Top up your pension savings and get up to 40% tax back

It’s that time of year again, you might hear of people claiming tax back on their pension payments and think – but how? The way you do it is with a top up payment, or an Additional Voluntary Contribution (AVC) which needs to be made by 31 October 2020, if you want to claim tax back for the 2019 tax year. Revenue announced an extension to the Pay & File deadline for self-assessment income tax customers from 12 November to Thursday, 10 December 2020 (applies if you pay and file through ROS).

Webinar

We have recorded a webinar for you which explains the benefits of making an AVC payment and the steps you need to take.

Example

In recognition of the challenges being experienced by businesses and tax practitioners arising from the COVID-19 crisis, Revenue announced an extension to the Pay & File deadline for self-assessment income tax customers from 12 November to Thursday, 10 December 2020.

This also gives members of company pension plans until the payment and filing date of 10 December 2020 to make a pension contribution and elect in their tax return to backdate against the 2019 tax year.

In order to qualify for the extension, pension plan members must both pay and file through ROS. Where only one of these actions is completed through ROS, the extension does not apply and the required date to submit both returns and payments is no later than 31 October 2020. 

There is no change to the deadline of 31 October 2020 for taxpayers who file on paper rather than online through ROS.