Maximise Your Year-End Cheer with These 4 Tax Tips for 2023!

It’s that time of year again and here are our top 4 tax tips which might put a smile on your face for this Christmas / End of year

As the festive season approaches, Bradán brings you valuable insights to make your year-end brighter. Discover tax-saving tips, from tax-free gift vouchers for employees to strategic investments for Income and Corporation Tax. Don’t miss out on claiming refunds for 2019—uncover nearly €1bn in unclaimed tax returns. This blog guides you through optimising your finances for a prosperous 2024, ensuring you finish the year strong.

1. Gift Vouchers for Employees tax free

You can give all employees (including directors) up to €1000 in non-cash vouchers per annum. The Allgo prepaid credit cards are our favourite at the moment as they are accepted everywhere. The main benefit over cash is that whatever you spend the employee gets the full amount, albeit in vouchers. It would cost > €2k for the employee to receive €1k.

2. Income Tax 2023

Reduce your Income Tax bill for 2023 by investing in EIIS schemes for instance before 31/12/2023. For pension relief you can continue to pay up to the deadline day in November 2024. If you haven’t already done so you should also pay your preliminary tax before the end of the year to avoid interest charges.

3. Corporation Tax 2023

If you have a company with a calendar year-end the deadline for investing in company pensions, charitable deductions and other items that will reduce your CT bill for 2023 will be 31 December. If you haven’t already done so you should also pay your preliminary tax before the end of the year to avoid interest charges.

4. Time limits – claim for 2019

Don’t miss the 31/12/2023 deadline for claiming a tax refund for 2019. If you haven’t done so already you should consider if you are due a tax refund for previous years. Nearly €1bn is left behind in unclaimed tax refunds in Ireland mainly from health expenses not claimed and unused credits.

Hopefully there is something here that you’ll find useful. The vouchers are really good value for everyone especially with all the Christmas shopping that needs doing.  

Best wishes for Christmas from all of us here at Bradán and many thanks for your business during the year. We look forward to a prosperous 2024 for us all.