At Lyons Financial Services, we understand the importance of making the tax system work for you. In this article, we'll reveal strategies to help you reduce your tax burden today and secure your financial future.

1. Claim Relief for Your Medical Expenses: It still amazes us how many people let this one slip by… You can claim standard rate relief (20%) for all the medical expenses that you pay for – typically your own, your family’s and in some cases where you pay other people’s expenses. Most medical costs qualify and when you add up all those doctor visits, prescriptions, physio sessions, hospital consultations, x-rays etc., they can amount to a tidy sum. On top of this, some dental procedures such as crowns and gum treatments also qualify. Make sure you keep those receipts safe!
2. Make A Pension / AVC Contribution: With this one, you need to make a pension contribution payment to gain the benefit, but there is a growing awareness of the need to provide for our own retirement needs. We all need to save our futures, and pensions are usually the most effective way to do so. Pension contributions attract a number of tax benefits. Your contributions qualify for marginal (higher) rate tax relief within certain limits. Your pension fund grows free of all taxes. You can take a portion of your fund tax-free at retirement, with other tax mitigating strategies being used in relation to the balance. Our qualified advisers can guide you through the entire process, ensuring that your savings are maximised for your golden years. Click here to get in touch
3. Annual Gift Exemption: When you die and leave wealth behind you, this often results in tax liabilities for your estate beneficiaries. One of the ways to reduce this tax liability is to gift money to your future beneficiaries while you’re still alive. Any person can gift another person up to €3,000 per annum. without a tax liability. So for example, a couple in their later years could each gift €3,000 to their children, sons & daughters-in-law and their grandchildren etc. every year. This could significantly reduce the amount eventually to be inherited and could significantly reduce or remove any tax liability.
4. Be Clever With Financial Protection: Some people unfortunately still think that all life assurance policies and illness benefits are all the same - This is not the case. Some can be used for specific purposes while attracting tax benefits, others such as certain life assurance policies and health insurance policies qualify for income tax relief on the premiums. This area can be quite complex. Give us a call and we’ll simplify it all for you and find the most tax efficient route for you.
5. Be Aware of all Tax Credit Available to You: There are many more relief's and exemptions available, some of which may apply to you. So make yourself aware of all of the relief's available. Whether you’ve kids in college, have spent money renovating your home, are taking a training course or are commuting on public transport or cycling to work, there are potential tax saving opportunities out there for you. A little bit of research or a conversation with us just might help you to reduce that unwelcome tax burden.

Give us a call on 01 801 5808 or email us at query@LFS.ie for more information.

When it comes to securing a mortgage, choosing the right financial partner can make all the difference in your home buying experience. At Lyons Financial Services, we believe in the power of professional financial advice, and that's why we offer a Complete Mortgage Service that goes above and beyond simply finding the lowest interest rate. Let us guide you through every step of the way to ensure your best chance of success in buying your dream property.

Apply for a Mortgage Online or Talk to a Mortgage Adviser

Whether you prefer the convenience of applying for your mortgage online or want to have a personal conversation with one of our experienced mortgage advisors, Lyons Financial Services has you covered. Our dedicated team is ready to assist you in every way possible.

1. Initial Discovery Meeting: Your Unique Requirements

We kick off the process by understanding your unique requirements. Buying a home is a personal journey, and your mortgage should reflect that. We work with you to establish key mortgage selection criteria that align with your goals and financial situation.

2. Explanation of Market Jargon: Making it Simple

Mortgage terminology can be confusing. Our experts provide clear and straightforward explanations, ensuring that you understand every aspect of your mortgage, making you an informed and empowered buyer.

3. First Market Analysis: Finding the Perfect Match

Our team conducts an initial market analysis to create a shortlist of potential lenders. We consider various factors, including interest rates, processing speed, financial strength, and other costs to ensure that the lenders on your list are the best fit for you.

4. Application Support: Navigating the Process

Applying for a mortgage can be overwhelming, but you're not alone. We guide you through completing the mortgage application and position it for approval. Any hurdles that arise will be identified and overcome with our expert assistance.

5. Detailed Research: Up-to-the-Minute Market Analysis

Our team takes the guesswork out of choosing a lender. We perform detailed research, selecting the most appropriate lender based on up-to-the-minute market analysis, ensuring that you get the best deal available.

6. Application Lodgement: Getting It Done

We take care of the paperwork, submitting your application and confirming receipt by the lender. This part of the process is essential, and we manage it with precision.

7. Application Management: Staying on Track

Our 48-hour follow-up service keeps your application on track, dealing with any issues that may arise promptly. We ensure smooth communication between the lender and solicitor, so you can focus on your new home.

8. Solicitor Management: Your Legal Matters Covered

We communicate directly with your solicitor, keeping them on track and ensuring seamless interaction between your solicitor and the lender. This eliminates potential hiccups in the legal process.

9. The Final Completion Service: Stress-Free Closing

As you approach the final 24 hours of your home buying journey, stress can mount. Our dedicated team will manage the final completion process, minimising the stress and ensuring a smooth transition to your new home.

At Lyons Financial Services, we're not just about mortgages; we're about making your home ownership dreams a reality. With our Complete Mortgage Service, you can trust that you're in good hands every step of the way. Don't leave your home buying journey to chance; let us guide you to success. Contact us today to begin your stress-free mortgage journey!

In 2015, a significant change unfolded in the Health Insurance world, one that continues to influence it today. This transformation, known as Lifetime Community Rating (LCR), was a strategic move aimed at increasing health insurance uptake among the younger demographic while managing the relentless increase in premiums. 

Before to the introduction of the LCR, a concerning pattern began to emerge. Many young individuals were voluntarily dropping their health insurance coverage, planning to return to the market at a later date when they anticipated needing it more. This directly contributed to the significant rise in health insurance premiums.

Community rated markets rely on the consistent increase of younger participants, who generally file fewer claims. This helps to keep premiums manageable for all policyholders. However, the shift towards purchasing health insurance at later ages contributes to escalated premiums due to the higher likelihood of claims from older individuals. Here, the concept of Lifetime Community Rating comes into play—a framework to encourage individuals to take out private health insurance from an early stage, essential to prevent a huge increase in premiums across the board.

LCR Explained

Those purchasing health insurance for the first time after the age of 35 encounter late entry loadings on their premiums. These loadings incrementally grow over a decade, emphasising the fact that earlier uptake leads to lower costs in the future. For example, taking out your first policy at 35 results in an additional 2% charge, while at 36, this escalates to 4%. Should you acquire Health Insurance for the first time at the age of 44, the annual premium increase amounts to a substantial 20%.

The need for advice

There are a number of conditions and rules around Lifetime Community Rating, and we’ve touched on some of them below. Advice should be sought from a health insurance expert in relation to these – we of course suggest that you talk to the Health Team in Lyons Financial Services. These include the below:

• There are several situations in which credit will be provided, such as for previous periods of health insurance and for some periods of unemployment.
• People who are migrating to Ireland have up to 9 months to take out health insurance, without a loading applying.
• If you had private health insurance previously, but let it lapse, the level of loading is reduced by the number of previous years health insurance cover.
• The maximum loading that can apply is 70% of the total premium. A loading of 70% only arises on very rare occasions, where a person aged 69 or older is purchasing private health insurance for the first time and then for a maximum period of 10 years.
• An individual insurer cannot make an exemption for you from the LCR loading – they cannot waive it.
• Switching from one insurer to another or from one policy to another does not affect the applicable loading. Loadings, if any, will continue to apply and insurers are required to supply each other with proof of an individual’s prior cover.

Lifetime Community Rating introduced a new level of complexity into the Irish health insurance market. Where confusion exists, so does the need for advice. We suggest that you speak to a member of the Health Team at Lyons at 01 801 5808 or query@LFS.ie to discuss the best route forward for you in relation to your health insurance needs.