Reduce Your Tax Liability
Investing in a pension is the quickest and most effective way to reduce your tax liability. The Government offers very generous tax relief on company and individual pension contributions to encourage the working population to provide for their retirement.
As tax season fast approaches there is a great opportunity to reduce your tax bill and plan for your retirement by investing a lump sum in a pension fund. The deadline for filing your Tax return is 31 October 2010. However if you file online the tax deadline is extended until November 16th.
Why Invest in a Pension?
- If you are on the top rate of tax, almost half of your contributions (41%) to a pension fund are paid for by the Government by way of tax refunds. Even if you pay the lowest rate of tax, there is a great incentive to invest in a pension – currently the Government will contribute 20% to your pension fund through tax relief
- Your company can make additional contributions on your behalf. This is especially advantageous if you are a business owner.
- Investment choice is almost limitless. In current volatile markets there are a number of secure and deposit based investments available. Our investment team continually monitor your investment portfolio and will agree an investment strategy based on your age, attitude to risk etc.
- State retirement benefits are just over 200 Euro per week or 10,000 Euro per year. If you want to maintain your current lifestyle you need to invest in a pension fund. The longer you put it off the more money you will need to invest to guarantee an income when you retire
- Recent legislation has opened up more options for those who are retiring. Retirees have much more control over their funds than in previous years.
- Current reduced stock and property valuations offer excellent long term value for those with 5 or more years to retirement.
- Modern pension structures allow full flexibility for individuals. Pensions can be easily and cheaply moved from employer to employer, and pension manager to pension manager. This ‘portability’ is a key advantage as individuals tend to move jobs more regularly now.
At this time of year, the primary focus of our Financial Planning specialists is to help our clients pay less tax. We understand that time is short and we will work with you to ensure that you have a solution in place before the tax deadline. We would recommend an initial telephone consultation so we can understand your specific financial situation and then follow this up with a face to face meeting where we would explain the options available to you. We do not charge for this consultation and there is no obligation for you to progress with any of our recommendations.
Act now to pay less tax on this year’s tax return – Reduce your tax bill and start planning for your retirement. Contact our team at Investwise before 31 October 2008.
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