ACCOUNTING PAYROLL & BUSINESS SERVICES
ACCOUNTING · FINANCE · PAYROLL
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(051) 357790
Block 4B, 2nd Floor, Cleaboy Business Park, Waterford
(051) 357 790
Budget 2018 highlights
VAT: increase on sunbeds from 13.5% to 23%
Capital Gains Tax (CGT): incentive in respect of properties purchased between 7th December 2011 and 31st December 2013 has been extended the scheme to include properties purchased up to the end of 2014.
Ownership period reduced down to 4 years.First 4 years of ownership will be exempt from CGT.
Stamp Duty on commercial property: Increased from 2% to 6% (effective imediately)
PAYE/PRSI/USC
SRCOPs will be increased by €750 from 1st January 2018
Single/Widowed Person or Surviving Civil Partner: First €34,550 @ 20%, Balance @ 40%
Qualifying for the Single Person Child Carer Tax Credit: First €38,550 @ 20%, Balance @ 40%
Married Couple or Civil Partnership - One Income: First €43,550 @ 20%, Balance @ 40%
Married Couple or Civil Partnership - Two Incomes: First €43,550 @ 20% Plus an amount equal to the lower income (subject to a maximum of €25,550), Balance @ 40%
Personal Tax Credits: No changes
Earned Income Tax Credit: increased by €200 from €950 to €1,150
Home Carer Tax Credit: increased from €1,100 to €1,200
Universal Social Charge (USC)
People aged under 70 years
Rate of USCCharged on PAYE income between
0.5%€0 to €12,012
2%€12,012.01 to €19,372
4.75%€19,372.01 to €70,044
8%Over €70,044
People aged over 70 years or those who have a full medical card With income less thank €60,000
Rate of USCCharged on PAYEincome between
0.5%€0 to €12,012
2%above €12,012
All
11%self-employed income above €100,000
Employers PRSI rates increased by 0.1% to 8.56% for Reducted Rate and 10.85% for Higher Rate
Minimum Wage: Increasing to €9.55 from 1st of January 2018
Mortgage Interest Relief: reduced by 25% each year from 2018 until abolished in 2021
VAT: increase on sunbeds from 13.5% to 23%
Capital Gains Tax (CGT): incentive in respect of properties purchased between 7th December 2011 and 31st December 2013 has been extended the scheme to include properties purchased up to the end of 2014.
Ownership period reduced down to 4 years.First 4 years of ownership will be exempt from CGT.
Stamp Duty on commercial property: Increased from 2% to 6% (effective imediately)
PAYE/PRSI/USC
SRCOPs will be increased by €750 from 1st January 2018
Single/Widowed Person or Surviving Civil Partner: First €34,550 @ 20%, Balance @ 40%
Qualifying for the Single Person Child Carer Tax Credit: First €38,550 @ 20%, Balance @ 40%
Married Couple or Civil Partnership - One Income: First €43,550 @ 20%, Balance @ 40%
Married Couple or Civil Partnership - Two Incomes: First €43,550 @ 20% Plus an amount equal to the lower income (subject to a maximum of €25,550), Balance @ 40%
Personal Tax Credits: No changes
Earned Income Tax Credit: increased by €200 from €950 to €1,150
Home Carer Tax Credit: increased from €1,100 to €1,200
Universal Social Charge (USC)
People aged under 70 years
Rate of USCCharged on PAYE income between
0.5%€0 to €12,012
2%€12,012.01 to €19,372
4.75%€19,372.01 to €70,044
8%Over €70,044
People aged over 70 years or those who have a full medical card With income less thank €60,000
Rate of USCCharged on PAYEincome between
0.5%€0 to €12,012
2%above €12,012
All
11%self-employed income above €100,000
Employers PRSI rates increased by 0.1% to 8.56% for Reducted Rate and 10.85% for Higher Rate
Minimum Wage: Increasing to €9.55 from 1st of January 2018
Mortgage Interest Relief: reduced by 25% each year from 2018 until abolished in 2021