Budget 2023: How Budget 2023 affects small businesses and the self-employed

Ireland Budget 2023
Here’s what we cover:

The budget’s main aim was to deliver money back to individuals and businesses with the goal of providing a buffer against recent cost of living increases.

Take a look at how Budget 2023 affects small businesses and the self-employed:

  • Personal Tax Credit has increased to €1,775.
  • The Employee Tax Credit has increased to €1,775.
  • Earned Income Tax Credit will also increase to €1,775.
  • Single persons standard tax band has increased to €40,000.
  • Married persons standard rate band increases up to €49,000 (with a further increase of up to €31,000).
  • A Temporary Business Energy Support Scheme was announced.
  • Introduction of three €200 Energy Credits for consumers.
  • Employers small gift exemption increasing immediately from €500 to €1,000 – 2 vouchers may be granted by an employer in a year.
  • VAT for hospitality and tourism sector to return to 13.5% on 01 March 2023.
  • Expense allowance for landlords’ pre-letting expenses has doubled to €10,000.
  • Introduction of Rent Tax Credit of €500 for tenants.

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