Hi.. I am about to begin a pension. I am 30, sole trader and will be paying it on a yearly basis at the end of my tax year.
What is the best way to contribute to this and who is the best to go with? I can afford approx 400pm. If my tax return as a sole trader is X at the end of the year, what % of what I owe the revenue can I put into a pension scheme?
In the same position myself so I'm interested in the reply. I'm leaning towards Quinn Life. They have a choice of 6 or 7 various funds to invest in. They also seem to have the least and most transparent charges for managing the fund. I'm not sure about the allowed proportions etc...
Thanks asdfg. My accountant tells me that as a sole trader, after all expenses, I will have a tax return of approx 3,000.
Does this mean I can only offset the 20% = 600?
Not much for a yearly pension if, as you say, I put "excess elsewhere".. Any suggestions?
Thanks again
Jack
If your tax payable is €3,000 then presumably your taxable income is approx €15,000 so - depending on you age - you can contribute the approriate percentage (as per table set out earlier) of this to your pension.
If your tax payable is €3,000 then presumably your taxable income is approx €15,000 so - depending on you age - you can contribute the appropriate percentage (as per table set out earlier) of this to your pension.
I also take it from you calculation of €3k leading to a contribution max of €600 that you are in the age 30 to 39 bracket so whatever way you look at it, you can put in a max contribution of 20% of your taxable income.