What Budget 2024 Means for You: A Contractor Breakdown

Today's budget has been characterized as generous, offering something for everyone in the audience. It could be argued that this budget was influenced by upcoming elections, given our surplus of €8 billion, largely attributed to unexpected Corporation tax windfalls. We've allocated €6.5 billion to various initiatives. Among the noteworthy changes, we appreciate the expanded tax brackets, increased tax credits, and the continuation of the 2023 Benefit-in-Kind (BIK) rules, especially for electric vehicles. Additionally, for business owners, we're pleased to see a review of the Entrepreneur Relief scheme and the extension of the retirement relief scheme up to 70 years of age. Below, we've outlined some of the key highlights that will impact you as a contractor or business owner.

PERSONAL TAX

BENEFIT IN KIND

EMPLOYMENT AND BUSINESS SUPPORT

VAT

SOCIAL WELFARE

EDUCATION

HOUSING

OTHER RELEVANT ITEMS

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