Both myself and my wife are working. My salary is around 43000 and my wife salary is 45,000 per annum. My wife has the full tax credit. All the bills are going from my wife's account. I am paying around 750 euro tax per month. What is the best way to reduce this tax amount?
My Fortnightly Salary Slip details:
Reg Pay : 1612
PAYE: 340
PRSI:64
Super Annuation:70
USC:46
ASC:25
Can I join an AVC or some thing like that so that that amount is gone / save money before tax?
Do I need to contact any tax consultant or accountant? If yes, any suggestions?
There is no need to get for accountant - AVC's are the best way to reduce tax , but there are limits as to how much you can put in. Depending on age it ranges from 25% upwards. Check Pensions Authority and Revenue websites. Pensions are very much in the news at the moment and who knows what rules will change.
I dont want to put money in Stock / Shares as growth is probable but not certain. What about AVC? Would I be able to get it at a certain age or is it only available at 67?