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The Finance Act 2022 enacted multiple changes to pensions, some of which may make business owners consider their options in the future. Learn about the changes and organize a free consultation with our expert pension partner! The Finance Act 2022 was enacted on 15 December 2022. Amongst other changes to pensions, the Act confirmed that the Benefit in Kind for an employee, which was previously triggered by an employer contribution to a PRSA, has been removed. This comes into effect on 1 January 2023. Impact for Employees For ordinary employees saving for retirement in a Personal Retirement Savings Account (PRSA) this is a positive change. They will now be given the same tax treatment as occupational pension scheme members in relation to any employer contributions to their pension scheme. Previously where an employer paid into the PRSA, that employer contribution used up part of the employee’s own scope within their age-related limits to pension their income. This is no long

A mortgage is arguably the most important and probably the largest financial decision you will make during your lifetime, and we understand that the process can be a confusing experience, without some statements such as ‘contractor candidates may be disqualified from obtaining a mortgage’ adding to the frustration and headache! Thankfully, contractors are no different from any other person who’s decided to become self-employed, and as such the banks are happy to deal with you on the same terms as they do anyone else operating in this capacity. With appropriate information and preparation, you can attain the financing required to purchase the home of your dreams. If you are a contractor looking to get a mortgage in Ireland in 2023, there are some important things you need to know. Follow the universal criteria It’s worth stating from the outset that there are common criteria that everyone has to comply with (irrespective of employment status) when applying for a mortgag

The Finance Act 2022 was enacted on 15 December 2022. Amongst other changes to pensions, the Act confirmed that the Benefit in Kind for an employee, which was previously triggered by an employer contribution to a PRSA, has been removed. This has come into effect on 1 January 2023. Impact for Employees For ordinary employees saving for retirement in a Personal Retirement Savings Account (PRSA) this is a positive change. They will now be given the same tax treatment as occupational pension scheme members in relation to any employer contributions to their pension scheme. Previously where an employer paid into the PRSA, that employer contribution used up part of the employee’s own scope within their age-related limits to pension their income. This is no longer the case. Employee contributions are still subject to the age-related contribution limits and the Earnings Cap (currently €115,000). Impact for Business Owners The changes have led to much discussion as to what it means for employer