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 €1,700Employee Tax Credit/Earned Income Tax Credit also increased by €50 to €1,700Amount you can earn before suffering income tax at 40% increased by €1,500 to €36,800Employment Wage Subsidy Scheme to be extended beyond December 2021 to 30 April 2022 albeit at reduced ratesVAT rate on hospitality and tourism sector to remain at 9% until 31 August 2022Commercial rates holiday to be extended to end of 2021 with amended conditions meaning not all businesses will qualifyAmendment of Debt Warehousing Scheme which will benefit company directorsWorking from Home – improved tax relief for utilities and broadband costs incurred by employees working from homeCorporate 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.