The following headline items arise in Budget 2109. Download our Budget 2019 newsletter in PDF format for full analysis.
• Corporation Tax Rate remains at 12.5%
• A new Anti-Avoidance Directive (ATAD) compliant Exit Tax regime is to come into effect from midnight tonight.
• The 9% VAT Rate will be increased to 13.5% for the Hospitality sector from 01 January 2019
• There will be an increase in the Minimum Wage to €9.80 from 01 January 2019
• The Minister announced changes to both the rates and bands for Universal Social Charge
• Increase in the Standard Rate Income Tax bands of €750
• The Earned Income Tax Credit will increase to €1,350
• The Training Levy Fund will increase by 0.1% which will increase the employers PRSI rate
• An increase in the Group A Exempt Threshold for Capital Acquisition Tax of €10,000 was also announced
Did You Know: Medical Expense Claim
Are you a sufferer of coeliac disease? If so, it is possible to include the costs of dietary requirements in your medical expenses claim once you retain the receipts. It is important to note that you must have proof in the form of a doctor’s letter. Once obtained it could get you a tax relief of 20% on specialised foods.
Legal Brief: The Companies (Accounting) Act
The Companies (Accounting) Act 2017 (the “2017 Act”) came into force on the 09 June 2017 and it substantially amends, updates and supplements the Companies Act 2014 (the “Companies Act”).
It should be noted that the majority of the provisions of the 2017 Act came into force on that date with the new accounting requirements applying in respect of financial years which commence on or after 1 January 2018.
Employers – What Constitutes Reasonable Accommodation?
Earlier this year the Workplace Relations Commission considered a case which looked at the extent of an employer’s obligation to make reasonable accommodation for an employee with a disability. The case is useful, in that it provides an indicator to employers of what is expected of them in order to deal with a situation where they are seeking to reasonably accommodate an employee.