June 2020 – Eolas Money

Month: June 2020

Helping you on Life's Financial Journey

Contactless Payments on the rise

A recent article in the Irish Independent highlighted that with the rate of contactless payments soaring to nearly €20m per day, it it important to remember to manage your contactless spending in line with your household spending plan to manage your household budgets. If you don’t use a household spending plan to help manage your…
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Mortgage Planning

Fall in Mortgage Approvals

The Irish Independent is reporting a large drop in mortgage approvals. “Our strong message to would-be borrowers, whose income and employment circumstances have not been impacted by the current pandemic, and who meet normal lending criteria, is to actively proceed with their applications”. Normal mortgage lending rates was always going to be down during as…
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Workers may face big tax bill

It has been well flagged that government reliefs are taxable benefits and that the tax would be collected at a later date. While it has taken some time for Revenue to work out how they are going to collect the taxes due on these payments, it is likely that all repayments will be done over…
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Financial advice for every stage of your life

Irish Life Claims

Irish Life recently released their protection review for 2019 which confirmed that over €6 million (150 claims) was paid out EVERY WEEK in claim payments to their clients. That is almost 8,000 families during 2019 receiving protection at a very difficult time. Interestingly, with over twice as many claims for living benefits, this reports shows…
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Eolas Money on the Home Show

Brendan on Newstalk

Thank you to Sinead Ryan and Newstalk for inviting our very own Brendan to speak about the NHSS (Fair Deal Scheme) on the Home Show this morning. At Eolas Money, a key part of our financial planning work involves helping our clients prepare and plan for older age, and with the issue of nursing homes…
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Inheritance Tax

€466 Million of Inheritance tax was paid to the Revenue Commissioners in 2019 by just over 15,000 people with the average payment amounting to €31,000! Having open conversations with your children and expressing your wishes and goals will also ensure that your family are all on the same page, which can help reduce potential conflicts…
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Financial impact of Covid 19

Tax and the Pandemic Unemployment Payment

While recipients receive this payment gross (without the deduction of income tax), this is a taxable payment. So how/when will you pay the tax owed on this payment. At the end of the year, Revenue will send you a preliminary end-of-year statement, outlining what Revenue understands your income to have been during 2020 from all…
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