It’s almost the end of 2018.  Here are Moneycube’s five to-dos to wrap up your 2018 investments and finances.

1. Review your capital gains tax position

If you purchase shares directly, this one’s for you.

Some investors will be sitting on losses following recent market moves.  Combined with the annual capital gains allowance of €1,270, now could be a sensible time to carry out transactions to reduce your capital gains tax liability.  You can offset the gains on your winners with any losses you have incurred, and reduce the liability on the rest by your annual CGT allowance.

After that, now might be a good time to talk to Moneycube about diversifying your portfolio by investing in funds…

2. Consider giving money to your children or grandchildren

In Ireland you can give up to €3,000 per year to anyone, tax-free for you and them.  It’s called the small gift exemption.

This can add up quite quickly.  For example, if you and your spouse each gave €3,000 to your son, his wife, and their two children, you could send €24,000 their way each year, with no capital gains tax or inheritance tax consequences.

3. Take stock of your tax reliefs

You can receive tax relief on medical expenses, education costs and more.  You may want to accelerate some of these payments into December.  That way you’ll get the benefit of the deduction in your 2018 taxes rather than waiting for another 12 months.

Revenue’s MyAccount service makes it fairly easy to claim tax credits and tax relief online.

4. Start thinking your 2018 pension contribution

Yes, you’ve got until the 2018 income tax deadline to do it.  But now is a great time to take a look at your 2018 earnings and cash position, and consider what you could do to top up your pension.  (We can help).

Remember if you make that contribution soon, and turn your tax return in early in 2019, you’ll receive the tax deduction sooner, and get your money to work in your pension quicker.

5. Consider your investing plans for 2019

2018 has produced winners and losers in the investment game.

If you have invested in diversified, actively managed funds with exposure to several asset classes, you will have been protected from the worst of the recent market movements.

If you’re excessively exposed to a handful of stocks, such as Irish favourite Ryanair, or you followed last year’s craze for Bitcoin, you’ll have had a worse time.  Now might be a sensible time to rebalance your investments.

Talk to Moneycube about how we can help you diversify your investments and your investing plans for 2019.


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