Tax Planning

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Four Ways we Can Help you Reduce the Tax You Pay

As trusted financial advisors, we are committed to helping you maximise your wealth and minimise your tax liability. Here are four essential strategies we can help you with to optimise your tax planning to ensure you’re paying the least amount of tax possible

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Four Ways We Can Help You Reduce The Tax You Pay

1

Maximise Your Pension: Focus on your pension and making regular contributions to ensure significant tax benefits.

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2

Employment Investment Incentive Scheme (EIIS): Explore the Government’s EIIS Scheme for significant tax-back advantages.

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3

Gift Allowance for Your Children: Utilise the Gift Allowance Scheme to reduce your overall tax bill effectively.

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4

Claim Expenses: Using the Revenue Online System (ROS) to ensure you are claiming all relevant expenses.

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1. Pension Contributions

Focus on your pension contributions to get significant tax benefits. By contributing extra to your pension, you can enjoy substantial tax relief. For instance, if you earn over €42,000 per year and contribute an additional €600 to your pension, this amount is uplifted by the taxman to €1000. This represents a 66% boost at the outset, and your pension grows tax-free while the money remains in the pension.

Benefits:

  • Immediate uplift of contributions by tax relief
  • Tax-free growth within the pension fund
  • Enhanced long-term savings for retirement
  • Compound Growth
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2. Employment Investment Incentive Scheme (EIIS)

Explore the Government’s Employment Investment Incentive Scheme (EIIS) for significant tax-back advantages. By investing €5,000 or more in one of approximately seventy Irish companies, ranging from established firms to new start-ups, you can get up to 50% tax back over four to five years.

Benefits:

  • Up to 50% tax relief on investments
  • Support for Irish businesses and startups
  • Potential for high returns on investments
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3. Gift Allowance for Your Children

Utilise the Gift Allowance Scheme to reduce your overall tax bill effectively. You can gift your children up to €3,000 per year per parent without any tax implications. Larger amounts might be taxed, so passing money over a long period is an efficient tax tool.

Benefits:

  • Tax-free gifting up to €3,000 per year per parent
  • Efficient wealth transfer to children
  • Easy and effective long-term tax planning
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4. Claim Expenses

Get familiar with the Revenue Online System (ROS) to claim a variety of expenses from medical expenses to rent relief and working from home costs. ROS allows you to go back up to four years, potentially reclaiming several hundred or thousand euros with just a few clicks.

Benefits:

  • Claim a wide range of expenses
  • Simple and hassle-free process
  • Potential to reclaim significant amounts
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The Benefits of Financial Planning

Everyone should have a Financial Plan.
Holistic Approach

A financial review takes the focus away from one product that you might require at a given time and instead guides you into assessing your current and future financial requirements as a whole

Greater Understanding of Direction

It provides direction and meaning to your financial decisions by allowing you to see how each decision made will affect another area of your finances, now or in the future. Financial Planning helps focus your mind on what you want to achieve rather than focusing on a short term need.

Priorities

A financial plan allows you to identify and priortize your needs and objectives, and maximize the efficiency of your affordability at the same time.

Risk Suitability

If you have savings, investments, or pension requirements, you will be guided through a risk assesment process which will help to assess your ability to tolerate risk.

Reviews

We encourage regular reviews so your changing financial needs and objectives are identified, and appropriate changes recommended to you. Reviews ensure you stay on track to meet your ongoing financial needs and objectives.

The Benefits of Financial Planning

Everyone should have a Financial Plan.
Holistic Approach

A financial review takes the focus away from one product that you might require at a given time and instead guides you into assessing your current and future financial requirements as a whole

Greater Understanding of Direction

It provides direction and meaning to your financial decisions by allowing you to see how each decision made will affect another area of your finances, now or in the future. Financial Planning helps focus your mind on what you want to achieve rather than focusing on a short term need.

Priorities

A financial plan allows you to identify and priortize your needs and objectives, and maximize the efficiency of your affordability at the same time.

Risk Suitability

If you have savings, investments, or pension requirements, you will be guided through a risk assesment process which will help to assess your ability to tolerate risk.

Reviews

We encourage regular reviews so your changing financial needs and objectives are identified, and appropriate changes recommended to you. Reviews ensure you stay on track to meet your ongoing financial needs and objectives.