Budget 2016 predictions from amatino
Ahead of their client budget briefing on October 14, Amatino, a leading firm of accountants, business & taxation advisors with offices in Cavan, Monaghan and Carrickmacross, say that although they won’t know what will happen until budget day, clear indications are that there will be some gains in this year’s budget.
Amatino’s Managing Director, Barry Kieran said: “On Tuesday 13th October the Minister for Finance, Michael Noonan will deliver his much anticipated Budget 2016. There are a number of points in particular to watch out for. A cut in Universal Social Charge (USC) has been signalled, and although it is unclear how many percentage points it will be reduced by, it will result in more money in the pockets of those earning from just over €17,500 per annum.
'In relation to Income Tax, there could be an increase in the level at which people enter the higher Income Tax bracket, however, this is not expected to have as much impact.
'Relief for the Self Employed has been clearly signalled, but what that will be is only speculation; changes to Capital Acquisitions Tax are also expected with hopes for increases in the tax free threshold for gifts or inheritances passing from parents to children, particularly relating to transfers of the family home.
'It is also anticipated that child benefit is likely to increase again this year, it was increased in the last budget by €5 a month per child.”
Barry Kieran concluded on a positive note by saying that Budget 2016 is unlikely to result in shocking surprises or much bad news. However, something Amatino Accountants and Business Advisors will be watching out for is what Budget 2016 means for the self-employed as it is this group, SMEs and Micro Enterprises that the firm primarily work with.
Budget breakfast briefing
Amatino are holding their annual free Budget Breakfast Briefing the morning after the budget, Wednesday, October 14, from 7:30 to 9:00am in the Hotel Kilmore, Cavan and the Nuremore Hotel, Carrickmacross. Places need to be booked in advance by Monday October 12 by calling their office in Cavan 049-4371211 or email info@amatino.ie