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 Post subject: Re: Budget 2014
PostPosted: Thu Oct 17, 2013 10:35 am 
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sorehead wrote:
Clearly most people opt for cheaper schemes, but even so it'll impact on far more people than Noonan indicated.


Every time Noonan opens his mouth he just confirms how far removed from the average Joe Soap he is.

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 Post subject: Re: Budget 2014
PostPosted: Thu Oct 17, 2013 10:52 am 
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sorehead wrote:
There was some clarification of the health insurance stats in the IT, it seems around 90% of policy schemes cost over 1000 euro, however from Revenue's stats 50% of policy holders have schemes that cost over 1000. (Can't find a link for this, saw it on the paper version.)

Clearly most people opt for cheaper schemes, but even so it'll impact on far more people than Noonan indicated.

I'd guess the move will tempt a lot more people than Noonan expects into switching to sub 1k schemes, in MNCs the schemes tend to be pricey full featured schemes and since they're paid for by the MNC most people don't work out the BIK less tax relief costs. But now I think many more people will try to cut their health insurance costs next year.

I would guess that any health insurers profits come mainly from the more expensive schemes, so there will be knock on effects if they lose these.


I know a few people working for American companies. Their health plans are the absolute top bracket plans. Includes shit like air ambulances if you have an accident etc

I'm told in America health benefits are a very important part of remuneration so they give the best to attract the best and then have the same policy in all their over seas operations

I know several people paying more in BIK that my (pretty decent) plan costs after the tax relief

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 Post subject: Re: Budget 2014
PostPosted: Thu Oct 17, 2013 11:13 am 
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Renting And Proud! wrote:
I know a few people working for American companies. Their health plans are the absolute top bracket plans. Includes shit like air ambulances if you have an accident etc


Those would be non-Irish insurance plans by the sounds of them. Not sure if they're even covered by tax relief (certainly not as source as the insurers aren't Irish in most cases). I used to have one. Happy days 8DD

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 Post subject: Re: Budget 2014
PostPosted: Thu Oct 17, 2013 12:30 pm 
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sorehead wrote:
There was some clarification of the health insurance stats in the IT, it seems around 90% of policy schemes cost over 1000 euro, however from Revenue's stats 50% of policy holders have schemes that cost over 1000. (Can't find a link for this, saw it on the paper version.)

Clearly most people opt for cheaper schemes, but even so it'll impact on far more people than Noonan indicated.

I'd guess the move will tempt a lot more people than Noonan expects into switching to sub 1k schemes, in MNCs the schemes tend to be pricey full featured schemes and since they're paid for by the MNC most people don't work out the BIK less tax relief costs. But now I think many more people will try to cut their health insurance costs next year.

I would guess that any health insurers profits come mainly from the more expensive schemes, so there will be knock on effects if they lose these.

Right, but most plans are not for a single adult. 1000 per adult plus 500 per child is a bunch of tax relief.

Or am I missing something? :?

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 Post subject: Re: Budget 2014
PostPosted: Thu Oct 17, 2013 12:44 pm 
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You are missing nothing.

Some worked examples of the health insurance change here.


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 Post subject: Re: Budget 2014
PostPosted: Thu Oct 17, 2013 12:52 pm 
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On the plus side, it will incentivise all the insurers to offer the most attractive package for under €1000. Might produce some value...

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 Post subject: Re: Budget 2014
PostPosted: Thu Oct 17, 2013 12:57 pm 
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fungus wrote:
You are missing nothing.

Some worked examples of the health insurance change here.

Actually, I am missing a bit - from your moneyguide link (thanks):
Quote:
In Budget 2014 it was announced that from 16th October the tax relief for medical insurance premiums will be restricted to the first €1,000 per adult insured and the first €500 per child insured.

The 'first' is the bit I was missing - I was assuming a policy for two adults/two children would have an 'allowance' of 3000 for tax relief, but moneyguide reckons it is applied individually within the policy.

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 Post subject: Re: Budget 2014
PostPosted: Fri Oct 18, 2013 1:34 pm 
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According to the rag 'The Department of Finance has clarified that anyone with income of over €3,174 from rent and savings will have to pay PRSI (pay=related social insurance) on the interest.'

http://www.independent.ie/business/budg ... 70170.html

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 Post subject: Re: Budget 2014
PostPosted: Fri Oct 18, 2013 1:43 pm 
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how much of a logistical nightmare is this. A lot of paye employees have never had a reason to file a tax return of their own.

the one word for this budget is sneaky, robbing more of any interest made on savings and taking money out of my private pension to pay for another fupping year of incompetence like o'reilly who cant come within an asses roar of a balanced budget.


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 Post subject: Re: Budget 2014
PostPosted: Fri Oct 18, 2013 1:53 pm 
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corkfella wrote:
how much of a logistical nightmare is this. A lot of paye employees have never had a reason to file a tax return of their own.

the one word for this budget is sneaky, robbing more of any interest made on savings and taking money out of my private pension to pay for another fupping year of incompetence like o'reilly who cant come within an asses roar of a balanced budget.


Well its all part of the job creation plan - revenue will have to hire more staff.

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 Post subject: Re: Budget 2014
PostPosted: Fri Oct 18, 2013 2:10 pm 
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NegativeEquity wrote:
corkfella wrote:
how much of a logistical nightmare is this. A lot of paye employees have never had a reason to file a tax return of their own.

the one word for this budget is sneaky, robbing more of any interest made on savings and taking money out of my private pension to pay for another fupping year of incompetence like o'reilly who cant come within an asses roar of a balanced budget.


Well its all part of the job creation plan - revenue will have to hire more staff.

A question - does the tax free allowance cover this or is it only related to income tax? What about USC?

Thank you!
(Elderly relative with savings=tax return=pain in the ass...).

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 Post subject: Re: Budget 2014
PostPosted: Fri Oct 18, 2013 2:30 pm 
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corkfella wrote:
how much of a logistical nightmare is this. A lot of paye employees have never had a reason to file a tax return of their own.

the one word for this budget is sneaky, robbing more of any interest made on savings and taking money out of my private pension to pay for another fupping year of incompetence like o'reilly who cant come within an asses roar of a balanced budget.


If the banks don't take the PRSI at source this will be a flop for the Gov, as it will be largely ignored by your average PAYE won't have the knowledge nor inclination to start filling out tax returns. And Revenue won't be arsed looking for it off Joe Soap due to the small amounts


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 Post subject: Re: Budget 2014
PostPosted: Fri Oct 18, 2013 2:40 pm 
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Mantissa wrote:
On the plus side, it will incentivise all the insurers to offer the most attractive package for under €1000. Might produce some value...


There may be more under 1,000 but they will come with less benefits.

Weren't insurers suppposed to be coming out with new tailored packages? i.e. you start with a bare bones package and add on whichever extras you want. Should keep costs down


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 Post subject: Re: Budget 2014
PostPosted: Fri Oct 18, 2013 4:02 pm 
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TheJackal wrote:
corkfella wrote:
how much of a logistical nightmare is this. A lot of paye employees have never had a reason to file a tax return of their own.

the one word for this budget is sneaky, robbing more of any interest made on savings and taking money out of my private pension to pay for another fupping year of incompetence like o'reilly who cant come within an asses roar of a balanced budget.


If the banks don't take the PRSI at source this will be a flop for the Gov, as it will be largely ignored by your average PAYE won't have the knowledge nor inclination to start filling out tax returns. And Revenue won't be arsed looking for it off Joe Soap due to the small amounts


If PAYE workers are receiving rental income don't they have to file a tax return for that?

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 Post subject: Re: Budget 2014
PostPosted: Fri Oct 18, 2013 4:11 pm 
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Namaniac wrote:
TheJackal wrote:
corkfella wrote:
how much of a logistical nightmare is this. A lot of paye employees have never had a reason to file a tax return of their own.

the one word for this budget is sneaky, robbing more of any interest made on savings and taking money out of my private pension to pay for another fupping year of incompetence like o'reilly who cant come within an asses roar of a balanced budget.


If the banks don't take the PRSI at source this will be a flop for the Gov, as it will be largely ignored by your average PAYE won't have the knowledge nor inclination to start filling out tax returns. And Revenue won't be arsed looking for it off Joe Soap due to the small amounts


If PAYE workers are receiving rental income don't they have to file a tax return for that?


Yes. My premise here is towards PRSI on DIRT only


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