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Budget 2020

Budget 2020

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. 

 

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