Special Episode: Motivate. Prepare Empower Part Two Featuring Carrie McDermott, Mairead O'Driscoll, Lesley Giltinan and David Looney

for a lot of people in the room here today I suppose

we're all paying a lot of tax and this is the woman that's going to actually tell us how to pay less tax so if you wouldn't mind just sharing your top three tips with kind of the audience here today about how they can optimize their wealth

Yeah.

So firstly, I just, there's no magic wand.

Unfortunately, we all have to pay tax.

But I suppose there are a few things that you can do.

So the first thing I try to tell everyone is to try and engage in tax a little bit in the first place.

I think, I don't know if it's just Irish people or what, we all kind of put our head in the sand when it comes to tax and like someone else will figure it out or my accountant is looking after it or We kind of kick it down the road, but I think it's really important that you have just even a basic understanding.

So then you can make even better decisions, whether you're an employee or you're self-employed and there's so many amazing businesses in the room and working so hard, building amazing brands and then just kind of ignoring maybe the finance or tax side.

And sometimes I think when you have just a basic understanding, you can make better choices.

But I guess, look, as I said, we're taxed in Ireland on our earnings and there's no magic wand.

But one of the biggest things I suppose you can do to reduce your tax bill is optimising the pension contributions.

So the government wants us to put money into our pensions.

And to encourage us to do that, they give us massive tax relief, essentially.

So if you earn over 44,000 in the year, you're in the higher rate of income tax.

So you pay 40%.

Income tax and, but if you contribute to your pension the government give you 40% back so you don't pay income tax on that earnings so, for example, if you contribute a thousand euro into your pension and only cost you 600 so that's a massive tax saving and.

Without that even growing, even a return on investment is really, really high.

So that's probably the biggest thing, whether you're an employee or you're self-employed.

If you're self-employed and you haven't set up a company, if you have a company, there's even more pension benefits you can make because your company can contribute to your pension as well as your own employee contributions.

So that's kind of a big one.

Obviously, your pension is when you retire.

So you put money in, you get tax relief, it grows tax-free, and then there's tax benefits when you retire.

So the pension is probably the biggest one.

Another one is just getting into... as I said, understand your taxes and what is available to you.

for a lot of people in the room here today I suppose

we're all paying a lot of tax and this is the woman that's going to actually tell us how to pay less tax so if you wouldn't mind just sharing your top three tips with kind of the audience here today about how they can optimize their wealth

Yeah.

So firstly, I just, there's no magic wand.

Unfortunately, we all have to pay tax.

But I suppose there are a few things that you can do.

So the first thing I try to tell everyone is to try and engage in tax a little bit in the first place.

I think, I don't know if it's just Irish people or what, we all kind of put our head in the sand when it comes to tax and like someone else will figure it out or my accountant is looking after it or We kind of kick it down the road, but I think it's really important that you have just even a basic understanding.

So then you can make even better decisions, whether you're an employee or you're self-employed and there's so many amazing businesses in the room and working so hard, building amazing brands and then just kind of ignoring maybe the finance or tax side.

And sometimes I think when you have just a basic understanding, you can make better choices.

But I guess, look, as I said, we're taxed in Ireland on our earnings and there's no magic wand.

But one of the biggest things I suppose you can do to reduce your tax bill is optimising the pension contributions.

So the government wants us to put money into our pensions.

And to encourage us to do that, they give us massive tax relief, essentially.

So if you earn over 44,000 in the year, you're in the higher rate of income tax.

So you pay 40%.

Income tax and, but if you contribute to your pension the government give you 40% back so you don't pay income tax on that earnings so, for example, if you contribute a thousand euro into your pension and only cost you 600 so that's a massive tax saving and.

Without that even growing, even a return on investment is really, really high.

So that's probably the biggest thing, whether you're an employee or you're self-employed.

If you're self-employed and you haven't set up a company, if you have a company, there's even more pension benefits you can make because your company can contribute to your pension as well as your own employee contributions.

So that's kind of a big one.

Obviously, your pension is when you retire.

So you put money in, you get tax relief, it grows tax-free, and then there's tax benefits when you retire.

So the pension is probably the biggest one.

Another one is just getting into... as I said, understand your taxes and what is available to you.