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Pensioners Tax Solution

A large number of our pensioners have and continue to receive letters from the Revenue Commissioners in respect of potential tax liabilities. This is obviously quite frightening and causes great anxiety especially to those that have limited or no experience in dealing with the tax authorities.

It is as a result of the Revenue receiving information from the Department of Social Protection (DSP) in respect of various pensions including invalidity, widows etc. These are taxable sources of income (should your total annual income exceed the thresholds outlined below) and changes in individual circumstances which have not been communicated to (or by) the Revenue up until now in some cases may trigger a tax liability or increase existing amounts due.

It is of no significance to those that have the Old age pension as their only source of income and only affects individuals with over €18,000 of pre tax income or married couples with over €36,000. The following is a quick guide to dealing with the issue:

1. Stop worrying. This may have no affect on your income and if any, it will most likely be a relatively modest amount.
2. Contact a qualified Accountant. Call right now. These are the professional people that have the experience and skills to solve this on your behalf and will put your mind at ease.
3. Provide the Accountant with all relevant information requested as soon as possible and then relax as they act on your behalf to put this behind you. Ensure you have agreed or at least estimated your fee before they carry out the work.

My office is available on 074 93 21222 or simply email paul@profinancial.ie.

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