Questions and Answers
I am a sole trader, will Budget 2020 impact me?
I am a sole trader who runs a small café and I employ 3 people. How will Budget 2020 affect me?
Firstly, the good news. The Earned Income Tax Credit, which self-employed people like yourself can claim, has been increased by €150 to €1,500 in 2020 which should reduce your tax bill by €150.
However, there will be at least one increase to your staff costs to plan for in 2020.
The Minister announced today that both the higher and lower rates of Employers' PRSI have been increased by 0.1% to 11.05% and 8.8% respectively.
Date published 8 Oct 2019
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
Running your own business can be challenging so why not let TaxAssist Accountants manage your tax, accounting, bookkeeping and payroll needs? If you are not receiving the service you deserve from your accountant, then perhaps it’s time to make the switch?
Local business focus
We specialise in supporting independent businesses and work with 6,246 clients. Each TaxAssist Accountant runs their own business, and are passionate about supporting you.
Come and meet us
We enjoy talking to business owners and self-employed professionals who are looking to get the most out of their accountant. You can visit us at any of our 23 locations, meet with us online through video call software, or talk to us by telephone.
Switching is simple
Changing accountants is easier than you might think. There are no tax implications and you can switch at any time in the year and our team will guide you through the process for a smooth transition.