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New Job - High Tax

  • 27-01-2013 9:13pm
    #1
    Kintarō Hattori
    Registered Users, Registered Users 2 Posts: 15,039 ✭✭✭✭


    Hi Folks,

    I'm looking for some general advice/guidance if that can be dished out in any way here. I started a new job last year with a basic salary which put me just into the entry point for the higher tax band. I've now found myself in a position where I can earn some pretty substantial commission. The issue here of course is that where I earn commission, half of it goes into tax.

    I'm engaged and a home owner (mortgage) if that is useful information. I'm just wondering if there is any means with which I can keep more of the fluctuating commission I may earn in the future. It's a little depressing to work your behind off and see half of your bonuses disappear.

    Many thanks.


Comments

  • #2
    srsly78
    Registered Users, Registered Users 2 Posts: 7,157 ✭✭✭srsly78


    This happens to pretty much everyones bonus, is normal. Make sure you claim all your tax credits and expenses, this is all you can do legally.

    You can use the taxsaver travel scheme, or the bike purchase scheme. Would make you a bit more efficient. Also consider making a pension contribution (yuck I know) to get tax relief.

    I notice your location says poland/dublin. It's a complicated area, but take a look at the Polish tax rate - then see if you would like to become tax resident there.


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