- Increase in Standard Tax band per individual from €36,800 in 2022 to €40,000 in 2023 (tax saving of €790 – this includes the slight increase in credits);
- A new rent credit of €500 introduced to those paying rent in 2022 onwards;
- A company/business can now give a director or employee a voucher or 2 vouchers totalling €1,000 tax free in a calendar year;
- Energy Support Scheme, where your business energy unit costs go up by at least 50% compared to the same period in 2021 then the business qualifies for this scheme and can claim back 40% of the increase;
- If this applies to your business including Restaurants, Take aways, Barbers, Shops, etc. we can help you to register and assist you with making claims;
- 3 €200 Electricity credits on the way – €200 December with 2 additional €200’s in the new year;
- Vacant home tax – if a property is lived in for less than 30 days a year a tax charge of 3 x LPT charge applies;
- From 2024 there will be a Residential Zoned Land Tax (Land not been used for the development of housing subject to a 3% rate of tax on the market value.
- Help to Buy scheme for First Time Buyers will continue, you can claim back up to €30,000 in income tax you have paid Revenue in the previous 4 years;
- No change to capital gain tax / capital acquisitions tax rate 33% or thresholds/reliefs in 2023 budget;
- The 9% VAT rate in the hospitality sector is to go back to 13.5% after February 2023; From 1 January 2023 new minimum wage €11.30 per hour;
- From 1 January 2023 Social Welfare payments increase by €12 per week;
- In addition to the December 2022 double Social Welfare payment the same will happen in October 2022;
- In November 2022 there is a double child benefit payment;
- Free school books for primary school pupils;
- From 1 January 2023 there is a reduction of 25% in creche fees.
Business and Tax Changes – March 2023
Mainly affecting the Hospitality sector, Hotels, restaurants, take – aways, hairdressers, café, etc. Government confirmed an extension of the temporary reduced 9% VAT rate for