Budget 2021

SMEs & Self-Employed

• Equalise the earned income credit with the PAYE credit by raising it by €150 to €1,650.
• Self-employed recipients of the Pandemic Unemployment Payment will be able to earn up to €480 per month without losing their payment.
• Debt warehousing provisions will be extended for a period of a year with no interest.
• €30 million fund administered through the Ireland Strategic Investment Fund.
• A new variant of the Employment Wage Subsidy Scheme will kick in after the current scheme ends next spring.
• Weekly rebates of up to €5,000 for businesses closed at Level 3 or higher effective from today until the end of March next year.
• Commercial rates will be waived for the remainder of 2020, at a cost of €300 million.

Income Tax, Rate Bands, PRSI & USC

• No changes to income tax, USC or PRSI rates.
• The ceiling of the second USC band will be increased from €20,484 to €20,687 to support those on minimum wage.

Click here to download OSK Budget 2020 PDF

Contact OSK Tax Advisers for further details of Budget 2021 or our tax services.