Age: Early 50s
Number and age of children: one
Income and expenditure
Annual gross income from employment or profession: 100K
Annual gross income of spouse: 80K
Type of employment: Self-Employed, both company directors of our own businesses
In general are you:
(b) saving.
Summary of Assets and Liabilities
Family home worth €550k with a €200k mortgage
Cash of €200k
Family home mortgage information
Lender: PTSB
Interest rate: around 3.65% Variable
Other borrowings – car loans/personal loans etc
None
Other savings and investments:
Do you have a pension scheme? No
Do you own any investment or other property? No
Other information which might be relevant
We both own our own profitable companies with seven figure turnover and strong profits
What specific question do you have or what issues are of concern to you?
We would like to move home in the next year and are looking at a house in region of €1.5 million. We both have succesful businesses, but we are paying ourselves average salaries as I guess we didn't need to take more money from the businesses up to this point. However, we would like to move in the next year or two, and my question is - do we need to payroll ourselves from the business e.g. over €1 million (and pay a huge sum of income tax) or is there a more efficient way to buy the home? We currently have no pension. Can we put this through a pension, have the company buy it, etc?
Number and age of children: one
Income and expenditure
Annual gross income from employment or profession: 100K
Annual gross income of spouse: 80K
Type of employment: Self-Employed, both company directors of our own businesses
In general are you:
(b) saving.
Summary of Assets and Liabilities
Family home worth €550k with a €200k mortgage
Cash of €200k
Family home mortgage information
Lender: PTSB
Interest rate: around 3.65% Variable
Other borrowings – car loans/personal loans etc
None
Other savings and investments:
Do you have a pension scheme? No
Do you own any investment or other property? No
Other information which might be relevant
We both own our own profitable companies with seven figure turnover and strong profits
What specific question do you have or what issues are of concern to you?
We would like to move home in the next year and are looking at a house in region of €1.5 million. We both have succesful businesses, but we are paying ourselves average salaries as I guess we didn't need to take more money from the businesses up to this point. However, we would like to move in the next year or two, and my question is - do we need to payroll ourselves from the business e.g. over €1 million (and pay a huge sum of income tax) or is there a more efficient way to buy the home? We currently have no pension. Can we put this through a pension, have the company buy it, etc?