I’m a teacher on the post 2013 pension scheme, as a late entrant I won’t have a full pension and recently set up a self administered PRSA AVC who help overcome this shortfall.
Just had a look on the revenue website and it looks easy enough to claim the tax relief available. (Thanks to advice in this site).
I am thing about taking a career break for an academic year in th endear further, ideally I would keep paying into the AVC but am wondering about the teas relief. My one academic year break would span two tax years, in the first year I would earn about 66% of the my usual salary (about 30,000) and in the second year 33% (~15,000), so in the first year my marginal rate would be 20% and I wouldn’t be laying PAYE in the second year.
What is my best option here? Can I just delay claiming relief on both years payment until I am back on full salary?
If I claim relief on years 1 contributions at 20% can I claim the other 20% in the future?
Hope this makes sense...
Just had a look on the revenue website and it looks easy enough to claim the tax relief available. (Thanks to advice in this site).
I am thing about taking a career break for an academic year in th endear further, ideally I would keep paying into the AVC but am wondering about the teas relief. My one academic year break would span two tax years, in the first year I would earn about 66% of the my usual salary (about 30,000) and in the second year 33% (~15,000), so in the first year my marginal rate would be 20% and I wouldn’t be laying PAYE in the second year.
What is my best option here? Can I just delay claiming relief on both years payment until I am back on full salary?
If I claim relief on years 1 contributions at 20% can I claim the other 20% in the future?
Hope this makes sense...