Budget 2015-A snapshot of the important bits

It’s that time of year again and everyone was waiting, quietly hoping that Santa would bring their Christmas presents early.

Happy Santa

It was the first non-austerity budget since 2008. There were some positives and some negatives but overall nothing innovative was introduced especially when you take the effects of water charges and home costs into account.

The controversial pension levy is being scrapped at the start of 2016, with the bulk of the tax being eliminated in 2015.

A 40c increase in the price of a packet of 20 cigarettes, which will now cost almost €10 but drink was untouched.

Have a look at our Summary which is focused specifically on the Financial Planning aspects and implications of the 2015 Budget.

Complete Financial Advice Budget Summary 2015



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An Opportunity to Reduce your 2013 Income Tax Bill

Individuals who both pay and file their tax returns through the Revenue On-line Service (ROS) have until the 13th November 2014 to pay a pension contribution and elect to backdate the income tax relief into the 2013 tax year. Those who do not qualify for the ROS extension must do this by 31st October 2014.

There is no option to defer. If you do not take this opportunity, you will not get another chance to reduce your 2013 income tax liability.

How Much Can an Individual Contribute to a Personal Pension, PRSA, PRSA AVC or AVC?

For contributions paid in 2014 and set against 2013 earnings, an earnings cap of €115,000 applies for tax relief purposes to aggregate contributions to PRSAs, RACs and employee / AVC contributions to occupational pension schemes.

Please see the tables attached to confirm what contribution level you can make.

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Money on deposit is just not making cents

Pardon the play on words but continuing to allow money sit in a bank savings account earning a few cents does not make sense

The move by the European Central Bank to reduce its key lending rate to just 0.05pc this month means that Irish banks will keep reducing saving rates. Continue reading

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Credit Union-Is your money safe?

People are concerned that the Irish banking sector is still very exposed to Loan defaults and Mortgage arrears write-offs. With recent events in a local West  Cork Credit Union, people are looking carefully at where their money is being kept.

th Continue reading

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Complete Financial nominated for Best Broker

The Life, Pensions & Investment Awards are due to take place this Thursday.
LPI Awards shortlisted 2014 logo-1 (2)
We are delighted and honoured to announce that Complete Financial Advice Ltd have been nominated and shortlisted for both the Best Broker in Munster category and the Overall Best Broker in Ireland.
We would like to thank all our clients for their continued support. We will keep you informed of the final results.
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Merry Christmas & Happy New Year!

On behalf of us all at here at Complete Financial we would like to wish you a very merry Christmas and a Happy New Year.


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Depositors Beware-EU to set up a bank “Bail-In” system!

A political agreement was reached on Wednesday 11th of December by parliament and Council Presidency negotiators for a draft bank recovery and resolution directive, this is the first step towards setting up an EU system to deal with struggling banks.

Bank Govt People

It is now formally accepted that Bank Creditors will now be first in line to take the hit as opposed to Taxpayers. Unfortunately for people with money on Deposit it isn’t good news as they are included in this list of unsecured creditors and they will need to come up with ways to avoid having their hard earned savings from being used by Banks to mop up after their mess.

Speak with your financial adviser about the ways that you can protect against this happening to your funds .
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Pension Schemes Tremble

The Irish government has approved a new range of proposals that would change the law in order to Continue reading

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Irish Banking Sector Takes Major Hit

In recent news we have seen Danske Bank, Ulster Bank & ACC Bank hitting headlines giving clear signs of desperation.

With Danske Bank announcing to terminate its operations, Ulster Bank radically downsizing their operations in Ireland (another terrible blow to Irish banking considering that Ulster Bank is the 3rd largest bank in Ireland following Bank of Ireland and AIB) and ACC Bank (owned by Dutch Rabobank) to retire its banking licence. One must wonder how much is Ireland in denial of its banking crisis? Continue reading

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Budget 2014 – Pensions, Inheritance Tax and Saving

The good news is that the tax incentives supporting pension planning remain

Good news #1: Marginal rate income tax relief retained on pension contributions
Good news #2:  No changes to the €200,000 tax free retirement lump sum limit
Good news #3: Earnings cap of €115,000 for tax relief purposes retained on contributions to PRSAs, Personal Pensions, and employee/AVC contributions to occupational pension schemes
Good news #4: No change to ARF and vested-PRSA minimum drawdown requirement, or the requirement to set aside €63,500 in an AMRF or used to purchase an annuity, or a guaranteed pension income for life of €12,700.

Some bad & then good news: The Pensions Levy will be increased from 0.6% to 0.75% in 2014 and then reduced to 0.15% in 2015.

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