So the Tax Return Pay & File deadline has now passed, but there are still ways to be more tax efficient that you can avail of by the year end
One of the most attractive, tax efficient ways for company directors to extract profits from a company and turn them into personal wealth is to transfer these profits to a company or Director’s pension.
Time is running out
- In Ireland, the majority of Companies have an accounting period year end at 31st December.
- By transferring profits into a Company Pension scheme, this is a tax efficient way for Company Directors to extract profits from the Company and turn them into Personal Wealth
Where Directors take profit from the company as salary, there will be an immediate tax liability, however, those who invest in a company pension plan enjoy benefits such as
- No benefit in kind on employer contributions
- Immediate income tax relief on AVCs and employee contributions deducted from salary
- Corporation tax relief on employer contributions in the year the contribution is made
If you would like to discuss these opportunities further, please click Request a Callback or Contact Us at the top of this page, or click here
Thanks for reading,