Using Pensions to extract wealth & reduce tax bills
If you’re like most Business Owners or Self Employed people, you’re probably very busy working on the ‘day to day’ tasks of running the business – looking after clients, managing your staff and putting out fires.
We often find it difficult to make the time to look at the business and see how we can make the business work for us.
Company owners & self employed people can tax efficiently use their business to
- reduce their yearly tax bill
- move money tax free from the business into their own name
- protect themselves and other key employees
- protect their families
Directors of Limited companies can make significantly bigger contributions to their pension funds than PAYE workers. It’s one of the most tax efficient ways of taking money out of the business.
If you have staff, you are legally required to offer access to pensions for your employees
Under the Pensions Act of 1990, Irish employers are legally obliged to provide access to pensions for their employees. This can be done by setting up a company pension scheme or a Group PRSA.
If the obligations aren’t met, employers are liable for severe fines & penalties.
As an employer, you don’t have to make employer contributions to your employees pensions, but at a minimum, you do need to have a facility in place for your employees to make their own contributions.
If you don’t have a pension facility in place right now, don’t delay. The Pension Authority’s ‘on the spot’ fine regime applies to employers who don’t comply with the legislation. Call us now on (01) 8570655 & we can help you get compliant.
Why should you speak to us about your business?
At Irish Pensions we make this whole process easy for you, we understand your time is valuable, so we will help you assess your business to make sure that every tax efficient strategy is available to you. We can also help you get compliant with the legislation and avoid ‘on-the-spot’ fines.
Importantly we will take the time to listen to you about your business and what goals you have. It would only take 1 hour out of your busy week to sit down with one of our Senior Pension Consultants and have a private and confidential chat on how to place your Business in the right financial position today and into the future.
How do I get started?
- Have a chat with an Irish Pensions advisor – call (01)8570655, fill in the form below to arrange a call, or start a conversation using our Online Chat (click the icon on the bottom right of the screen).
- The advisor will ask you some simple questions to identify what you need and will arrange a meeting either face to face or by Zoom, whichever you prefer.