The October 31st Tax Deadline (or 10th November 2016 if you file and pay online) is fast approaching and no doubt Accountants & Clients alike are looking forward to the conclusion of all the paperwork that goes with same, not to mention the harsh reality of the tax bill!
But whether you are Self Employed, a Proprietary Director or an Employee the good news is you can significantly reduce your tax bill by making a pension contribution.
So how can this be done?
Self Employed & Proprietary Directors
A significant reduction in your tax liability can be achieved through offsetting personal retirement saving/pension contributions made by you before 31 October 2016 against your Income Tax liability for 2015.
As an Employee, you have an opportunity to receive a significant refund of the Income Tax you paid through the PAYE system in 2015. This refund can be achieved through off-setting certain personal retirement saving/pension contributions made by you before 31 October 2016 against your Income Tax payments made in 2015.
I think it is fair to say most of us would be interesting in seeing our tax liability reduced and with the added bonus that the contribution made to offset this liability goes to our own pension plan, for which there are many attractive options at retirement, it really is something to seriously consider.
If this is of interest to you do give us a call on 053 9233640 and if you wish for us to liaise with your Accountant to ensure you are getting the best possible advise, we would be happy to do so.
This is an opinion only and does not constitute advice as individual circumstances will determine all financial advice given.