The Self-Employed must calculate their tax liability and make a payment in respect of their Final Tax Assessment for 2017 and Preliminary Tax for 2018 by 31 October 2018. However, there is light at the end of the tunnel as they can reduce their tax bill by making contributions to a Personal Pension Plan or a PRSA Plan (subject to age related limits) before October 31st, 2018 or November 14th, 2018 for ROS users.
There is also good news for Employees who feel they are paying too much tax, they may be entitled to a refund of some of the Income Tax paid in 2017. Under Revenue Rules this can be achieved by personally making a single premium lump sum contribution to a pension or PRSA by 31 October this year and electing to backdate the tax relief to 2017, subject to the age-related limits.
When you arrange a Pension you are not only availing of valuable tax incentives, you are also creating a fund to provide financial security in your retirement years. Everyone has financial goals and aiming to maintain your standard of living when you reach retirement should certainly be high on your agenda. In this uncertain financial climate everyone needs to plan for their retirement. If you don’t make some provision during your working life there is no certainty that you will have enough money to maintain a comfortable lifestyle in retirement.
The earlier you start your Pension Planning the easier it is on your budget, the important thing is that early or late, you actually do start it.
When you are planning for retirement there are a number of areas that need to be considered; these include the level of risk you are comfortable taking with your money, choosing funds to meet this level of risk, the charges that are involved and the flexibility of the Retirement Plan to meet with any changes in your circumstances down through the years.
We can help you in planning for your Retirement by evaluating your present personal and financial situation, establishing your financial objectives and developing a plan to suit your individual needs. Once the plan is in place it is of utmost importance that it is reviewed regularly into the future as your commitments and goals may change along the way.
Take advantage of the tax-efficiency of Pension contributions now while planning for financial security in your Retirement years.
Contact us today to discuss your Financial Plan for Retirement Security.
Mary Brennan, Qualified Financial Advisor,
Jim Mannion & Co (Insurances) Ltd. Bawn Street, Strokestown. Co. Roscommon. 071 9633174 or 086 0203005.