The Minsters for Finance and Public Expenditure and Reform delivered Budget 2021 yesterday with the unenviable task of tailoring the tax system while navigating current events, climate change and global tax trends.
Measures announced in Budget 2021 extend wage supports, reduce the VAT rate from 13.5 percent to 9 percent for the tourism and hospitality sector, give regular compensation payments to businesses restricted by COVID-19 safety measures and extend the debt warehousing scheme to help the self-employed manage their tax debt, giving Irish businesses something tangible to rely on and build upon.
A summary of the measures introduced in Budget 2021 is available here
Setting up a business can be a daunting prospect; among the many considerations facing small business owners is the choice of operating their business as a sole trader or as a body corporate.
Is your turnover less than €2m or are 90% or more of your sales to unregistered persons ? If so are you availing of the benefits of the cash receipts for accounting for VAT ?
Why is Ireland an ideal Location for Trading Companies and Holding Companies?
Advice on getting your start up business tax compliant.