Personal details
Age: 35
Spouse’s/Partner's age: N/A
Number and age of children: None.
Location: Dublin.
Income and expenditure
New job starting March - £70p/h flat rate. 15-20 hours per week. Roughly £60k p/a Sterling.
Type of employment: sole director and shareholder of an Irish Co offering consulting to a UK client.
I was working in a professional services firm for 8 years and last year took a year-long career break, so have very small savings now. About to get back to the grind, albeit part-time so I can simultaniously pursue other interests.
Am generally a saver.
Summary of Assets and Liabilities
PPR €250k with €150k mortgage.
Rental Property €390k with mortgage of approx €190k left (rental income €3,000 pm).
Cash of €10k
No pension yet.
€30k per year bills/insurance/property fees/mortgages.
PPR mortgage information
Current apartment I live in worth €250k
€150k mortgage (paying this one year now, did a big deposit).
Lender - BOI
Interest rate: 3.5% I think
Fixed rate - 5 year term.
Investment property - I downsized from this to the new apt last year.
Value: Approx €390,000
Bought for €260,000
Mortgage: Approx €190,000 - been paying for 5 years.
Rental income per year: 33,000
Lender - BOI
Interest rate - 3.5% I think
Just started second 5 year fixed term
Other borrowings – car loans/personal loans etc
No loans or credit.
Other savings and investments:
No Pension.
Yes for life insurance.
Other information which might be relevant
All-in yearly expenses of approx €30,000, the vast majority of which are two mortgages, property fees, vehicle insurance. This does not include groceries.
What specific question do you have or what issues are of concern to you?
I feel like I have a somewhat fresh start ahead so am looking to figure out the best structure to help tax efficiency. Particularly what I should do with respect to starting a pension. If I take 40k in salary from my company to avoid going into the higher tax bracket can I put the remainder of the income of the company into a self-administered pension or am I limited in what I can contribute? It's just me in the company.
Is there anything I am missing or anything else I could be doing? I could overpay the mortgage but is there a tax efficient way to do this?
Thanks for the advice in advance.
Age: 35
Spouse’s/Partner's age: N/A
Number and age of children: None.
Location: Dublin.
Income and expenditure
New job starting March - £70p/h flat rate. 15-20 hours per week. Roughly £60k p/a Sterling.
Type of employment: sole director and shareholder of an Irish Co offering consulting to a UK client.
I was working in a professional services firm for 8 years and last year took a year-long career break, so have very small savings now. About to get back to the grind, albeit part-time so I can simultaniously pursue other interests.
Am generally a saver.
Summary of Assets and Liabilities
PPR €250k with €150k mortgage.
Rental Property €390k with mortgage of approx €190k left (rental income €3,000 pm).
Cash of €10k
No pension yet.
€30k per year bills/insurance/property fees/mortgages.
PPR mortgage information
Current apartment I live in worth €250k
€150k mortgage (paying this one year now, did a big deposit).
Lender - BOI
Interest rate: 3.5% I think
Fixed rate - 5 year term.
Investment property - I downsized from this to the new apt last year.
Value: Approx €390,000
Bought for €260,000
Mortgage: Approx €190,000 - been paying for 5 years.
Rental income per year: 33,000
Lender - BOI
Interest rate - 3.5% I think
Just started second 5 year fixed term
Other borrowings – car loans/personal loans etc
No loans or credit.
Other savings and investments:
No Pension.
Yes for life insurance.
Other information which might be relevant
All-in yearly expenses of approx €30,000, the vast majority of which are two mortgages, property fees, vehicle insurance. This does not include groceries.
What specific question do you have or what issues are of concern to you?
I feel like I have a somewhat fresh start ahead so am looking to figure out the best structure to help tax efficiency. Particularly what I should do with respect to starting a pension. If I take 40k in salary from my company to avoid going into the higher tax bracket can I put the remainder of the income of the company into a self-administered pension or am I limited in what I can contribute? It's just me in the company.
Is there anything I am missing or anything else I could be doing? I could overpay the mortgage but is there a tax efficient way to do this?
Thanks for the advice in advance.