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01 April 2011 BYAre you an Irish Woman In Business? IWIB is a new network dedicated to helping Irish women succeed through networking and mutual support. There are many benefits to membership. Read full story
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Making the transition from employee to boss has been made so much easier by the help and support of the…Protect You From The Budget 2011
08 November 2010
10 Steps to Protect Your from Impact of Budget 20111. Consider transfer of business assets: We have seen both Capital Gains Tax (CGT) and Capital Acquisitions Tax (CAT) being increased from 20% to 25% in the past two years. However could further increases be on the way? Could the relief for transfer of business assets be reduced?
2. Consider making pension contributions: Currently relief for pension contributions is given at the marginal rate of tax and so higher rate taxpayers can effectively claim tax relief of 41% on their contributions. This is reckoned to be a target for big hit.
3. Is this a good time to draw down your pension or draw exgratia retirement?: There are also proposals to cap the tax-free lumpsum that may be taken from a pension at €200,000.
4. Ex-gratia Lumpsums: Employees with long service and relatively high salaries can take generous tax-free ex-gratia lumpsums on retiring from an employment or directorship. Like the pension restriction above this is reckoned to be for the chop.
5. Consider your retirement plan: See separate article on retiring tax efficiently
6. Accelerate Payment of Bonuses, commissions etc. which may be due in the new year: Changes are afoot in PRSI and most likely in income tax. No bets are being taken on a reduction in tax hits!
7. Buy your Christmas vouchers now?! : Many businesses like to reward their staff at Christmas in the form of vouchers for shops and other outlets. This kind of allowance or similar -say VHI-could be hit in the budget
8. Incorporate a Company: There is a scheme to exempt new start-up businesses from Corporation Tax for first 3 years of trading. Could this be for the chop?
9. Maximise use of S23/S27 reliefs: Lots of commentators want these curtailed so if you are renting a premises to your business ensure that you are charging full market rent to maximise relief in the current year.
10 Health Expenses: The tax was reduced to standard rate in 2009 and maybe eliminated entirely in 2010. Consider bringing forward expenditure if possible.
Courtesy of Gerry O’Reilly, Newmarket Partnership, W: http://www.newmarketpartnership.ie/ E: (JavaScript must be enabled to view this email address)
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Irish Women in Business is a professional body, representing all women working in business. The aim of IWIB is to unite women and allow them to share resources, information and ideas. IWIB provides a safe environment for members to receive advice on finance, the economy, the internet and marketing.
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