Ireland’s self-employed must earn 25% – 30% gross more each year to match PAYE counterparts

Ireland’s self-employed must earn 25% – 30% gross more each year to match PAYE counterparts

by MyMortgagesCategories Uncategorised

To bring their total remuneration package in line with private sector employees, in a large multi-national or with public service employees, Ireland’s self-employed have a lot of work to do. Attendees at MyMortgages.ie & Compass Private Wealth‘s holistic Financial Planning Seminar heard how it is 100% incumbent on Ireland’s small business owners to ensure they are adequately provided for both during their working life and their retirement.

The Seminar, held at the Clayton Hotel, was attended by key members of the region’s business and property industry. Speaking at the event Jonathan Sheahan, Managing Director of Compass Private Wealth, “We estimate that those owning and running SMEs in Ireland need to earn between 25%-30% gross more p.a. to come in line with some of their PAYE private and public sector counterparts. But on the flipside, self-employed have opportunities which are not available to PAYE employees, to structure their financial planning in such a way that they can really benefit from the provisions and reliefs that exist for self-employed when it comes to tax, earnings and retirement planning”.

Also speaking at the event was Jim Power, Irish Economist who said that with house price growth decelerating and huge upward pressure on private rents, combined with low interest rates, it is cheaper to buy now than rent. Joey Sheahan, Head of Credit at www.MyMortgages.ie concluded proceedings, noting that with house prices levelling off and vendors being more realistic and considering offers below guide price, there are significant opportunities for those looking to buy and we have seen a marked increase in clients agreeing purchases in Q4 2019.

If you would like to discuss mortgages, pensions, or financial planning, get in touch with joey@mymortgages.ie.


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