An Update from Eolas Money
|We hope this finds you and your families keeping well despite the evolving situation regarding the Covid-19 virus and it’s impact on all strands of society and economic life in Ireland. Given this uncertainty, we felt it might be useful to share some of our thoughts on what’s happening at the moment and what that might mean for savings, investments and pensions.|
|An Investment Reminder.The past few days have been a perfect storm for equities and other investment assets. In addition to the continued spread of the novel corona virus, Saudi Arabia shocked the world by starting an oil price war after the OPEC+ negotiations broke down. In light of this, on 9th March, the price of oil collapsed by a third and equities fell by high single digits, creating an environment of elevated economic and geopolitical uncertainty. However, short-term falls are the norm and we should be prepared for the inevitable periodic falls in stock values. Indeed this morning we have already seen some recovery in various stock markets from the notable falls over the past few days. |
We have included an image of world stock market performance since 1994 – 2017 showing various world events, their impact on the markets and the subsequent gains of the markets. The corona virus is another world event and therefore, we should expect the markets to rebound positively in time to this crisis.
Remember, our work for you as your financial planners is designed to provide you with a plan to deliver your long-term financial goals, supported by a long-term investment strategy. It is about helping you plan for the decades ahead, and not the months, weeks, days or hours. If you are worried about current events, we’re happy to help and hopefully provide some reassurance.
|2020 Local Property Tax – Single Payments:The date for paying your 2020 LPT depends on the payment method you selected. If you selected to pay via single debit, your annual payment will be debited from your nominated bank account on 21 March 2020. The amount of Local Property Tax (LPT) due for 2020 depends on:the value declared for your property on 1 May 2013, and the LPT rate applied by your local authority for 2020.If you do notice your 2020 payment is different to last years, this is likely because your local authority has changed the base rate applying to your local area. Local Authorities can increase or decrease the base LPT rate by up to 15% and this is referred to as the ‘Local Adjustment Factor’ (LAF). Some local authorities increased their rate for 2020, while others have opted to decrease rates for 2020. To check if your LPT has increased or decreased, click here|
|2019 Tax Returns.As many of you may well be spending some unexpected time working from home over the coming weeks, perhaps now might be an opportune time to gather and send us your 2019 tax documents. While it will be very important for us all to manage our personal wellbeing and ensure we get some fresh air and exercise over the coming days and weeks, no doubt there will be a wet day or two where you might get some time to pull together and scan or post us your key documents for last years tax.|
|Contact Us:As always, if you need to contact Eolas Money about anything at all, remember we will be happy to help you in any way we can. The office number is 052 6129696 but if you want to ring us directly, you can ring Brendan on 087 834 5523 or Jim on 087 292 4131.|