Your personal finance questions – Does it make tax sense for my wife to stop working?

A Generally speaking, when one spouse earns above the standard rate threshold (SRCOP – the amount of income you can earn before going to the 40pc income tax rate) and the other caring for children at home, and are assessed together, there are significant tax savings to be made, according to Taxback.com director Barry Cahill.

Under joint assessment, a couple is entitled to an increased standard tax rate bracket (meaning you can make more money before you hit the top income tax rate) than a single person) and you are entitled to personal tax credits for married persons.

Where only one spouse works, with the increase in the standard rate tax bracket, a married couple can currently earn up to €45,800 before being hit with the higher tax rate, Mr. Cahill.

As you are assessed together, if one of the spouses stays at home to take care of a child for whom you or your spouse receive family allowances from the Ministry of Social Protection, you can also benefit from the tax credit for home help of €1,600. .

Q Is it true that VHI Healthcare has now retired the Health Plus Premium plan? My health coverage is very important to me and I have had it for a very long time. So what are my options?

A This VHI Healthcare plan is no longer available for renewals as of May 1. This is because the insurer has reduced the total number of plans it offers in an effort to simplify the choice of plans.

HIV Healthcare is writing to all members and offering them the option to upgrade to the Premium Care program which is the next plan and is a cover upgrade, according to Dermot Goode of TotalHealthCover.ie. This new plan was priced at €4,597 per adult, but has now been reduced to €4,000 per adult from May. Mr Goode said he understood that VHI Healthcare was offering such members a 5% discount to switch to the new plan, bringing the cost down to around €3,790.

This is slightly lower than the previous cost of Health Plus Premium (it was €3,861 before its retirement). In summary, the proposed new plan is better than the previous plan and has a special discounted rate for at least next year, Mr Goode said.

Q I just spent €3,400 on a new patio set, fire pit and BBQ. It’s a lot of money to spend, but we make good use of our garden. Will this be covered under the contents of my home insurance, or will I need to get an add-on or even a separate policy to cover it?

A Standard home insurance policies with buildings and contents coverage usually extend to insure your patio furniture or any outbuildings such as a shed or garage. This means they will provide cover for home gardening equipment according to People Insurance managing director Paul Walsh. There are, however, a number of exclusions when it comes to content, and in particular items stored in your garden, he said.

Some insurers will cover items such as garden furniture up to a certain amount, usually in the range of €650 to €1,500 in any claim relating to the contents of the garden.

Mr. Walsh said that in your case, your coverage would only extend to about 20-40% of the cost of your suite, in the event of theft and certain causes of damage. He added that it’s worth remembering that because most garden furniture is stored outdoors, damage from freezing or weather wear and tear is generally excluded from most policies.

Many insurers allow you to upgrade your coverage by paying extra, which would protect you from accidental damage. However, it’s worth checking this before you pay as most limit garden furniture cover to around €3,000 – something to bear in mind with a fire pit – or even theft.

It’s worth bearing in mind that some insurers may require you to securely store or cover big-ticket items, such as a barbecue, the People’s Insurance official said.