The October 31st Tax Deadline (or Tuesday 14th November 2017 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 31st October 2017 against your Income Tax liability for 2016.
Employees
As an Employee, you have an opportunity to receive a significant refund of the Income Tax you paid through the PAYE system in 2016. This refund can be achieved through off-setting certain personal retirement saving/pension contributions made by you before 31st October 2017 against your Income Tax payments made in 2016. I think it is fair to say most of us would be interesting in seeing our tax liability reduced especially given 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
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.
