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Last minute avc

  • 12-11-2019 8:55am
    #1
    jrby
    Registered Users Posts: 579 ✭✭✭


    How do I go about reclaiming the tax on a last minute avc

    joined a new company recently and just got set up on a pension.

    added a large avc to the pension yesterday for the 2018 tax year, but cant see how to reclaim the tax on the revenue website?


Comments

  • #2
    Johnny Sausage
    Closed Accounts Posts: 890 ✭✭✭Johnny Sausage


    jrby wrote: »
    How do I go about reclaiming the tax on a last minute avc

    joined a new company recently and just got set up on a pension.

    added a large avc to the pension yesterday for the 2018 tax year, but cant see how to reclaim the tax on the revenue website?

    are you trying to add the AVC to the new scheme and claim relief for a time when you werent working there? :confused:


  • #3
    jrby
    Registered Users Posts: 579 ✭✭✭jrby


    Yes, but I was working in 2018 and earned enough salary to make the avc. (23% of total salary less any pension contributions made in the year).

    didn't think it was an issue what pension fund the money went in to? am I wrong?


  • #4
    Henry Ford III
    Moderators, Business & Finance Moderators Posts: 17,735 Mod ✭✭✭✭Henry Ford III


    File a tax return.


  • #5
    adam88
    Registered Users Posts: 1,609 ✭✭✭adam88


    Had to be done by 31st of October in Order to claim last years tax. Your too late


  • #6
    Johnny Sausage
    Closed Accounts Posts: 890 ✭✭✭Johnny Sausage


    adam88 wrote: »
    Had to be done by 31st of October in Order to claim last years tax. Your too late

    not entirely true

    November 12th 2019 is the extended online deadline


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  • #7
    coylemj
    Registered Users, Registered Users 2 Posts: 25,479 ✭✭✭✭coylemj


    OP, you need a receipt from the AVC company which states that the contribution was in respect of the 2018 tax year. Then file a return for 2018.


  • #8
    28064212
    Registered Users, Registered Users 2 Posts: 10,751 ✭✭✭✭28064212


    Johnny Sausage wrote: »
    not entirely true

    November 12th 2019 is the extended online deadline
    Isn't that just the deadline for claiming, but the contribution has to have been done before 31/10? From the online Form 12 tax return:
    Amount paid between 1/1/2019 and 31/10/2019 for which relief has not already been granted and for which relief is being claimed for 2018:

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  • #9
    Henry Ford III
    Moderators, Business & Finance Moderators Posts: 17,735 Mod ✭✭✭✭Henry Ford III


    coylemj wrote: »
    OP, you need a receipt from the AVC company which states that the contribution was in respect of the 2018 tax year. Then file a return for 2018.

    You don't.

    The paperwork will show the payment date. It's up to the taxpayer to allocate it to the appropriate tax year, and claim the income tax relief.


  • #10
    coylemj
    Registered Users, Registered Users 2 Posts: 25,479 ✭✭✭✭coylemj


    Henry Ford III wrote: »
    You don't.

    The paperwork will show the payment date. It's up to the taxpayer to allocate it to the appropriate tax year, and claim the income tax relief.

    It might have changed in the past few years. We had our AVC with Irish Life and were clearly told that if we made a one-off contribution for the previous tax year, this needed to be stated and it would be noted on the receipt.


  • #11
    Henry Ford III
    Moderators, Business & Finance Moderators Posts: 17,735 Mod ✭✭✭✭Henry Ford III


    coylemj wrote: »
    It might have changed in the past few years. We had our AVC with Irish Life and were clearly told that if we made a one-off contribution for the previous tax year, this needed to be stated and it would be noted on the receipt.

    Nothing has changed.

    Whoever told you that the life co. had a part to play in the allocation of which tax year an AVC payment relates was giving incorrect information. The only relevant information they provide are the payment date and amount.

    The individual decides.

    Revenue are happy to allocate a payment to the previous tax year as long as it's within limits and rules.


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