You've factored in the close company surcharge? The 20% is in addition to normal tax rates.and to grow the funds by the rental income of say 20K per year minus tax at 20%. (I believe this is the tax rate)
Are you sure your company doesn't meet the definition of a close company?my company provides professional services
Any further advice?
I was thinking the same. Tax isn't my area at all, but this sounds like the kind of hair brained scheme I would come up with before reading a hundred anti-avoidance measures!There are a few red flags here.
Can you explain this a little further?Yes, it actually is, but it’s the doubling and tripling down on Irish property and the pension piece that worry me most.
Can you explain this a little further?
You might consult your accountant on the possibility of the company buying a property abroad as part of your pension ,Hi Guys, Thanks for the reply. More info.
So, my company provides professional services and does not require any investment going forward. I am the sole employee.
I have a self directed pension with a fully owned apartment in a good location (Dublin) generating 24K in rent per year. (value has increased by 150k from when I purchased it in 2010). The value of the pension is 500K approx and growing.
I have a couple of streams of income so the fees into my professional company are generally untouched and have grown since 2016.
My plan is to use the funds which are just resting in the company and purchase a property (commercial or residential) and to grow the funds by the rental income of say 20K per year minus tax at 20%. (I believe this is the tax rate)
My future plan is to maximise funds in the company and then to liquidate the professional company at the age of 55+ and avail of the tax relief of 750K.
My Pension allowances are boxed off as mentioned above.
I would plan on selling the property pay the relevant CGT a couple off years prior to the liquidation.
Any further advice?
DJ
Depending on your risk appetite, you could look into the Enterprise Investment Scheme (EIS). Tax advantaged and diversification benefits.
You might consult your accountant on the possibility of the company buying a property abroad as part of your pension ,
Or as part of a company bonus system for staff ,Portugal are offering tax incentives to people outside the state at present
As I sell overseas property I am based on the Wexford Carlow border if you need professional advice I can put you in touch with a professional in this field
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?