A Summary
We have highlighted below the most common changes that will be relevant to our clients and a summary of the main changes.
- Standard Rate tax band of 20%, to increase by €3,200 from €36,800 to €40,000.
- Personal tax credit will rise from €1,700 to €1,775.
- Employee tax credit and the Earned Income Tax Credit will also increase from €1,700 to €1,775.
- The 2nd USC band increases from €20,687 to €22,920 due to the increase in the minimum wage.
- Small benefit exemption will rise from €500 to €1,000. In addition, two vouchers can be given under the exemption in this tax year if an employer wishes to do so.
- Personal tax credits for carers will also increase by €100, from €1,600 to €1,700
- Under Business Energy Support Scheme (BESS), businesses can avail of grants up to €10,000 p.m., per premises to help with their energy costs, subject to meeting certain criteria
