Questions and Answers
What is the change to the Earned Income Tax Credit?
I am self-employed and am wondering what the increase to the Earned Income Tax Credit is and when does it come into effect?
In Budget 2021 it was announced that the Earned Income Tax Credit would increase by €150 from €1500 to €1650 to bring it in line with the Employee Tax Credit.
It is important to note, however, that not only will this increase be in place for the 2021 tax year, it was announced that the €150 increase will also apply to the 2020 tax year.
So self-employed individuals can avail of the increased credit when filing their 2020 self-assessment tax return.
You can read the full TaxAssist Accountants Budget 2021 Summary here.
Date published 15 Oct 2020 | Last updated 15 Oct 2020
This article is intended to inform rather than advise and is based on legislation and practice at the time. 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 article, before receiving our written endorsement, we will accept no responsibility for any financial loss incurred.
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