Budget 2016: Self Employed Tax Credit

Q: I am a sole trade carpenter and I keep hearing about the so called self-employed tax credit in next week’s budget. What will this mean for me?

9th October 2015

A: It is widely expected that next week’s Budget will announce a new tax credit for the self-employed to match the employee credit of €1,650. Finance Minister Michael ­Noonan has said he will ­begin to extend the credit worth €1,650 to the self-employed and farmers, but it is expected this will be done so over five years.

This means if you are self-employed you will see a reduction in your year-end tax bill of €330, i.e. 1/5th of the credit.

This will bring equality between the self-employed and individuals working in PAYE employment. It is hoped this credit will also create an additional incentive for more entrepreneurs and start up sole traders in Ireland. 

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