If you have built up a pension pot, did you know that you can use your pension to purchase property? You can also borrow money through your pension to purchase a property. You will pay it back over time through rental income. You cannot purchase property with every type of pension. For example, if you are part of a company pension plan with your existing employers, there are rules governing what investment choices you can make. However, if you leave a company, you can get what is called a buy-out bond or personal retirement bond. Through a financial management company, you can use this bond to ..read more

The mortgage switching process is meant to be straight forward. It is certainly easier than it was years ago, but I would be lying in saying that it was as easy as flicking a switch. However, when you consider the impact of a reduced interest rate and cash back bonuses, it can be worth your time investment. Multiple switches you say? If you are exploring switching your mortgage, you are likely seeking a better interest rate so you can save on monthly repayments. There can be an added benefit of switching; cash back. Following an EU directive in 2016, banks are legally unable to clawback a cash ..read more

There is no doubt that switching energy providers on an annual basis can save you money. But it’s not the only way to save money. By simply calling your existing energy provider, you could negotiate an even better saving compared with switching. But what about switching energy providers? The easiest way to see what the cheapest provider is on the market currently is to use a comparison site like Bonkers.ie. You can use them to switch providers and you will get the deal chosen by you. It’s a free service, and they get paid commission by the provider you switch to. However, switching is not the ..read more

Unless you have been living under a rock, you have probably heard Gamestop being mentioned in the news or social circles over the last week. A Reddit group called WallStreetBets have decided to take on a large hedge fund. So far, WallStreetBets is winning. What is going on? A hedge fund, Melvin Capital, thought that Gamestop were going to reduce in value or collapse as a company. They bet millions that their share price would be lower than what it was at the beginning of this year, also known as a short. Some individuals noticed that Gamestop had many shares shorted, and wanted to try make the ..read more

Interest rates for savings in Ireland have never been so low. Putting your money into some savings accounts will give you a lower rate of interest compared with inflation. More and more people are now exploring how to buy shares online in Ireland. Before we get into it, investing in shares carries a lot of risk. You should only invest what you can afford to lose. I would also recommend reading an article which describes the fundamentals of shares. Where can I buy shares in Ireland? There are many companies you can use to trade shares in Ireland. If you are looking to make your own decisions (a ..read more

Should you get a pension? Pensions are one of the best investment decisions you can make. There are guidelines that describe the maximum amount you can add to your pension, and I will take you through these now. Before we get into this, have a read of my post on what exactly a pension is, if you aren’t sure. What are the benefits of having a pension? The main benefit to a pension is income tax relief. There are very few tax reliefs available that give you full income tax relief, so if you are not taking advantage of this, now is the time to do so. You can claim tax relief at your marginal (i.e ..read more

Have you recently received a notice from revenue saying you owe tax for PUP or wage subsidy payments? Revenue recently sent out preliminary end of year tax statements to everyone. This notice is sent out every year, but this year is unique due to the Covid-19 pandemic payments, namely PUP (Pandemic Unemployment Payment) and TWSS (Temporary Wage Subsidy Scheme). Why do I have to pay additional tax? When you were given either PUP or TWSS payments, these were not taxed at source. This means you were given these payments without being charged tax. Unfortunately, tax must be paid on these payments ..read more

For those that are lucky enough to have private health insurance paid for (or partially paid for) by your employers, you might be able to claim tax relief for health insurance premium paid by them! Private health insurance premiums are subject to tax relief. For people who buy private health insurance individually, and not through a corporate scheme, tax relief has already been applied by your premium and you are not entitled to tax relief. However, for the 500,000 people who have their private health insurance premiums either partially or fully paid for your employers, you are likely entitled ..read more

Since the 1st January 2019, switching mortgages is much easier to do as a result of new Central Bank rules. Despite this, less thank 3% of mortgages were switched in the first half of 2019. Switching has two beneficial outcomes; a cheaper rate meaning lower monthly repayments and a cash back lump sum. What do I need to be eligible to switch mortgages? Most important of all, you need a mortgage! Apart from that, there isn’t much else. Many banks also stipulate that you need to be with your current bank for at least 12 months. Your circumstances will need to be in line with mortgage requirements ..read more

Shopping online from the UK became a lot more expensive on 1st January 2021. As a result of the UK leaving the EU, products being sent from the UK to Ireland (and vice versa) are subject to VAT and potentially other customs charges. These charges do not apply to purchases from Northern Ireland. What will you be charged on purchases from UK businesses? If the value of your order (including shipping charges) is €22 or more, you likely will have to pay VAT (23%) for many of your orders. If the order is over €150, on top of VAT you may also have to pay customs and excise duty. However, one point w ..read more