While there was plenty of bad news in this year’s Budget, it wasn’t all bad news for Start-ups and SMEs.  Plus, read Legal Panda’s great infographic about the budget.

The announcement of the 10 point plan for SMEs included:

  • Reforming the 3 Year Corporation Tax Relief for Start Up Companies to allow unused credits to be carried forward. This will help SMEs and start-ups navigate their early years.
  • Increasing the cash receipts basis threshold for VAT from €1m to €1.25m and amending the Close Company Surcharge de minimis level. Both of these measures will improve cash flow.
  • Amending the R&D tax credit by doubling the initial spend eligible for the credit from €100,000 to €200,000 to encourage innovation and business expansion.  This could save a start-up up to €12,500 on their corporation tax bill.
  • Extending the Foreign Earnings Deduction for work-related travel to certain countries beyond the BRICS, which will support exports.

The folks over at  Legal Panda have created a fantastic infographic on the budget

Bullethq - Irish Budget 2013 Infographic

Courtesy of: Legal Panda Ireland

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