QI have a tracker mortgage, so my mortgage bill has gone up twice since last July as a result of two interest rate hikes by the European Central Bank. The interest rate on my Tracker mortgage was 1.5 percent before the ECB started raising his rates in July. It’s now 2.75pc, almost double. Trucker mortgages have always been considered gold dust, but as we fear the ECB may raise interest rates again in the coming months, our mortgage bills will be even higher. I am considering fixing my mortgage. Is it a good idea to give up trackers and pay off your mortgage?
a Tracker mortgage rates are among the first to rise when the ECB raises rates. They’re also the first to drop when interest rates are cut, according to Joey Sheahan, head of credit at mymortgages.ie.
Some lenders have recently increased their fixed rates, but it’s possible to peg your home loan at an interest rate lower than the current Tracker rate of 2.75%. His 4- and 5-year fixed rates around 2% or 2.25% still exist.
Choosing a fixed interest rate now will ensure you are protected against further interest rate increases.
Choosing a fixed interest rate now will ensure that interest rates do not rise further.
You may face penalties if you pay off your mortgage early to move, so fixing your mortgage is not recommended if you plan to move soon. However, some lenders are more generous than others.
If you keep the tracker rate, it will go down when interest rates start to go down. Still, no one knows when rates will start falling or how long they will rise, Sheehan said.
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Q I am self-employed and preparing to file my next tax return. Last year I came across additional income from 2020 that I accidentally did not submit. Is it best to contact Revenue directly on this matter or just include it in my 2022 submission? Will I be fined?
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a If you find that you’ve made a mistake in your self-assessment, you should immediately contact your local revenue agency and explain the mistake and its cause, says Marianne Ryan, consumer tax manager at Taxback.com. .
In this case, the deadline for the 2020 tax return was October 31, 2021, so you have time to correct it yourself. Self-correction is available to taxpayers without penalty if certain conditions are met.
Taxpayers must notify the Revenue Department of any adjustments within 12 months of the filing deadline date. Taxpayers must submit correct tax and statutory interest calculations and attach the full amounts to their amended return filings. Mr. Ryan said.
Submitting an amended return to ROS does not constitute notice to Revenue
Please note that filing an amended return with the ROS does not result in notification to the Revenue Service, as written notification is required. This can also be done via ROS. Even after the self-correction deadline has passed, taxpayers will continue to be able to take advantage of the benefits associated with non-prompted qualified disclosures.
An unprompted qualified disclosure is considered a qualified disclosure before the Revenue Service issues a notice of intervention. With the taxpayer’s full cooperation, he will be fined at least 3 percent for negligent behavior, and 20 percent for his lack of full cooperation.
Legal interest applies in both cases.
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Q We are a family of 2 adults and 2 infants on the VHI First Care 150 Day-to-Day plan. is this a good cover?
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a According to TotalHealthCover.ie broker Dermot Goode, this is an affordable semi-private plan at €965 per adult and €192 per child.
If you’re happy with your coverage, Good said he doesn’t recommend changing it. However, the plan does not have high-tech heart insurance and for certain private hospitals, the plan only covers his 75pc.
If you are interested in upgrading your cover, we recommend that you consider the VHI Company Plan Plus Level 1.3 Corporate Plan. The cost is €1,245 for adults and €319 for children.
This is a more inclusive scheme subject to full high-tech cardiac cover, semi-private full cover at all standard private hospitals, policy overruns, and includes increased reimbursement of outpatient costs.
You can also split the cover. This means that you can upgrade only the perks for adults and keep your kids on the same plan if they want.
