Taxation - Need advice

J

John Smith26

Guest
Hi, I am 27 year old single earning 50K per annum. Trouble is most of that goes to the taxman. Is there anyways I can be more tax efficient. I currently avail of rent relief and am thinking of getting a pension. Any advice?? Much appreciated...
 
Make sure when going through the PAYE credits that you look into some of the more complicated elements such as [broken link removed] which are sometimes overlooked.

Setting up a pension, especially if your employer will also contribute to the scheme, should provide a tax benefit.....
If you’re currently renting and considering buying it may be worth searching (both AAM and the net in general) for discussion of pensions vs. saving to buy. Some will say to avoid pensions (and the benefits which can be gained from them) until/to allow you to purchase a home. This is something you'd have to decide for yourself, personally I like the security (and benefits) of a pension scheme even though I'm not a home owner.

With a large salary and possibly the chance for some significant investments it could be worth considering getting some professional advice regarding tax and investments. Some free advice is available from independent financial advisors, though I can't personally comment on how good or otherwise it might be.

It might be worth flicking through these tax tips from the same people as above, www.moneydoctor.ie. They mention some products for tax relief, such as the BES schemes... but these are very volatile investments and should be only considered with great caution.
 
Hi, I am 27 year old single earning 50K per annum. Trouble is most of that goes to the taxman. Is there anyways I can be more tax efficient. I currently avail of rent relief and am thinking of getting a pension. Any advice?? Much appreciated...

Any medical expenses incurred during the year that exceed €125?
Any bin charges during the year?
Pension, as you said, very tax efficient
 
I also earn about 50k, and pay about 25% of it in tax and PRSI.

So "most of it" does not go the taxman.

As I have often pointed out, direct taxes on income are low in Ireland.
 
Thanks a million for that, I will look into seeing a financial advisor
 
Back
Top