Startup specialist accountants Noone Casey join us to address startup financial matters.
Lost Opportunities, Disconnected, Disappointing Promises: these were some of the headlines on Wednesday morning in relation to Budget 2017 for Irish Entrepreneurs.
Tech entrepreneurs can certainly take advice from the farmers. Their continuous efforts and years of blood, sweat, tears and consistent persistence lobbying has proven successful. And while Noone Casey, alongside many other likeminded companies, will continue to fight for change, here are our top ten takeaways in three subgroups:
- Revised Entrepreneur Relief: Corporate Gains Tax (CGT) reduction from a rate of 20% to 10% for qualifying gains of up to 1m in a vendors lifetime.
- Income Tax Credit for self-employed: increased to 950.
- Extension of Start your Own Business Scheme.
For the people (in startups and beyond)
- Cuts to three lowest rates of Universal Social Charge.
- New Single Affordable Childcare Scheme from September 2017: means-tested subsidies, based on parental income, for children between six months and 15 years and universal subsidies for all children aged six months to three years who are cared for by Tusla registered childminders/care centres.
- First Time Home Buyers: 5% PAYE rebate of up to 20,000 over four years on new homes worth 400,000.
- Rent-a-Room Scheme: applicants can take 14,000 tax free.
- State Pension, job seekers allowance, carers allowance and disability will increase by 5 per week from March 1st, 2017.
For multinational companies
- Corporate Tax remains at 12.5%.
- R&D tax credit remains at 25%, while Knowledge box introduces a further 6.25%.
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