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Budget 2023 – 6 Key Takeaways – How It Affects SMEs and Business Owners?

After the dust has settled on the budget announced last year, here are 6 key pointers that will impact you and your business in 2023, for both sole traders and limited company directors. In general it is good for business other than the hospitality VAT

Income Tax

Good news here,  you can now earn up to €40k per annum at the lower rate of tax. For a married couple this is €80k. This translates into approximately €2545 net pay per month for a single person (€5090 for a married couple).

Euro coins falling

VAT

Unfortunately for hospitality businesses the 9% VAT rate is going to be increased back to 13.5% VAT rate from 1 March 2023.

Paying Employees

The income tax changes and small gift exemption increase are both going to benefit your employees also. There is also a change to USC which is good for minimum wage employees.

Small Gift Exemption

More good news here is that this exemption has been increased up to €1000 from €500. So you can pay all employees (including directors) this in 2023

Female employee smiling in office
restaurant tills

Energy Bills

Another good news story, a new scheme, TBESS, being introduced from September 2022 to February 2023. This will subsidise businesses by up to 40% of the increase in electricity and gas bills (up to a maximum of €10k per month). More on this when we hear some more

SME Loans

For businesses impacted by the Ukraine war, low cost loans of up to €1m for up to 6 years. Another scheme with loans of up to €500k, for up to 10 years, for growth and sustainability

Other Measures of Interest

  • Double Child Benefit payment for November 2022
  • New Rental Credit of up to €500 per year from 2022
  • New Vacant Homes Tax in 2023 for residences occupied for less than 30 days
  • More funding for Local Enterprise Offices, Enterprise Ireland etc.
  • New Increases in R&D Tax Credits
  • Students get a double SUSI payment in December and the student contribution is reduced by €1000 in 2022
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Need more info or help with your business accounts?

Our team are here to help. If you’re working on something and aren’t sure where to go next, our excellent customer service team are there to help.

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Irish’s Budget 2023 introduces a lot of new changes and challenges that could have a huge impact on business owners, sole traders and investors alike,be wise and reap the benefits of the new Irish’s Budget with us as we help you navigate your financial journey.

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