE taxpayers so far

New data from Revenue shows more than 370,000 tax returns have been processed for PAYE taxpayers who have filed their returns for last year.

This represents a 30% increase on the same period last year.

Around three quarters of those, some 275,000, resulted in an overpayment of tax.

This has led to €193m in total being refunded to the bank accounts of the individuals concerned, Revenue said.

40,000 more of the returns were balanced with 55,000 resulting in an underpayment of tax totalling €7.6m which will be collected through a reduction in the individual’s tax credits for next year.

“The major difference for 2022 is the introduction of the Rent Tax Credit in the Budget,” said Aisling Ní Mhaoileoin, Revenue’s national PAYE manager.

“Unlike usual Budget tax credit changes which apply for the following year, this credit applies retrospectively for 2022 and can be claimed on an Income Tax return for the tax year 2022.”

“The value of the credit is up to €500 per year for individual taxpayers and up to €1,000 per year for jointly assessed married persons or civil partners.”

Around 78,400 of the returns for 2022 that have already been received included claims for this credit.

86,900 people claimed for health expenses, while 33,000 sought remote working relief.

32,900 claimed for flat rate expenses.

Revenue also said that Preliminary End of Year Statements, providing a provisional tax position, are now available for all PAYE taxpayers.

“Today’s report shows that 62% of employees appear to have paid the correct amount of Income Tax and USC for 2022 and approximately 82% have a preliminary end of year position that is either balanced, underpaid or overpaid by less than €200 before they submit their return,” said Ms Ní Mhaoileoin.

She added that to finalise their tax position for 2022, a person needs to complete an Income Tax return, with the quickest and easiest way to do that being online.

Article Source: 370,000 tax returns processed for PAYE taxpayers so far – Will Goodbody – RTE

Copyright and Related Rights Act, 2000