Is it too late to organise an AVC by Oct 31st?

P

pat 2800

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Am I too late for this years deadline?? What exactly is required by revenue by Oct 31st.
Appreciate all comments.
 
Re: Is it too late to organise an AVC by Oct 31st ??

Hi Pat,

Depends whether you are PAYE or self-employed. Self employed people tend to contribute to a Perosnal Pension Plan or PRSA. As you seem to have a company scheme you are probably a PAYE taxpayer.

As we approach the 31st October (and November 15th for Revenue on-line) it is important to bear in mind that single premium AVC's are not treated the same as personal pension contributions. Personal pension contributions come in under "Pay and File" whereas AVC contributions are "Pay and Claim"
i.e
the relief must be claimed before the 31st October. Last year Revenue were adamant that unless relief was claimed before this date it would not be granted. What you need to do is pay in the AVC before 31/10/2007 and elect to have it claimed against 2006 by means of letter to your Revenue District
 
Re: Is it too late to organise an AVC by Oct 31st ??

My dad is only putting is in tomorrow on the advice of his HR. He is a PAYE employee. So I guess there is still time if you are quick!
 
Revenue don't need anything by October 31st. You do, however, need to have made the pension contribution by this date in order to qualify for claiming tax and PRSI relief against 2006 income. You can then make the claims after October 31st. This is the case for PAYE anyway - not sure about self employed/assessed.
 
Re: Is it too late to organise an AVC by Oct 31st ??

GFG said:
As we approach the 31st October (and November 15th for Revenue on-line) it is important to bear in mind that single premium AVC's are not treated the same as personal pension contributions. Personal pension contributions come in under "Pay and File" whereas AVC contributions are "Pay and Claim"
i.e
the relief must be claimed before the 31st October. Last year Revenue were adamant that unless relief was claimed before this date it would not be granted. What you need to do is pay in the AVC before 31/10/2007 and elect to have it claimed against 2006 by means of letter to your Revenue District
Click to expand...
Is this new? As I posted above and elsewhere my experience in the past was different and you could just make the contribution before October 31st but claim relief afterwards. Have things changed?
 
Re: Is it too late to organise an AVC by Oct 31st ??

ClubMan said:
Is this new? As I posted above and elsewhere my experience in the past was different and you could just make the contribution before October 31st but claim relief afterwards. Have things changed?
Click to expand...

I think what the previous poster meant that you had to have claimd by Oct 31st this year without adding that you will then have to wait till next years returns to claim if you miss this year....
 
I don't get it - in the past I have made lump sum pension contributions on or before October 31st and then later in the same year claimed tax/PRSI relief against the previous year's earnings.
 
ClubMan said:
I don't get it - in the past I have made lump sum pension contributions on or before October 31st and then later in the same year claimed tax/PRSI relief against the previous year's earnings.
Click to expand...

Oh, it just happened to me once that i sent my return in, got a bill and then sent a letter in saying i had not claimed my contributions and was replied to telling me that because i hadn't claimed by Oct 31st they couldn't give me a refund..... mind you it didn't make much sense to me at the time!
 
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