I have complimentary travel insurance from QIrish Life Health. For international travel, do I need to purchase separate insurance or can I rely on this insurance?
a According to TotalHealthCover.ie’s Dermot Goode, travel insurance is now so complicated that it’s imperative to check everything before traveling abroad.
Most Irish Life health plans include up to €100,000 for ’emergency medical care while abroad’ which is included as standard in the actual health insurance itself. If your policy comes with free travel insurance, this will be a separate policy usually taken by Allianz and should cover most contingencies abroad, he said.
However, Goode advises contacting both health and travel insurance companies before traveling abroad to ensure that all aspects of the trip are covered, including destination, travel duration, sporting activities and any resulting expenses. I advised all members to do so. Covid-19 compensation and compensation for existing conditions.
You should disclose everything to your insurance company and have them confirm your exact coverage, including any limitations or exclusions and, more importantly, the process for submitting a claim.
QI have a rental property. I am 62 years old. Can I use my rental income as an annuity? I live in Limerick City.
a The short answer is yes, said Glenn Gaughran of the Independent Trustee Company (ITC). He said rental income could serve as part of his retirement income. There are two ways people can invest in real estate and use the rent as retirement income.
First, by using deposits they saved from their net income and borrowing the balance from banks. This has been the most popular method for many years, but many landlords struggle with it these days. This is because taxes are high and it can be difficult to pay for the property yourself while paying off the loan.
As a result, many real estate investors have sold and left the market.
An alternative for some people is to use a pension fund to purchase real estate. Because this investment option has favorable income tax rules on rental income and is exempt from capital gains tax on profits if the property is ultimately sold, he said, the ITC executive said.
Unfortunately, existing owned private property cannot be transferred to an annuity. So, to go this route, you will have to restart your real estate investment with a new property.
Real estate loans can be arranged with banks through facilitation with financial advisors. Golan recommends discussing investment decisions with a financial advisor before taking action.
Q. A few years ago, I bought discount stock in my company and started trading about a year later. Since then, it has made a profit of around 15,000 euros. I heard at our office that employees were advised to check to see if they had any tax liability, so I checked with HR. . I didn’t know this would put me in tax liability, so now I’m worried. what should i do?
a There are various types of stock plans that are used as a mechanism to reward, incentivize and retain employees. According to Joanna Murphy, CEO of Taxback.com, shares acquired for free or at a discounted price are generally subject to income tax, and the disposal of shares is subject to capital gains tax.
Human Resources should be able to tell you if your company is responsible for payroll withholding. It’s a pity that your department was not helpful in this regard.
Murphy said he is working with a number of employers who are doing what they can to help their employees manage their tax issues.
Each of the various equity schemes (RSU, Unauthorized Share Options, ESPP, KEEP, APSS, ESOT, etc.) is treated differently from an income tax and capital gains tax perspective, so know which one applies to you can help clarify your tax position. .
Murphy said you can also contact the Department of Revenue directly or seek expert advice on your particular scheme to determine your reporting responsibilities and the steps you should take to ensure tax compliance.