We don’t hate budget 2018
Generally speaking Budget 2018 has been well received with something for everyone but it seems one income families may have benefited slightly more than others with an increase of €100 in the home carers tax credit. However, the main savings seem to go to middle income earners which is a welcome change from the past few years as middle income earners became known as the squeezed middle.
A welcome change
The minimum wage is due to be increased by 30 cents in January 2018 up to €9.55 Which is a welcome change, along with the continuation of the help to buy scheme to assist with deposits towards the cost of a new house. Its not all aimed at middle income earners though, Pensioners will benefit from a €5 increase from next March.
Housing market boost
A total of 1.83 billion euro has been allocated to housing with an estimated 3,800 homes to be built by local authorities and housing bodies. The housing assistance payment scheme has been increased by 149 million euro, enabling a further 17,000 households to avail of support in the coming year. Another welcome increase is funding for homeless services receiving a bump of 18 million euro which now stands at 113 million euro.
Stamp duty to 6%
The rise of stamp duty on commercial property transactions will rise from 2% to 6% as of midnight (11th October) and vacant site levy will increase from 3% in the first year to 7% in the second year which may affect property sales and lettings, however the announcement of a new home building initiative is sure to boost the construction industry.
Whatever your circumstance, it’s likely that Budget 2018 had an effect on you and on analysis it has been a pretty good budget across the board. If you would like further information on how these new allowances could benefit your take home pay or that of your employees, you can get in touch through our contact page http://centrepointaccounts.com/contact or alternatively you can call our offices in Ireland or the UK.
Source : www.revenue.ie / www.irishtimes.com / www.rte.ie