The Career Academy22/02/2024

Maximise Your Returns: EOFY 2024 Financial Planning & Tax Tips for Ireland

Practical steps for individuals and businesses to prepare, reduce tax, and avoid last minute stress.

Tax bandsUSCCreditsDeadlines

EOFY in Ireland follows the calendar year. Planning through 2024 helps you position for the 2025 filing season. This overview highlights 2024 tax bands, USC updates, credits to review, and practical actions to take now so you can improve your outcome and stay compliant.

2024 at a glance

Income tax bands: 20% standard rate band to €42,000 for a single person. Married or civil partners one earner to €51,000. Two earners can increase the lower rate band up to €84,000 within limits. The balance is taxed at 40%. See the official Revenue tax bands and reliefs.
USC: The 4% main rate and extended 2% band to €25,760 apply for 2024. Reduced 2% USC applies to full medical card holders under 70 and to people aged 70 or over where aggregate income is €60,000 or less. See Revenue USC rates and thresholds.
Pay and File: The general filing deadline is 31 October for self assessed taxpayers, with a ROS extension date announced yearly. 2024 returns are filed in 2025. See Filing your Income Tax Return.
Pensions auto enrolment: Scheduled to start 1 January 2026. Plan ahead but do not assume deductions for 2024. See the Government announcement on Automatic Pension Enrolment.

Tax planning tips for individuals

1) Check that you are on the correct band and credits

Confirm your standard rate band reflects your status and that core credits are applied, such as the Personal Tax Credit, PAYE or Earned Income Credit, and any applicable Home Carer, Renters, or Dependent Relative credits. See Revenue’s tax credits and reliefs charts.

2) Claim eligible reliefs early

Health expenses not covered by insurance can qualify for relief at 20% on a net basis.
Renters Tax Credit is available where conditions are met. Keep PPSNs of landlords or RTB registration details ready to support a claim.
Education tuition and some training costs may qualify subject to limits and rules.

Tip: File claims during the year to avoid a rush at year end. Keep receipts and statements together.

3) Make pension contributions where suitable

Personal pension and PRSA contributions can reduce taxable income subject to age related limits and an earnings cap. Coordinate with employer schemes so you do not exceed relief limits. For filing steps and timings see Filing your Income Tax Return.

Quick checklist

Review your bands and credits using Revenue’s tax charts.
Record medical, rent, tuition, and other claimable expenses with dates and amounts.
Review pension headroom against age related limits before making top ups.

Strategies for business owners and directors

1) Keep records clean and current

Accurate bookkeeping reduces errors and helps you capture allowable deductions. Reconcile bank, review aged debtors and creditors, and keep VAT, RCT, and payroll filings up to date.

Capture small assets and repairs that qualify for deductions.
Check if capital allowances are available on qualifying equipment.

2) Plan cash for October Pay and File

For self assessed cases you will pay your final balance for the prior year and preliminary tax for the current year by the due date. Use rolling management accounts to estimate preliminary tax and avoid interest. See Filing your Income Tax Return for the process.

3) Directors and benefits

Review benefit in kind positions, mileage, subsistence, and small benefit exemptions. Confirm employer provided vehicle rules and any temporary measures applicable in 2024.

Common pitfalls

Leaving preliminary tax estimates until the last week.
Missing supporting documents for reliefs and credits.
Incorrect VAT rates or late returns creating interest and surcharges.

Handy reference table

Item	2024 headline	Notes
Standard rate band	Single €42,000. Married one earner €51,000	Balance at 40%. Two earner couples can increase the lower rate band within limits. See Revenue bands and reliefs.
USC main bands	0.5% to €12,012. 2% to €25,760. 4% to €70,044. 8% above	Reduced 2% rate for full medical card holders and people aged 70+ up to €60,000. See USC thresholds.
Pay and File timing	31 October general deadline	ROS extension announced annually by Revenue. 2024 returns are filed in 2025. See how to file.
Auto enrolment	Scheduled to start 1 Jan 2026	Plan ahead but do not assume auto enrolment deductions in 2024. See the Government announcement.

Use official Revenue guidance for your exact circumstances.

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FAQs

For Individuals:

When is the income tax filing deadline for EOFY 2024

The general Pay and File deadline is 31 October of the following year. Revenue also announces a ROS extension date each year. For the 2024 tax year you will file in 2025. See Filing your Income Tax Return.

What tax credits and reliefs should I review

Start with Personal, PAYE or Earned Income, Home Carer, Renters, Dependent Relative, tuition fee relief within limits, and health expenses at 20% net. See Revenue tax credits and reliefs.

What changed in USC for 2024

The main rate is 4% and the 2% band extends to €25,760. A reduced 2% rate applies for full medical card holders under 70 and for people aged 70 or over with income up to €60,000. See USC thresholds.

Can pension contributions reduce my tax

Yes, personal pension and PRSA contributions can reduce taxable income subject to age related limits and an earnings cap. Coordinate with employer schemes. Filing guidance is in Filing your Income Tax Return.

For Businesses:

What should I prepare for October Pay and File

Self assessed taxpayers pay the prior year balance and preliminary tax for the current year by the due date. Use up to date management accounts to estimate preliminary tax and avoid interest. Steps and timing are in Revenue’s filing guide.

Where do I confirm bands, credits, and deadlines

See tax bands and reliefs, USC thresholds, and filing deadlines and process. Auto enrolment timing is outlined in the Government’s announcement.

This is general information, not tax advice. Use official Revenue guidance and consider professional advice for your own circumstances.