Earned Income Tax Credit

Q. I am a self-employed carpenter and I am completing my 2016 Income Tax Return. What is the Earned Income Tax Credit and am I entitled to claim it?  

15th September 2017

A. The Earned Income Tax Credit was introduced from 01 January 2016 and can be claimed by any person who has income from self-employment.

The tax credit is worth €550 for the 2016 tax year and €950 for 2017.

You should note, however, that if you are also entitled to claim the Employee (PAYE) Tax Credit for 2016 then the maximum tax relief that you can claim between the two credits is €1,650.

This credit cannot be transferred to your spouse or civil partner

Disclaimer: Advice shared in this blog is intended to inform rather than advise. Taxpayer's circumstances do vary and if you feel that the information provided is beneficial it is important that you contact us before implementation. If you take, or do not take action as a result of reading this forum, before receiving our written endorsement, we will accept no responsibility for any financial loss incurred.

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Call us today to make an appointment at your local office

1890 98 76 09

Or submit an enquiry