Budget 2024

Budget 2024 was presented by Minister Michael McGrath today, which brought some interesting new incentives for landlords, and put money back into the pockets of all working people.

The budget’s main aim was to deliver money back to workers and businesses with the goal of providing a buffer against recent cost of living increases.

Here, we take a look at how Budget 2024 affects small businesses and the self-employed:

Personal Tax Credit has increased to €1,875.
The Employee Tax Credit has increased to €1,875.
Earned Income Tax Credit will also increase to €1,875.
Single persons standard tax band has increased to €42,000.
Several other tax credits have also increased.
Increases to the VAT registration thresholds were announced.
A new temporary tax relief has been introduced for landlords until 2027.
The R&D tax credit rate has increased to 30%.
A new CGT tax relief for angel investors has been introduced. Increase of Rent Tax Credit to €750 for tenants.
The national minimum wage has been increased by €1.40 per hour to €12.70 per hour.
Employer PRSI contribution rates will increase by 0.1% from 01 October 2024.

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

For a 2024 Tax Rate Card, please click here.

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