A Budgetary Christmas Carol from BCK

(TO THE TUNE OF THE TWELVE DAYS OF CHRISTMAS)


ON THE 5TH OF DECEMBER MY GOVERNMENT TOOK FROM MEEEEEEEEEEE!!!!!!!!!!!!!!!!!!!!!!!
10 CENTS FROM MY BEER
10 EUROS FROM CHILD BENEFIT
MEDICAL CARDS FROM PENSIONERS
A EURO PER PRESCRIPTION
A EURO FROM MY VINO
BUT MORE R & DDDDDDDDDDDDDDDDDDDDDDDD!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!



Ok maybe accountants aren’t the best songwriters but here’s an overview of some of the key aspects of yesterdays’ budget.

Positive Developments

  • Vat on cash receipts threshold increased to €1.25 million
  • Corporation tax relief for start ups reformed
  • Fuel rebate for hauliers
  • 10 point plan for SME’s
  • Extension of employment and investment incentives
  • New funds available from the Pension Reserve
  • R&D Credit claim increased to 200k

Tax, PRSI & USC

  • No changes to tax rates, bands or credits
  • No change in USC rates
  • Minimum PRSI contribution for self employed rises to €500
  • Weekly PRSI allowance for employees has been abolished
  • Both Capital taxes have risen by 3%

Property Tax

  • Two rates of .18% and .25% depending on the valuation
  • Valuation guidance will be available
  • Valuation will stand for three years
  • Exemption for first time buyers

Social Issues

  • Maternity Benefit taxable
  • Child benefit reduced by €10 per child
  • Wealthy pensioners to lose Medical Cards but gain GP only cards
  • Excise Duties
  • Motor tax increased across all bands
  • 10 cents on cigarettes
  • 50 cents on tobacco
  • 10 cents on beer and spirits
  • €1 on vino

This is just a brief overview of yesterdays’ budget. Please check out our website for a full summary of Budget 2013 at www.bck.ie/budget-2013

Darren Connolly
BCK Auditing and Accounting
Darren is a member of the Venture Stillorgan Group.

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