If you are an employee or self-employed, then you have a once-off opportunity to maximise your tax savings and increase your pension contributions.
You may be able to make a once-off, lump-sum payment into your pension before the tax deadline of October 31st and off-set 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
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 XXXX tax year.
Pay the amount you wish to save to New Ireland Assurance by October 31st, who will then issue you with proof of payment. New Ireland must receive your payment by the October 31st.
Contact your local Revenue office with proof of payment by October 31st, stating that this contribution has been paid against your XXXX income.
If you paid tax at 41% in XXXX, then a €1,000 investment into your pension now could only cost €590, as you could claim a refund of €410* from Revenue.
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!