In this week’s TechTalk we tackle two topics that we get plenty of questions on daily - backdating tax relief, along with calculating scope for AVCs when you're a public servant.
Extended Revenue Deadline and opportunities for backdating Tax Relief
We are fast approaching the Revenue “Pay and File” tax deadline. For those wishing to make a Pension Contribution to help reduce their tax liability in 2019, they must make the Pension Contribution to the Life Office AND elect for tax relief to be backdated to 2019 before 31 October 2020. For those customers who are registered to use the Revenue On-line Service (ROS), the extended deadline for on-line tax returns is 10 December 2020.
Public Servants – How to calculate the scope for an AVC against the previous years income
A review must take place to determine the scope for the AVC which can be made in terms of obtaining Tax Relief. When determining the scope for that Additional Voluntary Contribution, a number of factors come under consideration.