The previous Government signalled that they planned to implement a Benefit in Kind (BIK) charge of €200 per annum for employees that take advantage of free parking at their workplace within certain urban areas.
Thankfully the new Government has announced that they will not be implementing the policy.
FS
Sunday, 26 June 2011
Cycle to Work Scheme
The Cycle to Work scheme was the brain child of the Greens in the last Government, and so far seems to have been quite a positive policy. It encourages people to start cycling to work with all the inherent pluses to your health, the environment and ease congestion on the roads.
It works like this. You can buy a bike and associated equipment up to the value of €1000 and take advantage of tax relief at your marginal rate of tax (20/41%). Your employer effectively buys the bike and you pay back the amount due (less the tax relief) directly from your wages over the next 12 months.
You are not obliged to actually use the bike to get to work (or ever!) but anything that gets people spending again is to be praised.
http://www.bikescheme.ie/
FS
It works like this. You can buy a bike and associated equipment up to the value of €1000 and take advantage of tax relief at your marginal rate of tax (20/41%). Your employer effectively buys the bike and you pay back the amount due (less the tax relief) directly from your wages over the next 12 months.
You are not obliged to actually use the bike to get to work (or ever!) but anything that gets people spending again is to be praised.
http://www.bikescheme.ie/
FS
Public Transport fare hikes in 2011
Minister for Transport Leo Varadkar announced during the week that due to falling usage, fare hikes and service cuts on our already poor public transport system is due later this year.
This 'Twilight Zone' method of thinking can only be justified in the public sector. In the real world if sales are down you try to attract customers with cheaper prices, better levels of service. Once again this is likely to hit the people who can least afford it.
FS
This 'Twilight Zone' method of thinking can only be justified in the public sector. In the real world if sales are down you try to attract customers with cheaper prices, better levels of service. Once again this is likely to hit the people who can least afford it.
FS
Saturday, 25 June 2011
Are you a loyal ESB customer?
If you like many people resisted the call to make the 'big switch' over the last couple of years and have stayed loyal to the ESB you must have been happy to hear the fanfare surrounding the headline price reductions announced by the ESB as they are now allowed to complete in the market again.
You would imagine your loyalty would be rewarded and all existing customers would move automatically to the new lower tariffs, unfortunately this is not the case, you need to opt in to the new plan. Details are available on https://www.esbelectricireland.ie/switchchange/allPricePlans.htm .
A somewhat sneaky tactic that relies on the ignorance of their existing customers.
FS
You would imagine your loyalty would be rewarded and all existing customers would move automatically to the new lower tariffs, unfortunately this is not the case, you need to opt in to the new plan. Details are available on https://www.esbelectricireland.ie/switchchange/allPricePlans.htm .
A somewhat sneaky tactic that relies on the ignorance of their existing customers.
FS
Save money on your TV service
Saorview is the new Irish Digital TV service which allows you digital TV and HD channels with no monthly bill. All that is required is the once off purchase of a set top box. The snag is that your basically limited to the RTE and TV3 channels, so if your like watching Alan Sugar telling people they're fired it may not be for you but if your a relatively light TV watcher this could save you hundreds of euro every year by ditching your current provider.
http://www.saorview.ie/
FS
http://www.saorview.ie/
FS
Thursday, 23 June 2011
Whats your credit rating?
We have all heard that the different credit rating agencies have downgraded Irelands creditworthiness time and again over the last few years but have you ever wondered what your personal credit rating is?
The Irish Credit Bureau allows you to do this. The reports they prepare can be help full if you plan to apply for credit (or if you wonder why you have been turned down for a loan). There is a fee to access your credit report, currently €6.
See www.icb.ie to apply.
FS
The Irish Credit Bureau allows you to do this. The reports they prepare can be help full if you plan to apply for credit (or if you wonder why you have been turned down for a loan). There is a fee to access your credit report, currently €6.
See www.icb.ie to apply.
FS
Wednesday, 22 June 2011
2nd Home Tax for 2011 due now!
Just a reminder to anyone with a rental property or holiday home in Ireland that to avoid penalties, you should pay the annual second home tax (€200) online before June 30th.
Further details from https://www.nppr.ie/
All the proceeds from this tax goes to the county council in the area where the property is. Its not clear if people currently liable for the NPPR tax will also have to pay the local area charge that's being introduced in Budget 2012 (as both go directly to the local council) but chances are that you will be charged both.
FS
Further details from https://www.nppr.ie/
All the proceeds from this tax goes to the county council in the area where the property is. Its not clear if people currently liable for the NPPR tax will also have to pay the local area charge that's being introduced in Budget 2012 (as both go directly to the local council) but chances are that you will be charged both.
FS
Sunday, 12 June 2011
Cut your Health Insurance Costs
Health insurance is one of the most expensive insurances available on the market. Most people search for the best quote every year for their car insurance, why don't we shop around for the best value health insurance as well?
You are free to switch between the three main health insurance providers in Ireland and you will not have to serve any waiting period, all pre existing conditions are covered, as long as your cover is continuous. The insurers are obliged to provide the cover and the costs are the same if your 25 or 75, this is due to the 'community rating' system which operates in Ireland.
If you were to cancel your health insurance and try and reinstate it a year later say, you may have to serve a 6 month waiting period for new conditions and 5 years for existing conditions, so it is important to keep cover going if at all possible.
There is a bewildering amount if plans available, speak to your advisor or compare the plans and cover provided on the Health Insurance Authorities (HIA) website http://www.hia.ie/.
The health insurers offer cheaper rates to company schemes then they do to individual members of the public. By law these company rates are available to everyone, this is not something that the companies shout about. There may be a plan which is identical to your own in every way and it may have a different name but can be dramatically cheaper.
Below please see the links to the company scheme details for Aviva, VHI and Quinn Healthcare.
http://www.avivahealth.ie/employers/
http://www.vhi.ie/jsp/employers/healthplans.jsp
http://www.quinn-healthcare.com/for_employers.htm
Remember you are entitled to be quoted for these company plans, make that call and save some money.
FS
You are free to switch between the three main health insurance providers in Ireland and you will not have to serve any waiting period, all pre existing conditions are covered, as long as your cover is continuous. The insurers are obliged to provide the cover and the costs are the same if your 25 or 75, this is due to the 'community rating' system which operates in Ireland.
If you were to cancel your health insurance and try and reinstate it a year later say, you may have to serve a 6 month waiting period for new conditions and 5 years for existing conditions, so it is important to keep cover going if at all possible.
There is a bewildering amount if plans available, speak to your advisor or compare the plans and cover provided on the Health Insurance Authorities (HIA) website http://www.hia.ie/.
The health insurers offer cheaper rates to company schemes then they do to individual members of the public. By law these company rates are available to everyone, this is not something that the companies shout about. There may be a plan which is identical to your own in every way and it may have a different name but can be dramatically cheaper.
Below please see the links to the company scheme details for Aviva, VHI and Quinn Healthcare.
http://www.avivahealth.ie/employers/
http://www.vhi.ie/jsp/employers/healthplans.jsp
http://www.quinn-healthcare.com/for_employers.htm
Remember you are entitled to be quoted for these company plans, make that call and save some money.
FS
Friday, 10 June 2011
PIBA speaks out about banks taking a sneeky peek
Professional Insurance Brokers Association chief executive Diarmuid Kelly has spoken out about some sharp practice by the banks which is said to be 'widespread' at the moment.
Banks are examining their customers direct debits in an attempt to up sell them on their own life assurance and other products.
It seems they will look through the list of customers direct debits and if they notice payments to life assurance companies they will contact them to try and get them to change their cover to their own providers.
While people should regularly ensure that they are getting value for money from the financial products they have, it must be remembered that the banks will only be able to quote customers on products from life companies either owned by the bank, or acting as 'tied agents' to the bank. A independent financial advisor/broker will be able to quote you from a number of life companies, ensuring that you are getting proper advice on the products you choose. Strictly speaking cheapest is not always best, everyones personal needs are different and you should ensure that the advice you get takes the whole market into account and not just a single life company.
In retort the Irish Banking Federation have advised that the practice is not in breech of the Consumer protection code or data protection legislation.
FS
Banks are examining their customers direct debits in an attempt to up sell them on their own life assurance and other products.
It seems they will look through the list of customers direct debits and if they notice payments to life assurance companies they will contact them to try and get them to change their cover to their own providers.
While people should regularly ensure that they are getting value for money from the financial products they have, it must be remembered that the banks will only be able to quote customers on products from life companies either owned by the bank, or acting as 'tied agents' to the bank. A independent financial advisor/broker will be able to quote you from a number of life companies, ensuring that you are getting proper advice on the products you choose. Strictly speaking cheapest is not always best, everyones personal needs are different and you should ensure that the advice you get takes the whole market into account and not just a single life company.
In retort the Irish Banking Federation have advised that the practice is not in breech of the Consumer protection code or data protection legislation.
FS
Thursday, 9 June 2011
Cost of living still rising, but at a slower rate.
Figures released by the CSO this morning show that the the consumer price index rose by 0.1 per cent last month. This compares to a 0.4 per cent jump between March and April, and a 0.9 per cent in the previous two months.
The annual rate of inflation now stands at 2.7 per cent - meaning that prices were 2.7 per cent higher last month than they were in May 2010. However, this is lower than the annual inflation rate of 3.2 per cent recorded in April.
Taken From:
http://www.irishtimes.com/newspaper/breaking/2011/0609/breaking19.html
The annual rate of inflation now stands at 2.7 per cent - meaning that prices were 2.7 per cent higher last month than they were in May 2010. However, this is lower than the annual inflation rate of 3.2 per cent recorded in April.
Taken From:
http://www.irishtimes.com/newspaper/breaking/2011/0609/breaking19.html
Possible Income Tax hike in Budget 2012?
In another election pledge U turn, Finance Minister Michael Noonan today refused to rule out a rise in Income tax in December's budget. It is to give effect to the pension fund levy and VAT cuts announced in the jobs initiative.
But in the Dail, Minister Noonan appeared to suggest he cannot guarantee no tax hikes in the budget.
Mr Noonan said: "I am not going to rule out any tax initiative, or any tax increase or any tax reduction."
FS
But in the Dail, Minister Noonan appeared to suggest he cannot guarantee no tax hikes in the budget.
Mr Noonan said: "I am not going to rule out any tax initiative, or any tax increase or any tax reduction."
FS
No change in Interest Rates
Today the ECB announced that they will leave the interest rates steady at 1.25%. How ever JC Trichet confirmed that they would exercise "strong vigilance" over inflationary pressures during the next month. In ECB code this means that a rate hike (probably 0.25%) will follow in July.
FS
FS
Tuesday, 7 June 2011
Some Excellent advice on managing Credit Card Debt
'Its your money.ie' have published some excellent tips on managing your credit card debt. Credit cards will generally be the most expensive form of consumer credit and in general should always be the first debt you should look at paying down.
Please see the below.
http://www.itsyourmoney.ie/iym/creditcarddebt
FS
Please see the below.
http://www.itsyourmoney.ie/iym/creditcarddebt
FS
Saturday, 4 June 2011
Water and Property tax saga rumbles on
The honeymoon period is definitely over for the coalition partners, wage agreement abolition, water and property taxes, college fees and pension levies all seem to be bugbears between the two parties. The one thing this is lacking at the moment is detail. We should expect to get some definition in the coming weeks. Either way it means less money in all our pockets.
FS
FS
Save Money on Cruise Holidays
Cruise holidays are the fastest growing sector in the holiday market and its easy to see why. It combines the possibility of lazing by a pool just like a normal resort holiday, with the opportunity to sample some great locations every day, basically its a moving resort.
Air travel is becoming a less and less attractive prospect every year, rising charges and security are putting paid to the romantic notion espoused by Frank Sinatra in 'Come fly with me'. Cruise holidays have picked up where the traditional holidays have left off, and its cheaper then you think.
All inclusive is a concept which may conjure up images of sun burned holiday makers shoveling plates of bad quality food into themselves. The experience on a cruise is somewhat different, you will have the opportunity to have your burger and chips should you wish but you can also sample a fine dining menu every day of the week, if wines are your thing then you will have the opportunity to work your way through a floating wine cellar.
Your food will generally be included, your entertainment is well catered for, all the while you will be treated like royalty. Depending on which cruise line you choose, the only things that you will pay for is alcohol, shore excursions, on board shopping (duty free is exceptional value) and some speciality restaurants which may have a cover charge.
You can avoid the expensive charge for the organised shore exclusions by simply doing some pre cruise research, find out what you want to see and take taxis or local buses. If your ship is stopping at anything more than a rural hamlet, there may be a tourist open top bus which will give you a guided tour at a fraction of the price.
Take your own wine: most lines will allow you bring some alcohol on board with you to drink in your cabin or to enjoy over dinner. You will likely have a fridge and ice in your stateroom. If you bring it to the dining room there may be a cover charge but will still be a lot cheaper than choosing from the wine list.
One aspect of cruising that has the ability to infuriate new cruisers is the idea of gratuities. In Ireland, never known for our love of the 'tip', you will likely pay a little extra if you are in receipt of exceptional service. The cruise culture seems to demand that you pay gratuities automatically, $10/$12 dollars per day per person. Despite what their literature says, the gratuities makes up 90%+ of their staffs salary. In effect the headline price of your cruise would increase dramatically if the lines began paying their staff a fixed and decent salary. This stealth charge can be easily removed. Simply opt out on your first day at the pursers desk and you will not be charged this automatic fee. This frees you up to give tips to your regular waiters/cabin staff at the end of the cruise. This really allows you to recognise the phenomenal quality of care you receive directly.
Last minute offers can provide incredible value to get away, as you can imagine if its two weeks until the ship sets sail and they have 200 cabins to fill you will get a deal. If the ship sails with empty cabins, that's wasted profits for the company.
Contact your tour operator or check online to find the right cruise to meet your attitude.
FS
Air travel is becoming a less and less attractive prospect every year, rising charges and security are putting paid to the romantic notion espoused by Frank Sinatra in 'Come fly with me'. Cruise holidays have picked up where the traditional holidays have left off, and its cheaper then you think.
All inclusive is a concept which may conjure up images of sun burned holiday makers shoveling plates of bad quality food into themselves. The experience on a cruise is somewhat different, you will have the opportunity to have your burger and chips should you wish but you can also sample a fine dining menu every day of the week, if wines are your thing then you will have the opportunity to work your way through a floating wine cellar.
Your food will generally be included, your entertainment is well catered for, all the while you will be treated like royalty. Depending on which cruise line you choose, the only things that you will pay for is alcohol, shore excursions, on board shopping (duty free is exceptional value) and some speciality restaurants which may have a cover charge.
You can avoid the expensive charge for the organised shore exclusions by simply doing some pre cruise research, find out what you want to see and take taxis or local buses. If your ship is stopping at anything more than a rural hamlet, there may be a tourist open top bus which will give you a guided tour at a fraction of the price.
Take your own wine: most lines will allow you bring some alcohol on board with you to drink in your cabin or to enjoy over dinner. You will likely have a fridge and ice in your stateroom. If you bring it to the dining room there may be a cover charge but will still be a lot cheaper than choosing from the wine list.
One aspect of cruising that has the ability to infuriate new cruisers is the idea of gratuities. In Ireland, never known for our love of the 'tip', you will likely pay a little extra if you are in receipt of exceptional service. The cruise culture seems to demand that you pay gratuities automatically, $10/$12 dollars per day per person. Despite what their literature says, the gratuities makes up 90%+ of their staffs salary. In effect the headline price of your cruise would increase dramatically if the lines began paying their staff a fixed and decent salary. This stealth charge can be easily removed. Simply opt out on your first day at the pursers desk and you will not be charged this automatic fee. This frees you up to give tips to your regular waiters/cabin staff at the end of the cruise. This really allows you to recognise the phenomenal quality of care you receive directly.
Last minute offers can provide incredible value to get away, as you can imagine if its two weeks until the ship sets sail and they have 200 cabins to fill you will get a deal. If the ship sails with empty cabins, that's wasted profits for the company.
Contact your tour operator or check online to find the right cruise to meet your attitude.
FS
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