Useful year end tips:
- Use the tax-free voucher scheme of up to €500 per employee or director.
- Review your 2014 tax and claim any unclaimed allowances before 31 December.
After that you can no longer claim anything for 2014. - Count your cash & stock if your year end is 31 December.
- €3,000 annual gift exemption from Capital Acquisitions Tax – Use it or lose it.
- Make any company pension contributions before the company year end date if you
want the payments included against taxable profits.
Post year end tip – Check your PRSI record
Most of us apply for a State Pension when we reach pension age of 66 without ever having
checked our PRSI record. You can request a copy of your Social Insurance contributions
record through your MyWelfare account. If you do not already have one, you can create one
at https://www.mygovid.ie/
By reviewing this record you can check if you meet or are likely to meet the criteria for a
contributory State Pension as well as:
- The likely rate of payment.
- If it would be more beneficial for your spouse to get an increase for a qualified adult
instead of you taking a pension in your own right. - If you need to make voluntary contributions (must apply within 12 months of ceasing
compulsory PRSI).