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