Payment of Tax and Payment of Pension contributions for 2019
As a result of the Covid-19 pandemic, you may be aware that the Revenue Commissioners have extended the deadline for filing 2019 personal tax returns through the Revenue Online Service (ROS) to 10 December 2020.
It is important to note that in order to qualify for the extension, you must both pay and file through ROS, otherwise the relevant return and payment is due no later than 31 October 2020.
As a consequence, those who file and pay via the ROS have until 10 December to:
- Payment of balance of tax due for 2019
- Payment of preliminary tax for 2020
- Payment of pension contributions for which relief can be claimed for the tax year 2019.
One of the most common questions people ask is, how much should I contribute? While there’s no minimum amount as such, for personal pensions the maximum amount you can contribute depends on your age, outlined on the table.
| AGE | MAXIMUM CONTRIBUTION BY AGE |
| 29 or younger | 15% of net relevant earnings * |
| 30 – 39 years | 20% |
| 40 – 49 years | 25% |
| 50 – 54 years | 30% |
| 55 – 59 years | 35% |
| 60 + | 40% |
* These are percentages of your earnings up to €115,000. If you’re a professional athlete, your limit will be 30% of earnings, regardless of your age.
If you would like specific information in relation to your circumstances or have any other queries, please contact one of our offices on the contact details listed or check out our new website for further details www.murrayspelmanfs.ie
Murray & Spelman (Financial Services) Ltd help you plan for your future, while you live for today.
Murray & Spelman Financial Services Ltd is Regulated by the central Bank of Ireland. All details and views contained within this article are for informational purposes only and does not constitute advice. Murray & Spelman makes no representations as to the accuracy, completeness or suitability of any information and will not be liable for any errors, omissions or any losses arising from its use.
Contact Murray & Spelman
If you would like to learn more or ask specific questions, please contact us below.
Contact Murray & Spelman Financial Services Ltd over the phone or by email, to find out more and receive a complimentary consultation.
Phone:
Kildare 045 888 007
Galway 091 759 555
Email: info@murrayspelmanfs.ie