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Powerpoint budget 2011 8dec2010
Powerpoint budget 2011 8dec2010
Powerpoint budget 2011 8dec2010
Powerpoint budget 2011 8dec2010
Powerpoint budget 2011 8dec2010
Powerpoint budget 2011 8dec2010
Powerpoint budget 2011 8dec2010
Powerpoint budget 2011 8dec2010
Powerpoint budget 2011 8dec2010
Powerpoint budget 2011 8dec2010
Powerpoint budget 2011 8dec2010
Powerpoint budget 2011 8dec2010
Powerpoint budget 2011 8dec2010
Powerpoint budget 2011 8dec2010
Powerpoint budget 2011 8dec2010
Powerpoint budget 2011 8dec2010
Powerpoint budget 2011 8dec2010
Powerpoint budget 2011 8dec2010
Powerpoint budget 2011 8dec2010
Powerpoint budget 2011 8dec2010
Powerpoint budget 2011 8dec2010
Powerpoint budget 2011 8dec2010
Powerpoint budget 2011 8dec2010
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Powerpoint budget 2011 8dec2010

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  • 45% of work force pay no taxes 60% of all income tax paid by 8% of population
  • Transcript

    • 1. Budget 2011 Anthony Casey Noone Casey 8 December 2010
    • 2. Introduction <ul><li>Anthony Casey, partner in Noone Casey Chartered Accountants </li></ul><ul><li>Advising IT contractors since 1992 </li></ul><ul><li>Work closely with CPL to provide optimum tax efficient services to contractors </li></ul>17/12/10 Noone Casey Budget 2011
    • 3. Budget 2011 17/12/10 Noone Casey Budget 2011
    • 4. Budget 2011 <ul><li>We were told it would be </li></ul><ul><ul><li>The most onerous budget in decades </li></ul></ul><ul><ul><li>Increased taxes </li></ul></ul><ul><ul><li>Social welfare cutbacks </li></ul></ul><ul><ul><li>IMF/EU </li></ul></ul><ul><li>So, what is in the budget? </li></ul><ul><li>Implications for pension planning </li></ul><ul><li>Regaining financial control </li></ul><ul><li>Questions </li></ul>17/12/10 Noone Casey Budget 2011
    • 5. One Slide Summary <ul><ul><li>Lowering of tax threshold </li></ul></ul><ul><ul><li>Reduction in tax credits </li></ul></ul><ul><ul><li>New Universal Social Contribution </li></ul></ul><ul><ul><li>Abolition of reliefs </li></ul></ul><ul><ul><li>Restrictions in pension funding </li></ul></ul><ul><ul><li>Increased excise duties </li></ul></ul>17/12/10 Noone Casey Budget 2011
    • 6. Broadening the tax base <ul><li>Income tax </li></ul><ul><ul><li>No increase in tax rates </li></ul></ul><ul><ul><li>Lowering of thresholds by 10% </li></ul></ul><ul><ul><ul><li>€ 18,300 to €16,470 (lower rate) </li></ul></ul></ul><ul><ul><ul><li>€ 36,400 to €32,800 (higher rate) </li></ul></ul></ul><ul><ul><li>All credits reduced by 10% </li></ul></ul><ul><ul><li>% of taxpayers in relevant tax bands       </li></ul></ul><ul><ul><ul><li>No tax 43.9% down to 37.9% </li></ul></ul></ul><ul><ul><ul><li>Standard rate 41.8% up to 44% </li></ul></ul></ul><ul><ul><ul><li>Higher rate   14.3% up to 18.1% </li></ul></ul></ul>17/12/10 Noone Casey Budget 2011
    • 7. Broadening the tax base (cont’d) <ul><li>New ‘universal social contribution’ </li></ul><ul><ul><li>Will replace the Health Levy and the Income Levy. </li></ul></ul><ul><ul><li>Will apply to all income; no reliefs or credits </li></ul></ul><ul><ul><li>Rates: </li></ul></ul><ul><ul><ul><li>Total income below €4,004 0% </li></ul></ul></ul><ul><ul><ul><li>Income up to €10,036 2% </li></ul></ul></ul><ul><ul><ul><li>Income between €10,036 </li></ul></ul></ul><ul><ul><ul><li>and €16,016 4% </li></ul></ul></ul><ul><ul><ul><li>Income over €16,016 7% </li></ul></ul></ul><ul><ul><li>PRSI for self employed/directors </li></ul></ul><ul><ul><ul><li>Up from 3 to 4% </li></ul></ul></ul>17/12/10 Noone Casey Budget 2011
    • 8. Abolition of Reliefs <ul><li>Rent Relief to be phased out </li></ul><ul><li>Patent Royalties exemption effective from 24 November </li></ul><ul><li>Artist exemption (€40k limit) </li></ul><ul><li>Tax relief on loans to acquire shares in certain companies </li></ul><ul><li>Approved share option schemes </li></ul><ul><li>Property based reliefs </li></ul><ul><ul><li>S23 only allowed against specific property </li></ul></ul><ul><ul><li>Passive eg Hotel/Nursing Homes only allowed against specific property </li></ul></ul>17/12/10 Noone Casey Budget 2011
    • 9. Corporation tax <ul><li>Renewed commitment to 12.5% rate </li></ul><ul><li>Sends positive message to multi nationals in Ireland </li></ul><ul><li>Start up company exemption continued to 2014 </li></ul>17/12/10 Noone Casey Budget 2011
    • 10. Excise Taxes <ul><li>Petrol up 4c per litre </li></ul><ul><li>Diesel up 2c per litre </li></ul><ul><li>Air Travel tax revised to€3 from 1 March 2011 </li></ul><ul><li>Vehicle Registration Tax </li></ul><ul><ul><li>Extension of scrappage scheme to 30 June 2011 </li></ul></ul><ul><ul><li>Extension of VRT relief for hybrids </li></ul></ul>17/12/10 Noone Casey Budget 2011
    • 11. Value Added Tax <ul><li>No change in Standard rate at 21% </li></ul><ul><li>No change in Lower rate at13.5% </li></ul><ul><li>UK VAT rate increasing from 17.5% to 20% on 4 Jan 2011 </li></ul>17/12/10 Noone Casey Budget 2011
    • 12. Social Welfare cutbacks <ul><li>Child benefit Down €10 for 1 st 2 children </li></ul><ul><li>Old age pension ‘Frozen’ </li></ul><ul><li>Unemployment benefit Reductions </li></ul><ul><li>Carers /disability allowance Reduced </li></ul>17/12/10 Noone Casey Budget 2011
    • 13. Miscellaneous <ul><li>Stamp Duty on residential property </li></ul><ul><ul><li>1% to €1m, 2% thereafter </li></ul></ul><ul><ul><li>All other reliefs abolished </li></ul></ul><ul><li>DIRT up to 27% </li></ul><ul><li>CGT - expect increases for 2012 & thereafter </li></ul><ul><li>CAT – Group thresholds reduced by 20% </li></ul>17/12/10 Noone Casey Budget 2011
    • 14. Net salary comparison: Single person, contractor Gross Total change % change € 55,000 -€1,355 -3.9% € 75,000 -€1,755 -4.0% € 100,000 -€1,506 -2.7% € 125,000 -€1,256 -1.9% € 150,000 -€1,006 -1.3%
    • 15. Net salary comparison: Married contractor, 1 salary, 2 children Gross Total change % change € 55,000 -€1,625 -4.1% € 75,000 -€2,025 -4.1% € 100,000 -€1,776 -3.0% € 125,000 -€1,526 -2.2% € 150,000 -€1,276 -1.6%
    • 16. How do you regain financial control? 17/12/10 Noone Casey Budget 2011 Maximise Income Reduce costs Reduce taxes Reduce risk Contractor income subject to market rates Assess all personal costs Assess tax status Prompt timesheet approval & Invoice on time Additional sources of income Assess all business costs Review all credits & reliefs 3 rd party holding your money Use company structure Unknown co-directors
    • 17. Regain Control with i-Finance <ul><li>New concept to Irish contracting market </li></ul><ul><li>Managed service solution </li></ul><ul><li>One contractor one company </li></ul><ul><li>Real time access to your own data </li></ul><ul><ul><li>Company & personal earnings </li></ul></ul><ul><ul><li>Bank balances </li></ul></ul><ul><ul><li>PAYE & VAT liabilities </li></ul></ul><ul><li>Integrated timesheet/invoicing </li></ul><ul><li>We manage your paperwork </li></ul>17/12/10 Noone Casey Budget 2011
    • 18. Benefits of i-Finance <ul><li>Dashboard providing real time visibility with full control at your finger tips </li></ul><ul><li>Data processed by qualified team of Chartered Accountants </li></ul><ul><li>Taxes paid on time </li></ul><ul><li>CRO returns filed on time </li></ul><ul><li>Quick ,efficient & compliant set up </li></ul>17/12/10 Noone Casey Bud get 2011
    • 19. Benefits of i-Finance (cont’d) <ul><li>Individual savings/ investment planning </li></ul><ul><li>Individual tax planning </li></ul><ul><li>Cost effective </li></ul><ul><li>Data security </li></ul><ul><li>I-Finance is a Noone Casey company </li></ul><ul><li>Noone Casey working with CPL contractors since 1992 </li></ul><ul><li>www.i-finance.ie </li></ul>17/12/10 Noone Casey Budget 2011
    • 20. Personal financial review <ul><li>Due to extreme financial implications of Budget 2011 for individuals, we are offering free personal financial review for all attending this seminar. </li></ul><ul><li>Contact </li></ul><ul><ul><li>Phone 01 676 6476 </li></ul></ul><ul><ul><li>Email [email_address] or </li></ul></ul><ul><ul><ul><li>[email_address] </li></ul></ul></ul>17/12/10 Noone Casey Budget 2011
    • 21. Reasons to be Cheerful Part 1 <ul><li>The 12.5% Brand </li></ul><ul><li>Workforce is young, skilled and adaptable </li></ul><ul><li>World’s Number 1 destination for FDI relative to population size (2010 IBM survey) </li></ul><ul><li>Home to 9 of the top 10 global ICT companies and 15 of the top 25 medical device firms </li></ul><ul><li>Vibrant indigenous competing on the world stage </li></ul>17/12/10 Noone Casey Budget 2011
    • 22. Reasons to be Cheerful Part 2 <ul><li>ICT industry in Ireland employs 75,000 people and accounts for €50 billion of Irish exports </li></ul><ul><li>Ireland is the biggest net exporter in the EU of dairy ingredients </li></ul><ul><li>More than 1,000 engineering companies </li></ul><ul><li>The global hub for aircraft leasing </li></ul><ul><li>Tax Revenues for first 10 months ahead of schedule </li></ul>17/12/10 Noone Casey Budget 2011
    • 23. Questions? <ul><li>For further information check out </li></ul><ul><li>www.noonecasey.ie </li></ul><ul><li>www.taxation.ie </li></ul><ul><li>www.i-finance.ie </li></ul>17/12/10 Noone Casey Budget 2011

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