I have a public sector Job but I undertake other work and run a small business etc etc
Recently did a bit of research for a friend that got me interested in my own situation..
I enquired from revenue regarding the max contribution I could make to avail of tax relief to an AVC
and to my surprise dome additional earnings related to the job couldn't be included for the AVC
I was told however the additional earnings (taxed at the higher rate) could be contributed to a PRSA (non AVC PRSA)
I was wondering if anyone here could give a bit more detail however.
The additional earnings related to the job come to about 5k (but revenue don't accept it/allow it to count for AVC purposes)........so taken on its own the annual contributions to avail of tax relief would be quite small...would pension companies in general be OK taking such small amounts into a separate PRSA?......if they are getting the more substantial AVC contributions separately are they more likely to do it? or is it no problem for them
The next question....I have a number of other additional earnings ...all taxed at the higher rate (business/sole trade and occasional contract stuff related) ...could I combine all these non related earnings with the additional earnings related to the job and make contributions to a single PRSA on the basis of all the additional earnings.......it would bump up the contributions and mean I wouldn't have a load of itty bitty PRSAs to keep track of?...or do I have to try convince a provider to open up a load of different PRSAs for each different income source (the incomes fluctuate and aren't guaranteed/uniform from year to year etc meaning it would probably be an annual lump sum contribution when accounts done/dust settles)...would love if I could just put all additional into one PRSA for ease of admin etc etc
Appreciate any help/advice & thanks in advance.
Recently did a bit of research for a friend that got me interested in my own situation..
I enquired from revenue regarding the max contribution I could make to avail of tax relief to an AVC
and to my surprise dome additional earnings related to the job couldn't be included for the AVC
I was told however the additional earnings (taxed at the higher rate) could be contributed to a PRSA (non AVC PRSA)
I was wondering if anyone here could give a bit more detail however.
The additional earnings related to the job come to about 5k (but revenue don't accept it/allow it to count for AVC purposes)........so taken on its own the annual contributions to avail of tax relief would be quite small...would pension companies in general be OK taking such small amounts into a separate PRSA?......if they are getting the more substantial AVC contributions separately are they more likely to do it? or is it no problem for them
The next question....I have a number of other additional earnings ...all taxed at the higher rate (business/sole trade and occasional contract stuff related) ...could I combine all these non related earnings with the additional earnings related to the job and make contributions to a single PRSA on the basis of all the additional earnings.......it would bump up the contributions and mean I wouldn't have a load of itty bitty PRSAs to keep track of?...or do I have to try convince a provider to open up a load of different PRSAs for each different income source (the incomes fluctuate and aren't guaranteed/uniform from year to year etc meaning it would probably be an annual lump sum contribution when accounts done/dust settles)...would love if I could just put all additional into one PRSA for ease of admin etc etc
Appreciate any help/advice & thanks in advance.