BUDGET 2022 was announced on 12th October.
Below you will find main aspects affecting small – medium companies and self- employed:
Personal Tax Credit increased by €50 to €1,700
Employee Tax Credit/Earned Income Tax Credit also increased by €50 to €1,700
Amount you can earn before suffering income tax at 40% increased by €1,500 to €36,800
Employment Wage Subsidy Scheme to be extended beyond December 2021 to 30 April 2022 albeit at reduced rates
VAT rate on hospitality and tourism sector to remain at 9% until 31 August 2022
Commercial rates holiday to be extended to end of 2021 with amended conditions meaning not all businesses will qualify
Amendment of Debt Warehousing Scheme which will benefit company directors
Working from Home – improved tax relief for utilities and broadband costs incurred by employees working from home
Corporate tax rate to increase to 15% for companies with annual turnover in excess of €750m from 01 January 2023 at the earliest. 12.5% rate to remain for all other companies.