We all know the top rate of income tax in Ireland can be as high as 55%.
This means that you are giving away more than half of everything you earn when your earnings exceed the standard tax rate thresholds. It can be disheartening; you might find yourself asking why bother working harder?
In this guide we lay out our strategy that we implement with our clients when seeking to:
- Catch-up on a lifetime of delayed & postponed pension payments
- Reduce your effective tax rate for your remaining working years to the lowest possible level.
The overall goal of the strategy is to minimise your tax bill over your remaining working life by only taking what you need now from your business, and only paying tax on that level of income, while deferring your excess income to retirement through use of a pension.