Make sure you avail of your pension tax reliefs
|Age||% of income allowed for tax relief|
|The maximum amount of earnings taken into account for calculating tax relief is €115,000 per year.|
|60 or over||40%|
For example, John, a 50 year old male, with projected profits in his business of €100,000 decides to make a payment from his company to a company pension for his own benefit . This reduces the profit in the business by €100,000, thus reducing the corporation tax bill by €12,500 (12.5% x €100,000). In addition, he has now managed to transfer €100,000 of company wealth to his own private ownership.
If you are looking to make the most of the tax reliefs available for pension & retirement planning, Guardian Wealth can help. We have the skills and the team to provide expert retirement and pension planning advice. We can formulate a financial plan for you that achieves your personal and financial goals, and most importantly we can explain it to you in a clear and easy to understand manner.
We want to take the mystery out of retirement planning and give you a very clear understanding of what you need to do to make sure you achieve financial freedom in retirement.
How can we help you?
Are you a business owner looking to transfer company wealth to private ownership? If so, at some point you will turn your attention to one important issue; how to turn company cash into private ownership in a tax efficient manner. Transfering company wealth into...read more
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As a conservative investor with little understanding of the stock market, they created an investment portfolio for my Pension that allows for solid growth potential but also that shielded me from the excesses of stock market turmoil over recent years.Conor