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Enhanced Reporting Requirements for Payroll from 1st January 2024
- Travel - vouched and unvouched.
- Subsistence - vouched and unvouched.
- Emergency travel.
- Eating on Site.
- Site – based employees.
- Identify the system(s) used to pay expenses such as travel, subsistence, working from home and small expenses, are they paid via payroll or ad hoc payments.
- Establish whether your current payroll software can accommodate the additional reporting requirements.
- Discuss with employees any changes to the frequency of payments that may arise.
- Ensure that records are maintained of the days for which the remote working allowance is paid.
Budget 2024 – Expert Analysis
- Raising the standard rate of income tax threshold by €2,000 to €42,000. This will save earners on €42,000 or more €400 per year in income tax.
- Increasing most tax credits by €100 which in a lot of cases will see earners benefit by €200 per year.
- Increasing rent tax credit to €750 from €500.
- Amendments to the USC which will see the 4.5% rate reducing to 4% and increasing the 2% rate band by €2,840. This could save a person earning €70k per annum €406.
- The 9% VAT rate on gas and electricity to be extended by 12 months to end of October 2024.
- €450 of energy bill credits to be provided over 3 instalments between end of 2023 and April 2024.
- A €300 lump sum payment for fuel allowance recipients and a €200 lump sum for Living Alone Allowance recipients in November.
- A Christmas bonus paid in early December and a cost of living double week in January will be paid to social welcome recipients.
- A €12 weekly increase in social welfare payments.
- The work on a participation exemption for foreign dividends will be examined and will not be introduced until next year's finance bill.
- A review of interest deductibility was a welcome announcement but we would hope this will be acted on in future for an area that has many complexities for corporates and advisors.
- A TALC subgroup will be formed to review business supports with the view to simplifying.
- A public consultation on VAT modernisation will take place.
- A public consultation will be launched in relation to share-based remuneration.
- A promise from the Minister to review Entrepreneur Relief to improve the incentive for founders.
- Confirmation that amendments would be made to the Employment Investment Incentive Scheme to increase the limits an investor can invest to €500,000 for a 4-year holding. It was noted that the EIIS would be reviewed going forward to simplify what is a very onerous piece of legislation at present.
- The prior amendments to the Key Employee Engagement Programme which sees it extended to end of 2025, doubling the limit of shares within the KEEP scheme to €6m and allowing CGT treatment on buy back of shares from an employee have now received EU State aid approval and can be implemented.
- A new capital gains tax relief for angel investors in innovative start-ups. Investment must be for 3 years and at least €10,000 for 5%-49% share in the entity by acquiring newly issued shares. The relief will allow a CGT rate of 16% (18% if through a partnership) on gains up to twice the value of the initial investment with a lifetime limit on qualifying gains of €3m.
- From 1 January 2025 the age category for retirement relief of 55-65 will be extended to 55-70. Therefore, a tax free consideration of €750k will be available until 70 and reducing to €500k after 70. For a transfer to a child there was previously no limit to 65 and a €3m limit after 65 but now there is a €10m limit introduced until 70 and the €3m applies after that.
- Extension of accelerated capital allowances for energy efficient equipment to 31 December 2025.
- The tapering of the tax-free element for BIK purposes on electric cars was postponed with the €35,000 threshold remaining until the end of 2025 and the €10,000 additional deduction has been extended by one year to the end of 2024. This is a welcome move to encourage the use of electric vehicles as company cars with the first €45,000 being disregarded from the OMV for BIK purposes for 2024.
- Consanguinity relief was extended a further 5 years to 31 December 2028 which allows a 1% stamp duty rate to apply to transfers within a family.
- Accelerated capital allowances for farm safety equipment extended by 3 years to 31 December 2026.
- Lifetime relief limits from stock relief, stamp duty relief and succession farm partnerships to €100,000 from €70,000.
- Stock relief increased from €15,000 to €20,000.
Budget 2024 – What to Expect
- A small increase in the standard rate band by €1,000 - €1,500.
- A small change in USC perhaps by 0.5% or increasing the threshold at which low-income earners enter the USC scale.
- An increase in social welfare payments and double payments on Christmas week.
- Another energy credit regime similar to 2023 which could see two or three credits of c.€100 provided against energy bills.
- For young families there will be assistance through cuts to childcare costs and free schoolbooks for secondary school children.
- For renters it is likely the rent credit will be increased from €500.