GIVEN THE pressure on resources that is likely to worsen in the next budget, now is an opportune time to shore up your finances by looking to get back any monies you may have overpaid or paid inadvertently.

Looking for a tax refund is one of the most obvious ways of getting money back, given that so much tax is overpaid each year.

Ensuring you haven't been overcharged by your bank or financial institution, or suffered a significant capital loss due to the mis- selling of an investment product, may also return dividends.

With respect to tax refunds, last year some [euro]585 million in refunds was granted, up from [euro]530 million the previous year, according to the Revenue Commissioners, indicating that many people are eligible for significant refunds.

If, for example, you have changed jobs, lost your job or got married recently, you may be due a refund, while you may also have forgotten to claim certain credits.

One simple way of claiming a refund is to contact the Revenue and ask for a balancing statement, or a P21, for the past four years. A P21 is a statement of total income, tax credit and tax paid for a particular tax year, and by requesting one the Revenue may discover that you have not fully claimed all your tax credits and may therefore be due a refund.

Did you know, for example, that if your employer pays health insurance on your behalf you may be entitled to a tax credit, or if one member of a married couple has lost their job and becomes a stay- at-home parent, they might be entitled to a tax credit of [euro]900?

While some credits, such as the PAYE tax credit, are given automatically, you do have to claim for others - such as tuition fees, rent relief, trade union fees, as well as those outlined below. Remember, back claims can date back four years, so just because the situations outlined below don't apply to you now, you may still be able to claim for previous years.

Home carers' credit

If you or your spouse has been made redundant during the year, you may be unaware that the employed spouse can claim this credit on behalf of the other person, notes Ciaran Medlar, head of tax with BDO Simpson Xavier.

Provided that the spouse works in the home caring for one or more dependent persons - a child, a person over 65 or someone incapacitated - and doesn't earn more than [euro]5,080 in a year, the employed spouse can claim a credit worth [euro]900. A reduced tax credit applies where the income is between [euro]5,080 and [euro]6,880 in 2008 or 2009.

To claim this credit, you can use the Revenue's PAYE online service, or text "info credit home carer" to 51829 for instructions on how to claim by text message.

Income protection

If you are one of the thousands who took out an income protection policy over the past year to protect against a possible loss of income due to accident, injury or sickness, you should check that you're getting tax relief on your premiums.

Provided that the policy is approved by the Revenue as a Permanent Health Benefit Scheme, you will be entitled to relief, at your highest rate of tax, if you are paying the premiums yourself.

Tax relief is given on income protection premiums up to an annual limit of 10 per cent of total income. So, for example, a 30-year- old male civil engineer who is paying [euro]56.51 a month for cover of [euro]25,000 (50 per cent of income), should only be paying [euro]33.34 a month, once tax relief is factored in.

To claim this credit, you will need to notify your local Revenue office of the relevant details by phone, e-mail or in person, or by completing your annual tax return.

Service charges

You are entitled to a tax credit if you pay service charges to either local authorities or other independent contractors. Relief is given for charges paid in full and on time in the previous calendar year, at the standard rate of tax.

So, if you spent [euro]350 on service charges last year, you are entitled to a tax credit of [euro]70 for this year.