Are you an Irish business owner looking to reduce your corporation tax bill at the end of the financial year?
Corporation tax is charged on the profits of a company within the financial year. The more profits your business makes, the more tax you will end up paying. As a business owner or company director, you should aim to reduce the amount that your business will be taxed when considering your end-of-year finances.
If directors are taking profits from the company in the form of a salary, this may be a tax liability. If they invest in a company pension plan, however, this liability can be avoided. One of the simplest and most effective ways for a business owner or director to retain profits from a company is to transfer them into a company pension.
Limitations will apply to how much you can pay in your contribution, depending on various factors such as the value of your company’s existing pension plan.
– Are you thinking about making a pension contribution to reduce your corporation tax bill?
– Would you like to set up a company pension?
Get in contact today with Murray Spelman Financial Services Ltd if you would like to find out more about how you can reduce corporation tax for your business this year, or how to better plan your company’s finances for next year.
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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.