Tax-saving opportunities and the importance of starting early
The importance of an early start...
For your client's, starting a pension may be be the last thing on their to-do list. And we understand it's important for them to see the difference between starting early and leaving it until the last minute. In the attached flyer we break down in a simple format why starting early should be their top priority!
- Tax Relief
- Giving your investment time to grow
- Peace of mind with Zurich's Investment track record
- €100 bonus payment* to get them started!
Tax-saving opportunities
Maximising pension contributions can be a very effective way to help your clients save for the retirement they deserve. You'll find three sales aids below to help with advising clients on the importance of these deadlines.
For Employees
If you are an employee who feels you are paying too much tax, the good news is that you may be entitled to a refund of some of the Income Tax you paid in 2018. This can be achieved by personally making a lump sum personal pension plan or PRSA contribution by 31 October 2019 and electing to backdate the tax relief to 2018, subject to the age-related limits
For the Self-Employed
If you are self-employed you must calculate your tax liability and make a payment by 31 October 2019 in respect of your: 1. Final Tax Assessment for 2018; 2. Preliminary Tax for 2019.
The good news... You can reduce your 2018 Final Tax liability and your 2019 Preliminary Tax liability by making contributions to a Personal Pension plan or to a PRSA plan by 31 October 2019 (or 12 November 2019 for ROS users) and also by these respective dates electing to backdate the tax relief to 2018.
For Proprietary Directors
If you are a proprietary director (i.e. a director who owns or controls more than 15% of the shares in your company), you are obliged to file self-assessment tax returns by 31 October in respect of last year, even if all of your income is taxed under the PAYE system. 2. If your income includes non-PAYE income you must pay any balance of Income Tax, PRSI and USC outstanding from last year. You will also need to consider paying Preliminary Tax for the current year.
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