Search Icon

Need a call back?

Simply fill out the form below and we'll call you.

Arrange a Chat

Give us a call!

Get in touch, we want to hear from you.

Northern Ireland +44(0) 28 9024 3131

Upload your CV

Be a part of our team at FPM, simply fill out the form below.

Upload CV
File Upload

Maximum file size: 67.11MB


Upload your CV

Be a part of our team at FPM, simply fill out the form below.

Upload CV Single Post
File Upload

Maximum file size: 67.11MB


14 October 2020

Irish Budget 2021 – A round-up of what you need to know

The 2021 Irish Budget was announced yesterday, the 13th October 2020, by Finance Minister Paschal Donohue. The first budget of the three-party coalition government, which was drafted in the midst of great uncertainty.

With Covid-19 and Brexit rightly dominating this year’s Budget, the focus was on ‘Building a Stronger Ireland’ and sustaining Irish Business for the next 12-24 months.

So how will this affect your business? Key take-aways include:
  • No change to personal tax credits for employees or the standard rate band entry level into the higher rate of income tax, due to a focus on saving jobs and protecting lives.
  • Increase in tax credits for small business owners and self-employed people from €1,500 to €1,650.
  • Increase in the ceiling for the second USC rate from €20,484 to €20,687.
  • Reduction in the VAT rate for the Hospitality and Tourism Sector from 13.5% to 9%, with effect from the 1 November 2020.
  • A small increase in the farmers flat rate addition to 5.6% from 1 January 2021.
  • No change to the 12.5% rate of Corporation Tax.
  • Stamp Duty consanguinity relief extended for another 3 years, reducing Stamp Duty on land transfers between family members to 1%.

Download our 2021 Budget Summary Here

If you have any questions about this year’s Budget or require assistance, our Tax Team are here to help.

You can email Caroline Murphy directly at the address below or Contact us today to speak to a member of our team.

Following the unveiling of yesterday’s Budget 2021, Ireland’s Minister for Finance, Paschal Donohoe announces an “unprecedented” Budget package of almost €18bn

Share This on

Contact Caroline

Caroline Murphy / Senior Tax Manager

Newsletter Signup

Stay up to date with the lastest news from FPM.