A good accountant/independent financial advisor is what you need.
Op
Is the tax liability from rental income?
If so would that qualify for pension contribution tax relief? Or is it just paye income?
How can he have large tax bill on 15000?
Thank you for reply... I was 60 earlier this year so does that limit me to 35% for return due this year?Steven's advice is sound. The amounts (and therefore the savings) are small, but it's probably worth doing.
40% of €15k (i.e. €6k) can be put away.
The dilutitive effect of the tax-free lump sum tends to make late pension contributions worthwhile.
Sorry.. I should have clarified my query.. Can I contribute 35% of earned income,or 40%..
Is it your age the year you earned the money or the year of contribution that matters?
Thank you all for your replies.
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