Do you need financial advice?

With so many financial products available it can be difficult to compare all the options and make the right decision for you. If you are confused by what is on offer, it’s best to get professional financial advice.

You might consider getting financial advice especially if you are making long-term financial decisions, like:

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Taxing times – how to reduce the tax you pay without using a pension

Are you sick of seeing adverts from the life assurance companies about pensions and wondering is there anything else I can do?  Whilst there are very few tax saving schemes available in Ireland, especially for PAYE workers, there are ways we can reduce our tax bill NOT using a pension.  The main scheme which is an alternative or compliment to pensions and is not commonly known amongst the general public is called the Employment Investment Incentive Scheme (EIIS for short).  It is really the only other game in town for higher Tax rate payers (those earning over the new standard rate threshold of €35k per annum, or if they are married and taking their spouses allowances €45k per year).  It is an investment Irish individuals make into an Irish company.

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EIIS sees surge to €108m in investments

The EIIS is one of the few remaining sources of total income relief, allowing you to obtain income tax relief on investments in qualifying SMEs. An individual with a taxable income liability in the year the EIIS investment is made can obtain tax relief for the following:

1. PAYE earnings
2. Rental income from property held in a personal capacity
3. ARF distribution income

Tax relief is available in two tranches: an initial 30% in year 1 with a further 10% when additional criteria are met in year 4.

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