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The budget’s main aim was to deliver money back to workers and businesses with the goal of providing a buffer against recent cost of living increases.
 
Here, we take a look at how Budget 2024 affects small businesses and the self-employed:
 
  • Personal Tax Credit has increased to €1,875.
  • The Employee Tax Credit has increased to €1,875.
  • Earned Income Tax Credit will also increase to €1,875.
  • Single persons standard tax band has increased to €42,000.
  • Several other tax credits have also increased. 
  • Increases to the VAT registration thresholds were announced. 
  • A new temporary tax relief has been introduced for landlords until 2027. 
  • The R&D tax credit rate has increased to 30%. 
  • A new CGT tax relief for angel investors has been introduced. Increase of Rent Tax Credit to €750 for tenants.
  • The national minimum wage has been increased by €1.40 per hour to €12.70 per hour.
  • Employer PRSI contribution rates will increase by 0.1% from 01 October 2024.
 
 
For the full TaxAssist Accountants Budget Summary, please click here
 
For a 2024 Tax Rate Card, please click here.

 

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