It is going to be a busy weekend for tax advisers, life and pensions brokers and the Revenue Commissioners: Sunday is the deadline for getting in this year's income tax returns.
Life and pensions brokers admit that they are always working flat out in the days leading up to the January 31st deadline since pension investments are one of the last generous tax relief options available: every £1 (€1.27) spent on a personal pension or AVC is worth 46p in tax relief and a substantial income tax reduction. Pension-linked life assurance and PHI cover contributions can also be claimed against tax and should be considered if you are arranging a pension this weekend. Before signing the tax declaration, make sure you have claimed all the appropriate expenses and reliefs, not just for pension contributions, but for private health insurance contributions, mortgage interest, appropriate medical and dental expenses, and rental allowances or expenses. You would be well advised to speak to an accountant, tax adviser or even your Inspector of Taxes before sending in the return. The Revenue press office has also confirmed the Commissioners will be accepting tax returns up to 5.30 p.m. on Monday, February 1st. Leave it any later and you could face surcharges and interest penalties.
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