ETF payment to Irish Life

If you want to make an ETF payment to Irish Lifey you’ll need their bank details, but before you do that it’s worth considering what you are about to do and why.

We assume the ‘why’ part is that you are buying a financial product or funding one, that could mean either buying some type of assurance policy or topping up a pension, but have you considered the alternatives? If you went through a broker then perhaps you have, but if you didn’t then you might want to consider some independent advice because not all policies, charges or choices are universal, they differe across different providers.

We can help you determine what pension plan may suit you the most, or what fudn is most appropriate to your needs. Not only that, we can often get peole a higher allocation (and reduced fees) which means you get more bang for your buck (euro) than you would otherwise because a broke can manipulate the charges more favourably towards a client than the insurance companies do directly. So consider giving us a call, …

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Ireland and Massachusetts (USA): Compare and Contrast of Jobseeker’s Allowance

Unemployment is a stressful time of one’s life. The fear of not knowing where your next paycheck is going to come from, and if you are going to have enough to put food on your table, is very real for many people. I will examine the different government allowances in Ireland and the United States to see how these countries compare and contrast when helping out their unemployed when they are finding their next jobs.

In Ireland, Jobseeker’s Allowance is a type of payment that Ireland government pays the unemployed. The allowance payment is a means-tested payment, meaning an unemployed individual would have to fall lower than the average of specific income qualifications. This allowance payment is paid out by the Department of Employment Affairs and Social Protection (DEASP). To qualify, one must:

Be Between 18 and 66 Be Unemployed Actively be seeking work (with proof) Satisfy the means-test Be a proven habitual resident (living in Ireland with some permanence)

In order to satisfy the means-test, the DEASP observes your personal cash income, savings and other assets. However, the DEASP …

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Demand Outweighs Supply: Significant Interest in 500 New Affordable Houses

The Irish Times reports that the County Council of south Dublin has a plan to build 500 new affordable homes. This is the first time a plan has been put in place to build affordable housing in south Dublin for well over a decade. The houses are planned to cost roughly €300,000. Therefore, for first time buyers, in order to purchase, the home buyers would have to place a down payment of €30,000. However, the home buyers could also benefit from the Help to Buy Scheme. Since the home buyers are purchasing affordable housing that is less than 500,000 euro, the first time buyers could receive a tax rebate of 5% of the 300k if the home buyers take out a mortgage of at least 70% of the home’s price. This €15,000 rebate could be very beneficial to most first time home buyers. In addition, the Irish Times predicted that the affordable homes will be 40% less than market price, a significant savings.  

As reported by the Irish times, the homes will be available in three locations. The first time …

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Helping the Homeless: Ireland vs. U.S.

There’s no question that within the last five or so years, the homeless population in Ireland has significantly increased. People in less than ideal conditions can be seen while walking down the streets of Dublin. Although unemployment in Ireland is nothing new, as with any country, there has been a noticeable increase in that population. “Focus Ireland” found that since 2007, the total homeless population has more than tripled. It seems that in the United states however, the opposite is occurring. Since the same year (2007), the homeless population in the U.S. has decreased by roughly 15% (which is almost 100,000 individuals). Whether a countries homeless population is on the rise or decline, there will always be some amount of homeless. So, the question remains: What does each country do to support this continuous population?

In Ireland, there are things such as soup runs and emergency sleeping accommodations for rough sleepers (people physically sleeping on the streets). For the most part, there are places to get some food and possibly a place to stay. These however are very short-term solutions. …

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Brexits impact on Insolvencies

The date in which the UK is due to leave European Union is quickly approaching. Less than 100 days remain until Brexit is likely to occur. David Van Dessel, a partner at the consulting  group Deloitte, stated that if the UK ends up crashing out of the EU without a deal it could have a “material impact” on company bankruptcy levels throughout Ireland.

According to Deloitte, the impact of a hard Brexit on Irish businesses may not be apparent until the next year. In other words, the material impact will be more likely to be a depicted in 2020 insolvency statistics.

Van Dessel also discussed how directors are veery slow to ask for external assistance when their business is in the midst of financial troubles, especially family businesses. Family companies tend to deal with issues more privately. Generally, when a company is in trouble the common approach is to sell more, but the problem is normally much greater than lagging sales.

For companies directly effected by Brexit, the financial impact may be quick after implementation, but there will be a …

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New rent laws

Holiday homeowners must now have planning permission to rent out their property to tourists or stays ip to two weeks. This new rule are in effect as the start of July, 2019. The new rental law only applies to properties in a rent-pressure zone (RPZ). An RPZ is a zone where rent is typically above the national average.

This summer could mark the last summer that holiday home owners in the RPZs will be able to rent out their properties to tourists. Property owners will be breaking the rules if they continue to rent their homes out to tourists unless they are granted the planning permission to do so. Failing to get planning permission for renting to tourist can result in fines up to  €5,000 or six months of imprisonment – or both.

Homes that are not effected by the rental restrictions can be defined as homes which were purposely designed, constructed and approved to be dedicated to tourism accommodation.

According to Jacinta Doolan, the founder of Trident Holiday Homes, about 80% of holiday homes throughout Ireland do not have planning …

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Property Taxes

According to the Nevin Economic Research Institute (NERI), property taxes should be raised drastically to diversify tax revenue sources and to address issues of rising wealth inequality. As the government prepares its 2020 budget for 2020, increasing property tax is considered.

The trade union affiliated think-tank proposed ideas that represent a major shift in the tax system and the Government has always manages to neglect changing property taxes because of the associated political unpopularity.

Currently, the Government collects much less property tax revenue than most other European Union countries. Revenue from property taxes equates to only 23.3% of gross domestic product (GDP), while the average tax revenue in the EU amounts to 38.9% of GDP. In comparison with the rest of the EU, Ireland is much more dependent on VAT and excise tax revenues. VAT and excise tax generally have a greater negative impact on the less well off than the impact on wealthy.

Property taxes are the most difficult for the extraordinarily wealthy to avoid according to NERI’s senior economist Tom McDonnell. He continued to denote that underlying assets …

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Homecare services soar

The Health Services Executive of Ireland, or HSE, is a government funded organization created in 2004 under the Health Act. It’s aim is to support the people of Ireland with the social and health related resources necessary to achieve their potential. Additionally, it gives Irish citizens the access to safe, compassionate, and quality health care at home or at a medical center. 

Within the recent years, there has been an influx in the population of adults that are in need of in-home services. The HSE has been outsourcing most of their at-home care business to businesses that are outside of the government, despite the high costs that come with this type of service. According to recent reports, the prices for this type of service can be twice the cost of Health Services Executives. 

Mary Butler, who is a spokesperson for older people, has looked into data and found that the HSE has outsourced basically all of their home care in the nation’s capital. Additionally, smaller cities such as Dún Laoghaire, Dublin south-east, Wicklow, Co Kerry, Co Cork, Co Donegal, Co …

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Pensions

Pensions in Ireland is paid to people from the age of 66 who have enough social insurance contributions. People who qualify for a state pension are also allowed to have other incomes and still receive the State pension. The State pension is taxable, but if the pension is the only source of income it is not likely to be taxed.

In order to qualify for the State pension an individual must have started paying social insurance before the age of 56 and have paid at least 520 full rate social insurance contributions. An individual must also have at least 48 paid or credited full rate contributions from the year they started insurable employment until reaching 66 years of age.

Recent research has shown that only 32% of people would like to continuing to work after the age of 66. This is concerning due to the increasing financial pressure leading to delay in retirement. Another recent statistic gathered from 1,000 employers revealed that only 61% of employees believe that they will have no choice but to work past the age of …

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Brexit-proofing your business

What is the best way to protect your business and employees from the unpredictability of the economy and general business sector in a post-Brexit state? Skillnet Ireland seems to have an answer to that problem– increased training. This national agency’s main goal is to facilitate education in the workforce so that Irish workers can be highly skilled in all of the new and dynamic tools in order to be able to compete as a nation against other highly skilled nations.

During last year alone, the company has trained over 56,000 Irish workers in the small-to-medium business sector so that these smaller companies will have the edge up on larger corporations. Skillnet can provide assistance and training through classes with the help of 50 other diverse industry partners. 

The largest category that has participated in the upkeep and acceleration of their workers skills through these classes is micro-firms. Out of the 16,462 firms that participated in educational courses, 56pc of them were smaller than 10 people. Agriculture and general services were the largest overall sectors that felt the need to update …

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