Contact Us

Minister for Finance, Paschal Donohoe, delivered the 2020 budget today, Tuesday 8th October 2019. 

This budget announcement was a rather subdued affair as the clock ticked down to the cliff edge of a No Deal Brexit.

Running alongside Brexit was a focus on Climate Change with the much flagged increase in Carbon Tax coming to fruition at an increase of €6 per tonne.

We take a look at how Budget 2020 affects small businesses and the self-employed:

  • Earned Income Tax Credit for the self-employed increased by €150 to €1,500
  • Employers PRSI rates increased by 0.1% - from 10.95% to 11.05% and from 8.7% to 8.8%
  • Home Carer Credit increased by €100 to €1,600
  • Research & Development Tax Credit amended to make it more attractive for SMEs to avail of the scheme
  • Changes to KEEP Share Incentive Scheme – part time employees can now qualify for the incentive
  • EIIS Scheme enhanced – Full Income tax relief to be provided for investors in year of investment and investment limits increased
  • Help to Buy Scheme extended for a further 2 years
  • Commercial Stamp Duty to rise by 1.5% to 7.5%
  • Gift/Inheritance Tax – Group A Threshold, which covers gifts/inheritances from parents to their children, has been increased by €15,000
  • Dividend Withholding Tax to rise to 25% in 2020 with a new regime being introduced in 2021
  • The Capital Gains Tax Relief for Farm Restructuring is being extended to 2022

 

For the full TaxAssist Accountants Budget Summary, please click here. 

For a 2020 Tax Rate Card, please click here. 

 

Join us in three easy steps

1 Sample image

Get in touch

Arrange a free consultation in person or via video with your local accountant. It’s an informal chat to get to know you and find out more about the help you are looking for.

2 Sample image

Chat to an expert

We clearly explain the support available to you and are happy to act as business advisors in order to help you grow your business.

3 Sample image

Get a fixed quote

Our fees are fixed and tailored specifically to each individual's needs, so that you only pay for the level of support and services that you require.

Resources

Other pages within this section:

Previous Next