Some of the key points from this year’s Budget are highlighted below for your convenience:
Families are the main winners from measures in this Budget with free GP care being extended to children under 12. There is an additional year’s free pre-school childcare and an increase to the Children’s Allowance of €5 per child per month. This increase will take effect from January 2016.
There have been significant cuts to USC including a 1.5% cut in the main rate from 7% to 5.5% which will provide a significant increase to take home pay.
This is another area to benefit from this year’s Budget as the Minister announced a Tax Credit of €550 for self-employed individuals who do not have access to the PAYE Tax Credit. This is the start of a process giving the self-employed equal treatment to PAYE taxpayers.
Above are some of the key gains in this year’s Budget. See below for a more in-depth insight into Budget 2016.
If you have any queries or would like any item contained in the Newsletter or the Budget 2016 clarified please do not hesitate to contact this office and we will be delighted to speak with you.