Cummins Financial Services
  • Home
  • About
  • Services
    • Life Protection
    • Income protection
    • Retirement Planning
    • Investments
  • Our News
  • Get a Quote
  • Contact

News

Tax Saving Opportunity Ahead

6/10/2022

0 Comments

 
Picture
So here we are again, that time when everyone sees a looming tax bill at the end of October and is digging around for eligible receipts to reduce the bill. Sometimes in the rush to complete the tax return on time, valuable tax-saving opportunities are missed. So here is how you can reduce your upcoming tax bill. 

Pension contributions get tax relief at your marginal rate
If you are a higher rate taxpayer, it really is hard to beat a pension contribution or an Additional Voluntary Contribution to your company pension scheme. Pension contributions are one of the few remaining routes to gaining tax relief at the higher rate of tax. Yes, it takes a payment to access the tax relief, but this payment is simply fuelling your future lifestyle. Think of it as a tax efficient investment in your own future. It’s important too to remember that there are several tax breaks associated with pensions,
1. Your contributions qualify for marginal (higher) rate tax relief within certain limits
2. Your pension fund grows free of all taxes – no DIRT or Exit tax applies
3. You can take a portion of your fund tax-free at retirement, with other tax mitigating strategies available in relation to the balance.

Maximising pension contributions can be a very effective way to help you save for the retirement you deserve. 

Can you afford NOT to make a pension contribution?
We know money is tighter these days for a lot of people. We’re seeing significant inflation again in 2022 and a somewhat uncertain economic picture. However even with all of this, we all need to keep an eye on funding our later years too. After all, could you survive on the state pension? The current maximum contributory state pension is €253.30 per week (source: www.revenue.ie) – this doesn’t leave a lot of room for luxuries…

Our advice is to go through your financial payments for 2021 and 2022 with a fine toothcomb, to reduce your tax bill whether possible. But alongside this, maximise the pension contribution that you can make. This will further and significantly reduce your tax bill, while building a better life for you down the road. 

*Also remember if you have an Income Protection Policy you should be claiming your tax relief from your payments made for this policy too! ​
0 Comments

Your comment will be posted after it is approved.


Leave a Reply.

    John Cummins

    Write something about yourself. No need to be fancy, just an overview.

    View my profile on LinkedIn

    Categories

    All
    Cohabiting Couples Ireland
    College Costs
    Education
    Get A Quote For Life Insurance To Cover You For A Specific Term.
    Student Accommodation
    Student Living

    Archives

    February 2023
    January 2023
    December 2022
    November 2022
    October 2022
    August 2022
    July 2022
    June 2022
    May 2022
    March 2022
    February 2022
    January 2022
    December 2021
    November 2021
    October 2021
    September 2021
    August 2021
    July 2021
    June 2021
    May 2021
    April 2021
    March 2021
    February 2021
    January 2021
    December 2020
    November 2020
    October 2020
    September 2020
    August 2020
    July 2020
    June 2020
    May 2020
    January 2020
    December 2019

    RSS Feed

Location

Address: 
Church St, Townparks, Cahir, Co. Tipperary, E21 PH48

Site Map

HOME
ABOUT
SERVICES - Life Protection - Income Protection - Retirement Planning - Investments
OUR NEWS
​CONTACT

Contact Us

John Cummins,
E:info@cummins-ins.ie
T: 087-2072211

Rebekah Cummins,
E:rebekah@cummins-ins.ie
T: 086-4506840
Picture
Cummins Insurances Ltd. T/A Cummins Financial Services is regulated by the Central Bank of Ireland
Privacy Policy was last updated on Tue May 26 2020.
Commission summary document
  • Home
  • About
  • Services
    • Life Protection
    • Income protection
    • Retirement Planning
    • Investments
  • Our News
  • Get a Quote
  • Contact