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The Financial Column

Welcome to “The Financial Column” in association with MoneyPlus, Bridge St., Boyle.


Q. I am a self-employed plumber. While business has been tough, thankfully it has picked up over the last two years. However, my tax bill is also getting bigger. Is there anything I can do to reduce or eliminate this altogether?
A. Your question is a timely one. This is the time of year when self-employed people are getting their accounts finalised and submitting their tax returns based on their profit for 2014 and preliminary payment for 2015.

Firstly, you should check with your accountant, financial adviser or tax adviser that you are claiming any tax reliefs which you are entitled to. For example, if you have an income protection policy you are entitled to tax relief on the premiums at your marginal rate of income tax.

After this, the best way to reduce or eliminate your tax bill for 2014 is to maximise the tax relief available by paying into your pension. The maximum pension contribution, in any one year, is related to your age and is expressed as a percentage of your gross income. The maximum gross income for tax relief purposes is €115,000.

Therefore if you are a higher rate tax payer you will get tax relief at 40% or 20% if you are a standard rate tax payer on the amount you pay into your pension as a percentage of your earnings below.

Tax Relief by Age Bracket
Under 30:     30 to 39:      40 to 49:    50 to 54:    55 to 59:    60 and over :
15%                20%             25%              30%           35%              40%

The Revenue Pay and File deadline is 31st October, or 12th November is you file online – to avail of the tax relief for 2014 you must make your pension contribution before the relevant deadline.

For further information and advice on minimising your tax bill using pension contributions please contact Belinda at Money Plus on 071-9194000 or by email : [email protected].


If you have any financial questions you would like answered in this column please submit details in confidence to [email protected]


Money Plus are experienced investment and financial brokers and have been in the business of financial and investment planning for many years.  They are dedicated in providing bespoke financial planning advice to clients. If you would like further advice on the above or any other financial information please contact Belinda McCauley in our Boyle office on Bridge Street on 071 9194000 or [email protected]


Boyletoday.com/MoneyPlus accept no responsibility for any decisions taken as a result of advice provided in this column.   A reliable recommendation can only be made following a full detailed consultation taking an individual particular circumstances into consideration

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