Want to calculate how much money you could receive using the Help to Buy Incentive scheme? Here’s our simple step by step guide to help you work out your tax refund amount.
Step 1: Work out the maximum allowable tax refund amount
You will need:
- The expected date of your property purchase
- The expected cost of your property
Using this information, look at our table below to find the maximum allowable tax refund amount:
Step 2 : Check how much income tax and DIRT you have paid over the last 4 years.
You will need:
Your P60s (or P21 balancing statements) for each year
Your savings bank account statements and/or interest certificates (this is only relevant if you have deposit savings accounts)
If you are buying in 2017, the 4 relevant tax years are 2016, 2015, 2014 and 2013.
Using these documents, add up how much income tax and DIRT (deposit interest retention tax) you have paid over the last 4 years. Only the PAYE tax amount is relevant for calculating your income tax figures. Amounts that you have paid for PRSI and USC do not count towards this refund.
Step 3: Your Tax Refund Amount
The figure you have worked out in Step 2 is the tax refund amount you will receive – unless it is more than the figure you have worked out in Step 1.
If the figure in Step 2 is higher than the figure in Step 1, your tax refund amount will be the Step 1 figure.
Here are some examples:
How do I apply?
If you are a PAYE worker you need to register on myAccount and complete an online Form 12 for the previous 4 years. Self-employed individuals must be registered with Revenue’s Online Service (ROS) and submit Form 11s up to date (if they haven’t already done so) and pay any outstanding taxes.
If you need help completing either a Form 12 or Form 11, get in touch. As personal tax experts who have processed over 5,500 income tax returns, we’ll have you sorted in a flash.