Questions and Answers
Budget 2024: What changes took effect this month?
Some changes from Budget 2024 commenced immediately while other changes took effect on 01 January 2024. Here we outline some of the changes that took effect at the start of this month that businesses may need to be aware of.
Tax Changes From 01 January 2024:
VAT
- VAT registration thresholds increased to €40,000 for services and €80,000 for goods.
- The previous 9% VAT rate on ebooks and audiobooks is reduced to zero.
Income Tax Bands & Credits
- The single rate income tax band has been increased by €2,000 to €42,000.
- The married income tax band has been increased to €51,000 (with potential for an additional €33,000 where the second spouse has earnings).
- The personal tax credit and employee tax credit increase by €100 to €1,875.
- And the married tax credit increases by €200 to €3,750.
USC
Rent Tax Credit
Other Employment and Business Changes From 01 January 2024:
Minimum Wage
Research and Development (R&D) Tax Credit
What comes into place later this year?
Full Budget 2024 Report
Date published 17 Jan 2024 | Last updated 17 Jan 2024
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.Choose the right accounting firm for you
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