Reduce Tax Bill
Retirement Planning – Planning for retirement is more important now
than ever. The long period of lockdown will have given many of us a foretaste of retirement and the challenges faced when income is short and time is long! With the State Pension (Contributory) in Ireland only worth €250 per week it’s imperative that people fund for their own retirement.
You will be surprised at how little you have to put away.
Tax relief is by far the greatest advantage of saving in a pension and with last year’s revenue returns amongst the highest on record – many clients are looking to limit their tax bills.
The end of year tax deadline is now fast approaching (October 31st or December 10th (Covid-19 extension) if
using the online system) so don’t delay.
Sole Traders and employees can also reduce their tax bill by making a pension contribution now for the year 2019.
Example: If you are taxed at 40% you can contribute €4,000 to your pension before the deadline and receive €1,600 back from revenue.
If you wish to start a pension or indeed reduce your tax bill just drop me an email or phone 086 22 22 204