By Hannah Kiely, CEO, HC Financial Services

For most women, Sex - that is Sex and the City – is worth looking forward to again and again, to seeing these wacky Manhattanites and their convoluted love lives, piercing shrieks, high heels and cocktails. Whether is it the haute couture, Jimmy Choos or Manolo Blahniks, or looking for Mr Right or Mr Big, the beauty of Sex and the City often lies in the weekly questions posed by Carrie Bradshaw: How often is normal? What constitutes cheating? Is it better to fake it?

Tax, of course, is a bit like that, although the answers to cheating and faking it of course is no. But tax is part of our everyday lives; whether we live in the city or the country we need to be part of the Tax System. But a bit like getting the most out of the movie, we should ensure that we maximise all our opportunities to get the most out of our tax relief and allowances.

Did you know you can claim some or many of the following in your tax returns?

Medical expenses; Trade union subscriptions; Refuse/bin charges; Dependent relative allowance; Pension; S481 Film Scheme relief; Rent a room (max. rent €10,000 pa) ; Tax relief on mortgage interest; Tax credit for health insurance BIK; Permanent health benefit contributions; Business expansion schemes; Artist Exemption, and; PAYE Tax Credit, to name but a few. This list is not exhaustive.

These can be claimed at the time of your annual tax return. With Section 481 Film Scheme relief, profit of up to approximately €1850 can be availed of by investing in a Revenue Approved Film Scheme – this being one of the few tax shelters still available out there!

So if you cannot see yourself starring in Manhattan, why not benefit from investing in a Revenue Approved Section 481 Film Scheme this year, or at the very least ensure you are claiming all the tax reliefs and allowances available to you.

While claiming tax relief may not be as glamorous as starring in Sex and the City, it may provide you with the extra funds needed to live life the 'Manhattan' way!

HC Financial Services, 20 years serving your financial needs. www.hcgroup.ie.

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