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.
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.
Savings made simple
It’s never too soon to start getting smarter with your money. From small changes around your home, to making the big switch to new service providers – we’ve got the tips to help you save. – See more at: Our website. Why not book a free consultation with one of our experienced financial advisors? On average we save our clients €350 per year.
As financial advisors we are often asked whether it is worth the cost to hire a financial advisor. I know, very ironic. After all, there is a cost to make you money. People say they can listen to the news to find out where and how to invest, so, “Wouldn’t I be better off just keeping that fee for myself?” That is an excellent question with an answer that depends on many factors. First and foremost is that Alpha Wealth is unique in its practices to a huge proportion of brokers across Ireland. We look at all aspects of financial management and we offer free financial reviews. Yes, you did hear that right. Exiting, right?
It appears that people are envisioning a Brexit scenario to be much like the post-apocalyptic future of the Terminator movies after judgement day.
In three days time we could wake up to a radically changed world, a different Europe, a different Britain and Ireland caught in between both. One thing we’re all wondering is if in the event that Britain does choose to leave, will it be as apocalyptic as the remain side make it out to be?
In recent weeks the Brexit debate has cranked up and much can be said about Ireland’s significant relationship with Britain. Our economies, history and commerce are closely intertwined. Fears over the ramifications of Britain leaving the EU are causing market turmoil, but what does Brexit mean for you?
However, the main question is not how to deal with it in the next few days, but how to deal with a profoundly different investment and business environment in the wake of a redefined Europe.
How much better off are you? Use this calculator to find out – http://indo.ie/Tmu2g
Significant cuts to the USC, including a 1.5 point cut in the main rate to 5.5 per cent, are the key change delivering increases in take-home pay.
Budget 2016 tax changes will mean gains for taxpayers ranging typically from €500 a year to €1,000, with some running close to €1,500 a year. This means that, overall, the Budget calculations are reasonably straightforward for most taxpayers.