Blog

10 October 2017

Budget 2018 was delivered today.

11 October 2016

Budget 2017 was delivered today.

13 October 2015

Budget 2016 was delivered today.

14 October 2014

Budget 2015 was delivered today.

15 October 2013

Budget 2014 was delivered today.

21 March 2013

Around 5,100 homes to be exempt from the Property Tax, drastically reduced from the exemptions from the Household Charge.

05 December 2012

This year’s Budget reverted back to the traditional one day announcement from last year’s two day announcement that was split between Public Expenditure cuts and Taxation measures.

This summary will focus primarily on the Taxation measures presented by Minister Noonan with a brief outline of the Public Expenditure cuts announced by Minister Howlin.

As widely expected, the main tax focus of the budget was surrounding the controversial Property tax.

The main features of Budget 2013 as they will affect you in business and in your personal life are as follows;

  • Property tax rate of 0.18% on the first €1m of property values will apply from 01 July 2013 with a rate of 0.25% on the balance
  • Household charge to be abolished from 01 January 2013
  • NPPR charge to be abolished from 01 January 2014
  • No changes in income tax rates, bands or credits
  • USC and the standard rates (as opposed to maximum 4%) will apply for those over 70 on incomes in excess of €70,000
  • The PRSI weekly free allowance of €127 for employees will be abolished
  • PRSI net to be broadened to include rental, investment, deposits and other income in 2014
  • Preferential loan rates to change to 4% and 13.5% (from 5% and 12.5%)
  • Top slicing relief not available on redundancy payments greater than €200k
  • Reduced rate of VAT in the tourist industry is to remain at 9% in 2013
  • Threshold for cash receipts basis for VAT reporting increases from €1m to €1.25m
  • No increase in excise duty on petrol or diesel
  • Pint of beer / cider and standard measure of spirits to increase by 10cent, and on a bottle of wine by €1 from 06 December 2012
  • Cigarettes to increase by 10c per packet of 20 from 06 December 2012
  • From 01 July 2013 Maternity Benefit will be subject to tax (but not USC)
  • No change to Corporation tax rate
  • VRT & motor tax rates will increase from 01 January 2013
  • DIRT increased by 3% to 33% / 36%
  • Capital Acquisitions Tax (CAT) will increase by 3% to 33%
  • The CAT thresholds will be reduced by 10%
  • Capital Gains Tax (CGT) will increase by 3% to 33%
  • Tax relief at marginal rate to remain on pension contributions
  • Pension levy to be abolished in 2014
  • No reduction in the primary weekly rate of social welfare
  • Child benefit cut €10 for each child

21 December 2011

The standard rate of VAT will increase from 21% to 23% from 01 January 2012.

28 March 2011

The €200 annual charge on non principal private residences falls due on 31 March 2011. In order to avoid late payment penalties this must be paid before 30 June 2011 to the local authority in the area where the property is located.

11 March 2011

KSA Shiels & Co. welcomes some of the measures published in the proposed Programme for Government including;

  • Halving the lower 8.5% rate of Employers PRSI up to end 2013 on jobs paying up to €356 per week
  • Cutting the 13.5% rate of VAT to 12% up to end 2013
  • Keeping the corporate tax rate at 12.5%
  • Maintaining the current rates of income tax together with bands and credits. No increase the top marginal rates of taxes on income
  • There will be no increase in the standard 10.75% rate of employers PRSI
  • Establish a Tax and Social Welfare Commission to examine entitlements of self-employed and the elimination of disincentives to employment. In particular, it will examine family and child income supports, and a means by which self-employed people can be insured against unemployment and sickness.

14 December 2010

  • Kevin Shiels is giving a Budget presentation to the 7.30 Business Club tomorrow (Wednesday 15 December 2010) at the Glencarn Hotel in Castleblayney. Presentation starts from 7.30am, breakfast is provided.
  • Remember that all tax refund claims for the tax year 2006 must be submitted with Revenue by 31 December 2010. This includes all tax heads, income tax, VAT etc.

09 December 2010

Universal Social Charge is explained in our Tax News section.

08 December 2010

Tax examples from the budget:

Married couple, one earning €50k, 2 children

2011 changes
Change in tax bands 756
Change to tax credits 540
Change to PRSI 0
Universal Social Charge (181)
Child benefit (decrease) 240

Net loss €1,355

Single person earning €45k

2011 changes
Change in tax bands 756
Change to tax credits 360
Change to PRSI 0
Universal Social Charge (231)

Net loss €885

Check out the latest budget analysis in our tax news section. If you have any queries or need clarification please do not hesitate to contact this office. We are Registered Tax Consultants.

 

Hall Street, Kingscourt, Co. Cavan.
Tel: 042 966 5153 | Fax: 042 966 5909

Main Street, Bailieborough, Co. Cavan.
Tel: 042 966 5153 | Fax: 042 966 5909

Chartered Accountants
Registered Auditors
Chartered Tax Advisors
Insolvency Practitioners