Are you maximising your opportunities to get 40% tax relief?
In one of our recent newsletters, Home Carer’s tax credits, we got a huge response from many people who qualified for this €1,000 per annum tax credit but were not aware that it existed.
This got me thinking, what other tax reliefs might people not be aware?
Personal and Family Protection
Probably the most widely known tax relief, when it comes to financial planning, is pensions. But did you know that the cost of Life cover and Income Protection cover can also attract tax relief at your marginal rate of income tax?
This type of cover is very important to protect the current and future financial lifestyle of you and your family. In our experience, however, many people have set this protection up inefficiently (from a tax point of view) or shied away from them due to the cost.
- For self- employed or those in non-pensionable employment the life cover is called Personal Pension Term Assurance and the Income Protection is known as Personal Income Protection. Tax relief is given at your marginal rate of income tax on the premiums
- For business owners/ contractors with limited companies it is known as Executive Term Assurance and Executive Income Protection. Your company can meet the cost of this protection reducing your corporation tax bill. Unlike Health Insurance there is no BIK payable by you
Review Your Current Protection
If you would like Bellwether to conduct a full review of your current protection requirements, review the arrangements that you have in place, and advice as whether you are maximising the tax breaks available, please contact us.
Free Financial Planning Consultation
Call us today @ 01 495 8774 or email info@bellwetherfinancial.ie to reserve a free 30 minute consultation.
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About Barry Mooney
Barry passionately believes in the benefits that proper financial planning can deliver. Barry is a Qualified Financial Adviser and holds a BA and MA from NUI Maynooth and an MBS from UCD Michael Smurfit Business School.
About Bellwether Financial Planning
Our mission is empower individuals to embrace their future lifestyle ambitions by organising their finances intelligently.
We advise on all aspects of financial planning including pensions, protection, savings and investments, estate planning and day-to-day financial management.
About Bellwether 360°
Would you like to reap the “real” benefits of financial planning? Would a visual representation of your current and future lifestyle requirements be helpful?
Our financial planning service, Bellwether 360°, uses state of art financial planning tools coupled with in depth and expert knowledge of pensions, protection, savings and investments, estate planning and day to day financial management to deliver a unique all-encompassing service.
The result is an active, robust and enduring financial plan which provides YOU with the real benefits that proper financial planning offers.