How much better off are you? Use this calculator to find out – http://indo.ie/Tmu2g
Significant cuts to the USC, including a 1.5 point cut in the main rate to 5.5 per cent, are the key change delivering increases in take-home pay.
Budget 2016 tax changes will mean gains for taxpayers ranging typically from €500 a year to €1,000, with some running close to €1,500 a year. This means that, overall, the Budget calculations are reasonably straightforward for most taxpayers.
The other key group to benefit more than the average is the self-employed. The Minister has announced a tax credit of €550 which goes straight to the bottom line for taxpayers in this group. This is the start of a process of giving the self-employed equal treatment in relation to a €1,650 tax credit previously granted only to PAYE taxpayers.
Families are the main winners from measures in Budget 2016, with free GP care extended to under 12’s, additional free pre-school childcare and a €5 increase in child benefit.
The only tax increase in the package is a 50 cent rise in the price of a pack of cigarettes in what is a big pre-election package.
We at Alpha Wealth are dedicated to providing easy to follow financial advice to all individuals. So, if you are finding this budget a bit difficult to follow then give us a ring or just send an e-mail. We will be delighted to answer any queries you may have!