Income Tax Savings

It goes without saying that saving money is as important as earning it. We have put together a list of common personal tax saving tips that you can put in place today.

Contribute money to a personal or company pension scheme and receive tax relief at 40% (age and upper income limits apply)
Claim the cost of a carer for a family member up to €50,000 pa. (the carer must either be an employee or an agency)
Permanent health insurance/income protection gives tax relief at 40%. An essential tax saving for those who are self-employed
Bike to work scheme – buy a new bike and equipment (up to €1,000) every 5 years as an employee
Incorporating your sole-trader business can restrict your tax to 12.5%
Giver (or receive) €3,000 tax free to or from anyone each year. E.G – both parents can give €3,000 each to a child, spouse, and grandchildren.
Rent a room in your house for up to €14,000 tax free
Look after children (or other peoples children) in your home up to €15,000 tax free per year
Transfer some shares into the name of your spouse so that when you sell them you will both claim the €1,270 annual threshold
Sell loss making assets or investments before ones which will realise a gain so that you can offset the losses, or sell within the same tax year.

News

Income Tax Savings

Income tax savings

Kellie Naughton

Income tax savings

Kellie Naughton

Login