Finance

Log onto the Fine Gael tax calculator on www.finegael.ie/budget2015

As a result of changes in Budget 2015 people will have more money in their pay packets in January because of the changes introduced in Budget 2015. The recently launched Fine Gael tax calculator allows everyone who pays income tax or USC to see how they benefit from the tax cuts introduced”, says Andrew Doyle, Fine Gael TD for Wicklow/East Carlow.

“The purpose of the tax calculator is that anyone can log on to the Fine Gael website, enter their details, and see how they benefit from the tax cuts introduced in the budget.

“Our plan is to progressively reduce the high tax rates on work which destroy jobs and ask too high a price of workers. We want to make work pay. The previous Fianna Fáil/Green Government chose to massively increase taxes on workers.

“From January, all those in employment and self-employment who pay tax, can expect to have a bit more in their pockets. While all workers will benefit, including the self-employed, the measures were specifically targeted at low and middle income workers who pay high rates of tax on very modest incomes. We intend to repeat these tax cuts again in 2016 and 2017.

“A PAYE worker on the average industrial wage of €35,000 will get €396 back from January, while a single PAYE worker on the minimum wage of €17,542 will recoup €173. We have also taken a further 80,000 people out of the USC net, bringing to 410,000 the number of low paid workers who will no longer pay USC. Cutting tax and USC make a real and a direct impact on household incomes.

“I would encourage everyone to use the tax calculator to see exactly how much extra money you’ll get back in 2015.”

Tax calculator is available at www.finegael.ie

· Single PAYE worker on the minimum wage of €17,542 gets €173 back.
· Average industrial wage PAYE worker on €35,000 gets €396 back.
· Working family (eg. guard and nurse) with two children who earn €55,000 and €50,000 respectively. They get €1,204 back.
· PAYE worker on €71,000 gets back €747
· PAYE worker on €140,000 gets back €747
· Self-employed worker on €140,000 also gets back €747
· The software for the tax calculator is provided by KPMG and hosted on the Fine Gael website – www.finegael.ie

“If you don’t make a WILL, then your possessions, irrespective of their value, may end up being distributed to people that ordinarily you many not want to receive them.”

“Where there is a WILL there is certainly a way to ensure that your wishes are adhered to in the event of your passing” said Fine Gael Deputy Andrew Doyle, Wicklow/East Carlow as he welcomed the announcement of Best Will In the World Week which runs from Monday 20th October to Friday 24th October.

A WILL is a legal document that communicates a person’s final wishes pertaining to the management and distribution of his/hers possessions/assets after their death.

A WILL can be made at any time in an individual’s life and can be amended at any time to reflect an individual’s wishes as to circumstances in their lives which may change e.g. arrival of grandchildren, or in the event of a death of person included in the Will, it maybe necessary to make an amendment to the Will, or in the event of a change in the person’s own personal circumstances e.g. divorce or separation.

It is always prudent to make a WILL as it prevents arguments or disappointment between family members, relations or friends when a WILL is made. If you don’t make a WILL, then your possessions, irrespective of their value, may end up being distributed to people that ordinarily you many not want to receive them. By making a WILL you decide who gets what.

Family and close friends are not the only people who can benefit from your Will. You can also nominate a charity of your own choosing to benefit from your Estate and this wish can be included in your WILL.

You can change your WILL at any time in your life, if circumstance change. Making a WILL prevents unnecessary litigation in relation to the management of your Estate after your death, and I would urge people that during this week to make some notes in relation to their affairs and perhaps consider making a Will in order that their wishes are respected and adhered to in the event of their passing.

During this week members of the public are encouraged to visit a local participating solicitor to have a will drawn up, or changed, and to consider leaving some of their Estate to their favourite charity.