Can I retrospectively make a pension payment for 2009??

J

joe2010

Guest
I have a couple of questions regarding pensions and tax that someone may be able to answer;
I have made a tax return for about 5K for 2009 from rental income and the same in prelim tax for 2010. I dont currently have a pension. Am I too late to make a payment into a pension now for 2009 and claim my 5K payment back? If so can someone advise a quick and easy pension company to deal with. I am a proprietary director (if that makes any difference)

If I can I would like to start a pension and use the tax paid for 2009 and what I will be paying in 2010 and have that in a pension rather then going to the revenue. Also, what percentage would I have to pay in on top to claim 5k worth of tax into a pension for both years.

Any advice would be great.
 
joe2010 said:
I have made a tax return for about 5K for 2009 from rental income and the same in prelim tax for 2010. I dont currently have a pension. Am I too late to make a payment into a pension now for 2009 and claim my 5K payment back?
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Did you use ROS to file your tax return and make your tax payment?
 
I did indeed. Return made about 10 days ago online. I paid about 5k in my return. Had already paid PAYE of over 20K during the year for 2009 as part of monthly PAYE through the company.l
 
You could make a pension contribution before November 16th and then amend your tax return. Assuming that your income qualifies and that you're well into the 41% tax bracket, you could make a contribution of around €12,200 into a pension which would wipe out both the liability for 2009 and the preliminary tax for 2010.

(€12,200 x 41% tax relief = €5,002)

It's important to note that the contribution must be made against your earned income, as rental income itself is not pensionable. Also the double benefit of wiping out your preliminary tax for 2010 could result in a larger liability for 2010 tax unless you make another pension contribution next year and so on.

Liam D. Ferguson
 
sorry to hijack the thread but i didnt want to start a new one unnecessarily. I made a lump sum contribution recently (start of october) and want to claim back tax. I am a paye employee and don't have a ROS account. Can I use my PAYE anytime account (I couldnt find an option here) to claim it back or is there a form that I need to fill in? Also, can I claim it back for 2009?
 
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