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Useful year-end tips

20/12/2018 By O'Donovan Keyes & Barrett

 

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).

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