BLOG – David McCarthy on Galway Talks – 09/05/2013

euroandhouseQuestion: I did not receive a letter in connection with the Property Tax, what should I do?

Answer: Irrespective of whether you have received a letter or not, you are still obliged to do a return.  At this stage it will have to be done online,as the closing date for ‘paper’ returns was 7th May last.  In addition I would reiterate for listeners the fact that if you pay by debit or credit card it will be taken from your account immediately.

The Revenue have indicated that they are going to dedicate considerable manpower to those who have not made a return. In addition any landlords who are resident overseas are also liable for the tax and once again the Revenue will follow up on these people if they do not make a return.

Question:  I am currently saving €400 per month in a bank account.  This is long term savings and I am unsure as to whether or not to take out a Life Assurance plan.

Answer: Traditional Life Assurance Savings Plans need somewhere between 7 and 10 years for them to operate effectively.  In addition, the funds that these plans are exposed to carry a risk element.  Alternatively, you could consider saving for a period of 2 years and taking the lump sum at that time, and reinvesting it in a Capital Guaranteed Bond.

Question: My employer has recently told me that he was setting up a pension scheme for the staff.  Is it a good idea for me to join or should I make my own arrangements?

Answer: Considering the fact that the employer will also be making a contribution to your pension, entering the scheme at work is without a doubt the most attractive route for you to go.