Wednesday, October 12, 2016

Review your pension BEFORE the tax deadline!

Calling all Employees and Self Employed Individuals

If you are an employee or are self-employed, then you have a once off opportunity to maximise your tax savings and increase your pension contributions. But you must act now!

The Opportunity
You may be able to make a once off, lump sum payment into your pension before the tax deadline of October 31st and offset it against last year’s tax bill. This will allow you to increase your retirement savings and save tax!

Save Tax and Increase Your Pension Contributions in 3 Easy Steps
1.       Check out the Revenue limits table below or contact your local tax office, to ensure you are entitled to claim tax relief on the extra amount you now wish to save for the 2015 tax year.

2.       Pay the amount you wish to save by October 31st, and you will then be issued with proof of
payment.  Payments must be received by the October 31st, so don’t delay!

3.       Contact your local Revenue office with proof of payment by October 31st, stating that this contribution has been paid against your 2015 income.

Save Tax      

If you paid tax at 40% in 2015, then a €1000 investment into your pension now could only cost €600, as you could claim a refund of €400* from Revenue.
Tax Bands
40% Tax
20% Tax
Gross Payment
Tax Relief Available
-  €400
 - €200
Net Cost To You

Terms and conditions apply
* Revenue limits, terms and conditions apply. It is important to note that tax relief is not automatically granted, you must   apply to and satisfy the Revenue requirements. Your benefits at retirement may be subject to tax.

Revenue Limits

The maximum percentage of your salary/earnings that you can normally save into your pension each year and claim tax relief on, is shown in the table opposite.
For example, if you are 35 years of age and already contributing 5% of gross earnings to your pension plan, you could be able to pay up to 15% extra as a lump sum now!

Revenue Tax Relief Limits
Under 30
30 – 39
40 – 49
50 – 54
55 – 59
60 & over

Warning: The value of your investment may go down as well as up.
Warning: If you invest in this product you will not have access to your money until you retire.

Don’t delay, talk to MK Financial today!
Call us on 086 8440541 or email        

Michael Keville T/A MK Financial is regulated by the Central Bank of Ireland

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