Firstly, the good news. The Earned Income Tax Credit, which self-employed people like yourself can claim, has been increased by €150 to €1,500 in 2020 which should reduce your tax bill by €150.
However, there will be at least one increase to your staff costs to plan for in 2020.
The Minister announced today that both the higher and lower rates of Employers' PRSI have been increased by 0.1% to 11.05% and 8.8% respectively.
Disclaimer: Advice shared in this blog is intended to inform rather than advise. Taxpayer's circumstances do vary and if you feel that the information provided is beneficial it is important that you contact us before implementation. If you take, or do not take action as a result of reading this forum, before receiving our written endorsement, we will accept no responsibility for any financial loss incurred.