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You are about to write Revenue a cheque. Some of it doesn't have to go to them.
Every October, self-employed people, PAYE workers and public servants across Ireland settle their tax bill or have it settled for them. Most never ask the one question that changes the number.
Could part of this have gone into my pension instead?
A pension contribution made before this year's deadline can be set against your 2025 income, with relief at your marginal rate, within Revenue's age-related limits. Same money. Different destination. One of them is yours.
Those limits rise with age. They run from 15% of net relevant earnings under 30, through 20% at 30 to 39, 25% at 40 to 49, 30% at 50 to 54, 35% at 55 to 59, and 40% at 60 and over. All measured against an earnings ceiling of €115,000.
Not only for the self-assessed. If you are PAYE or a public servant, an AVC or a personal pension can carry the same relief on income your payroll deductions haven't already covered.
Already paid the bill? That doesn't close it. There is still time before the deadline to make a contribution and claim the relief on your return.
The deadline is 31 October, or mid-November if you file through ROS. After that, 2025 is closed for good.
Contact us today and our adviser will tell you what a contribution before the deadline could mean for your return. Maximum funding assessed if requested.
Tax treatment depends on individual circumstances and is subject to change. Rates and thresholds correct as at August 2026.
Smart Financial Insurance Limited trading as Smart Financial is regulated by the Central Bank of Ireland.
Been made redundant, or going through the process now?
Before you sign anything, know what you're entitled to. A redundancy agreement is typically signed once, and some of the choices in it, including how your tax-free entitlements are treated, cannot be undone afterwards.
Your employer is not obliged to explain your pension options to you. That part is yours to deal with, and it matters:
• How your redundancy payment is taxed and what you can take as a tax-free lump sum from your pension are linked. Deciding one affects the other.
• Depending on your age and your scheme's rules, you may be able to access some of your pension earlier than you expected.
• Your pension may still be sitting in your former employer's scheme, in funds nobody has reviewed since you joined.
Speaking to a financial adviser before you sign means the decisions are made knowing the full picture. Tax treatment depends on your individual circumstances and may change.
Talk to Smart Financial before the paperwork is final.
Smart Financial Insurance Limited, trading as Smart Financial, is regulated by the Central Bank of Ireland.
Have you considered Investing in Property through your Pension?
Investing in Property through your Pension is a unique investment opportunity that allows rental income to grow your Pension Fund while benefiting from generous tax reliefs.
All rental income received from your chosen property is free of income tax and is channeled back into your Pension Fund.
There are many reasons people are using Property as part of their Pension Investment strategy, and with property prices having strong returns over the past number of years, it may be a good opportunity for you to see if this is the right investment for you.
How can you fund it?
- Personal Contributions
- Company Contributions (employee & employer)
- Transfer existing pensions into a Small Self Administered pension (SSAS).
- Borrowing (Gearing) Funds (Property can be financed capped at 50% Loan to Value).
The Property can also be held as a Pension asset in retirement where you can continue to receive rent tax free into your pension, while drawing an income from your Pension Fund.
To find out if you are eligible, follow this link
https://www.smartfinancial.ie/pensions-and-retirement/pension-property-investment-ireland/
15/08/2024
💼💶 Deposits vs. Long-Term Investments: Which Is Better?
With the potential of interest rates falling further in September, the debate between cash deposits and long-term investments heats up!
🔥 In a low-rate environment, cash savings offer security but limited growth. Meanwhile, multi-asset investments have shown strong returns over 10 years, outpacing cash by more than double! 📈💰
Your future could be brighter with the right strategy!
Check out our analysis: 📝👇
https://www.smartfinancial.ie/cash-and-deposits-vs-long-term-investments-a-10-year-outlook-in-ireland/
14/08/2024
💼 Navigating Business Risks in Ireland: Co-Director Insurance vs. Corporate Co-Director Insurance.
In Ireland, protecting your business against unforeseen risks is crucial.
Are you a small business, partnership or a large corporation?
🛡️ Co-Director Insurance (aka Key Person Insurance) safeguards individual directors by providing financial relief in case of death, illness, or incapacitation. It helps cover recruitment costs and protects your business's financial stability.
🔑 Corporate Co-Director Insurance, on the other hand, is designed to protect the company itself. It ensures funds are available to buy back shares from a deceased director’s estate, maintaining control and stability within the business.
📝 Choosing the right insurance depends on your business structure and goals. 👇
https://www.smartfinancial.ie/co-director-insurance-vs-corporate-co-director-insurance/
Need help deciding? Book a consultation today to protect your business and its future.
📞 01 253 3242
📩 [email protected]
12/08/2024
📢 Attention! Important update on inheritance tax rules! 🚨
The Department of Finance is preparing to potentially increase the tax-free threshold for inheritances between parents and children from €335,000 to €400,000 in the run up to the October budget.
This change is designed to help families keep more of their hard-earned assets amid the significant rise in property values over the past decade.
With property prices up by 62% and the inheritance tax rate at 33%, this new threshold aims to ease the financial burden on beneficiaries. However, many estates may still exceed this limit.
To navigate these changes effectively and protect your inheritance, consider strategies: 👇
https://www.smartfinancial.ie/new-inheritance-tax-rules-in-ireland/
Consulting a financial advisor can provide personalized advice and ensure your estate is tax-efficient. Stay informed and plan ahead to preserve your family’s wealth for future generations! 💼💰
09/08/2024
Are you considering investing in property as part of your retirement strategy?🤔
Company directors have two options:
1️⃣ Purchasing property via your PENSION.
2️⃣ Purchasing property via your COMPANY.
Each choice has unique benefits and challenges.
Take a look... 📚🔍 👇
https://www.smartfinancial.ie/purchasing-a-property-with-pension-vs-company/
07/08/2024
Want to potentially slash your Capital Gains Tax bill? 👀
Entrepreneurial Relief could be your answer!
This tax break offers a reduced rate of 10% on qualifying business asset disposals. But there's a catch - a lifetime limit of €1 million. 💰
Let's break it down with an example:
Emma sold her shares for €900k, instead of paying €264k in CGT, she only paid €80k! 😮
For more examples and a full breakdown of the above calculation, follow the link ... 📝👉 https://www.smartfinancial.ie/entrepreneurial-relief-in-ireland/
Drop a comment below!
06/08/2024
Reviewable vs. Traditional Whole Life Insurance: Which is right for you? 🤔
Reviewable Whole Life Insurance can offer flexibility, but premiums can increase over time. 📈
Guaranteed Whole Life Insurance provides peace of mind with fixed premiums. 🔒
Want to understand why reviewable premiums can skyrocket?
Refer to our article below to see how we break it down! 👇
https://www.smartfinancial.ie/is-reviewable-whole-of-life-insurance-right-for-you/
01/08/2024
Retiring soon? 💰
Ireland's RETIREMENT RELIEF can significantly reduce or even eliminate Capital Gains Tax (CGT) when you sell your business or farm. ☘️
Are you eligible? 🤔
To qualify, you must be 55+, own the asset for 10+ years, and be actively involved in the business for at least a decade.
Find out how you can plan for Retirement Relief: 💼👇
https://www.smartfinancial.ie/retirement-relief-in-ireland-reducing-cgt/
Let's chat about how to maximize your retirement relief and plan for a smooth transition. 🤝
📞 01 253 3242
📩 [email protected]
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