The tone of Budget 2013, delivered by Ministers Noonan and Howlin, this afternoon largely focussed on positivity. Minister Noonan asserted that the country is emerging from the worst of the crisis, while Minister Howlin acknowledged that what the people of Ireland have endured has been tough and almost without precedent in the developed world. As with any speech that is strong in rhetoric, the devil is well and truly contained the detail. The team at Paycheck Plus have studied and analysed Budget 2013 and distilled it down to the issues that will affect you as an employer.
Minister Noonan briefly outlined a 10 Point Tax Reform Plan. This is a package of measures aimed at supporting SMEs, bearing in mind that SMEs are generally companies with between 11-250 employees or turnover of €10-€50million. Initiatives include reforming the 3 year corporate tax relief for start-up companies allowing them to carry over unused tax credits, amending the R&D tax credit and increasing the cash receipt threshold basis for VAT from €1m to €1.25m. The full details of this package will be announced shortly.
For smaller business also known as Micro Enterprise (companies of 10 or less employees or less than €2m turnover) Minister Noonan pointed to the supports available for these companies through the newly formed Micro Finance Ireland (hyperlink to http://www.microfinanceireland.ie/), the Small Business Unit at Enterprise Ireland and the Local Enterprise Offices / County Enterprise Boards.
The Minister for Finance pointed to some of the major achievements of the IDA who have over the course of this year announced 84 new projects creating nearly 9,000 jobs. Paycheck Plus are delighted to support many of these new companies as they arrive in Ireland by providing our expertise and award winning payroll services to them.