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
Courtesy of: Legal Panda Ireland