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  • Budget 2022

    Budget 2022 was presented yesterday by the Minister for Finance Paschal Donohoe T.D. and the Minister for Public Expenditure and Reform Michael McGrath T.D. against a backdrop of increases in the cost of living, changes in international tax reform and the need to reduce overall reliance on borrowings. The key changes announced in Budget 2022 are:  Increases to personal tax credits, bands and relief for remote working  Extension of EWSS and enhancement of EIIS A new 3 percent zoned land tax A new digital gaming sector tax credit  Expansion of the tax debt warehousing scheme to allow individuals who have a ...

  • Employee Wage Subsidy Scheme(EWSS)

    Qualifying criteria from January 2021 From 1 January 2021, the period to be reviewed to determine eligibility for EWSS will be 1 January to 30 June 2021. The reduction in turnover or customer orders (30%) between 1 January and 30 June 2021, is shown compared to the: • same period in 2019, where the business operated for the whole of the comparable period in 2019 • period from the date of commencement to 30 June 2019, where the business commenced trading between 1 January and 1 May 2019 • projected turnover or customer orders from 1 January 2021, or date of commencement, to 30 June ...

  • E Working Allowance

    An employee can claim for allowable costs if these are not reimbursed by an employer.        These are: 10% of the cost of electricity and heat incurred (apportioned based on the number of days worked at home over the year) 30% of the cost of broadband incurred, (apportioned based on the number of days worked at home over the year). This concession, commencing in the tax year 2020, will apply for the duration of the pandemic.  Capital items such as laptops, computers, office equipment and office furniture purchased by you are not allowable costs Calculation for 2020 and ...

  • Employee Tax Liabilities

    From mid-January 2021 onwards, Revenue will make a Preliminary End of Year Statement for 2020 available for each employee. This will assist in determining the amount of IT and USC due. All employees, including those who benefited from the TWSS, can view their Preliminary End of Year Statement in MyAccount. Each employee will be able to see if there is an underpayment of IT or USC arising due to the TWSS. Employees will have a number of choices if they do have a shortfall. 1. pay it off in full through their own funds 2. attempt to reduce it by claiming tax credits such ...

  • Budget 2021 Review

    Budget 2021 Review Budget 2021 was presented yesterday with a package of over €17 billion in response to the “worst global pandemic in a century” and the continuing challenges presented by Brexit. It gives supports to businesses and employees most impacted by the COVID-19 pandemic Minister for Finance Paschal Donohoe said the Government was borrowing to spend and support the economy so that the country could “recover more quickly and prevent a recession running into a depression”. Budget 2021 CAI

  • Covid Finance Options

    Finance Options Credit Guarantee Scheme: The Credit Guarantee Scheme supports loans up to €1 million for periods of up to 7 years. Applications can be made to AIB, Bank of Ireland and Ulster Bank. Eligibility criteria apply. Credit Guarantee Scheme for COVID-19 FAQs COVID-19 Business Loans [lending through this scheme has currently been paused]: Microenterprises can access COVID-19 Business Loans of up to €50,000 from Microfinance Ireland. The terms include a six months interest free and repayment free moratorium, with the loan to then be repaid over the remaining 30 months of the 36-month loan period. Loans are available at an ...

  • Revenue 3% Instalment arrangement for pre Covid tax debt

    Revenue 3% Instalment arrangement for pre Covid tax debt As part of the Business and Community Stimulus package, the Government announced a reduced interest rate of circa. 3% per annum on non-COVID-19 related tax debts. Taxpayers who enter into an agreement with Revenue no later than 30 September 2020 can avail of the reduced rate from the date of that agreement. All Covid related tax debts are currently warehoused

  • Employee Wage Subsidy Scheme(EWSS)

    Employee Wage Subsidy Scheme(EWSS) The EWSS which started from September 1st  last. It is based on the following criteria:  1.            projected turnover from July to December 2020 being down by 30%.  2.            each months actual turnover is then compared with the corresponding period in 2019 to see if you qualify for that month. So turnover for September 2020 is compared with turnover for September 2019. If the turnover is down by 30% it can be used for September 2020. If not, you run the same check again in ...

  • Business Restart Grant

    Business Restart Grant The new and improved Restart Grant(Rates rebate) has a closing date of September 30th next. Applications are to be made online through your local council.

  • July Stimulus Package

      See summary below. We have also updated our summary of available finance and income supports. Click here a new Employment Wage Support Scheme will succeed the Temporary Wage Subsidy Scheme, and run until April 2021 0% interest for first year of SME loans Restart Grant(Rates rebate) for businesses is being extended and expanded Maximum Help-to-Buy relief for home buyers rises by €10,000 to €30,000. Interest rates on tax debts to fall to 3 per cent. Bike-to-work scheme extended, including €1,500 limit on ebikes. Businesses to get €2,000 for each extra apprentice they take on, plus a two-year €7,500 JobsPlus subsidy ...

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Joe Cunnane Practice Owner TRA Professional Services       Qualifications:  FCA Chartered Accountant & AITI Chartered Tax Advisor Joe has over 20 years experience working in both private practice and industry ... Read More »