S
stevemct
Guest
If you open a PRSA before the tax deadline (end of Oct)
can you offset that on the 2003 tax return ?
can you offset that on the 2003 tax return ?
Brendan Burgess
Founder
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- 52,099
Backdating PRSA contributions to 2002 tax year
Yep...BUT
> only any contributions you would make to PRSA before 31st October 2004. You can't backdate any contributions you might make between 1st November and 31st December ...these must be offset against current 2004 tax year.
> you would have to pay the contributions you want to backdate gross to the PRSA company, i.e. pay the full amount direct to them..can't have them deducted from your pay by your employer. You would then have to claim back the tax relief against your 2003 income in your tax returns.
> you have to 'elect' to backdate before 31st October. This would mean that you would have to pay the contribution to the PRSA company , get a PRSA 1 Certificate from the PRSA company, and make your tax relief claim to the Revenue (by enclosing the PRSA 1 Certificate) and making a return of income for 2003 before 31st October.
So get cracking.
Yep...BUT
> only any contributions you would make to PRSA before 31st October 2004. You can't backdate any contributions you might make between 1st November and 31st December ...these must be offset against current 2004 tax year.
> you would have to pay the contributions you want to backdate gross to the PRSA company, i.e. pay the full amount direct to them..can't have them deducted from your pay by your employer. You would then have to claim back the tax relief against your 2003 income in your tax returns.
> you have to 'elect' to backdate before 31st October. This would mean that you would have to pay the contribution to the PRSA company , get a PRSA 1 Certificate from the PRSA company, and make your tax relief claim to the Revenue (by enclosing the PRSA 1 Certificate) and making a return of income for 2003 before 31st October.
So get cracking.