Tax-saving for the Self-employed
If you are self-employed you must calculate your tax liability and make a payment by 31st October 2014 (12th November if registered with ROS) in respect of your:
1. Final Tax Assessment for 2014; 2. Preliminary Tax for 2015.
The good news…
You can reduce your 2014 Final Tax liability and your 2015 Preliminary Tax liability by making contributions to a Personal Pension plan or to a PRSA plan by 31st October 2015 (or 12th November 2015 for ROS users) and electing to backdate the tax relief to 2014.
Example:
John is self-employed, aged 45 years, and his Net Relevant Earnings for 2014 were