Budget 2015 – What you need to know!

Budget 2015 was delivered yesterday. Some good news for Personal Tax in this year’s budget and more promised for next year. Here are a few things you need to know!

PAYE/TAX

The Higher Rate of Tax has been reduced from 41% to 40%.
Standard rate (20%) band increased by €1,000 to €32,800 (single) and by €2,000 for married couple with 2 incomes.
Water Charges relief (not effective until 2015) max tax credit of €100.
New Home Renovation scheme (introduced in Budget 2014), tax credit of 13.5% based on cost of building. Minimum value spent €5,000, with a maximum spend of €30,000. This has now been extended to rental properties

Universal Social Charge (USC)

USC – Rates reduced by 0.5% on the 2% & 4% bands now 1.5% & 3.5%.
New rate introduced for earners over €70,044 of 8% and 11% rate for self employed income over €100,000.
Increase in exemption limit from €10,036 to €12,012.

Social Welfare Benefits

Other areas to note for TAX:

VAT for tourism at 9% to be maintained for 2015 and may be extended to other areas in next years budget.
€5 increase in child allowance payment.
No increase in Fuel or Alcohol.
40 cents on a packet of Cigarettes.

Joe Robbins

(Director) BBS (Hons), MBPICS – Shannon Office

Joe Robbins is co-founder of CareerWise Recruitment. A graduate of the University of Limerick (Degree in Business Studies, 1985), Joe worked in the UK for five years where he specialised in materials management, production management and plant management for a number of companies.

He returned to Ireland in 1992 to become Operations Manager for a Cork-based start-up, FMC Automotive Division which was subsequently taken over by Snap-on Equipment. Joe managed the business re-location of this company to Shannon in 1997 before setting up CareerWise Recruitment in 1999.

He is a committee member of the Chartered Institute of Personnel and Development (CIPD) Mid-West region, and a former Director and Vice President of the Shannon Chamber of Commerce. Joe is former Chairperson of the Sixmilebridge Camogie Club and current Chairperson of the Clare County Camogie Board.

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