PENSIONS DURING THE PANDEMIC
In this article we aim to touch on a number of key pension areas for clients as they navigate their way through the current pandemic and evolving government and EU policy on pensions. We look at the rise in popularity of Self invested pensions in the current market, the importance of pensions funding as part of retirement planning but also a part of client’s business exit strategy and direct property as an asset class in your pension.
Self Invested Pension Market
Since the last major market correc_on in 2007 pension investors have been looking for tangible assets to invest in. The Self invested market allows them access to this. The figures reinforce this as over the last 15 years the market has grown from 3% of the total defined contribu_on market to 16% of the market, primarily driven by the desire of clients for greater investment choice, which includes;
The Revenue Commissioners recently announced that if taxpayers file and pay their income tax online then their filing deadline has been extended to 10 December 2020. However, if you are unable to pay the balance of tax for 2019 and meet your full 2020 preliminary tax requirements then your filing date is 31 October 2020.
With all of the confusion in business at the moment we would like to point out that for those struggling to pay the 2019 income tax liability this extension does not apply to you. We would recommend all clients contact us sooner rather than later in relation to their 2019 income tax. If you can avail of the extended deadline we will set the payment date for the 10 December 2020.
Please do not hesitate to contact us with any queries.
Employers who have registered for the Employment Wages Subsidy Scheme (EWSS) are able to claim for employees they hired from 01.07.20 to 31.08.20. These new hires would not have qualified under the previous Temporary Wages Subsidy Scheme (TWSS). The “Sweepback” facility opens from 15.09.20.
No backdating for EWSS
The Revenue have confirmed that employers will not be able to back date a registration for the new Employee Wage Subsidy Scheme (EWSS). However an employer can register for the scheme at any stage once they meet the criteria, even if this is after the September payroll is run. Once registered you will only receive the subsidy for all future payroll runs.