If you file and pay online you still have a few days to make a contribution to your pension and reduce your tax bill (as 10th November is the deadline).
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 10 November 2016 against your Income Tax liability for 2015.
Employees
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 10 November 2016 against your Income Tax payments made in 2015.
I think it is fair to say most of us would be interested 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 advice, 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.
