HOW BUDGET 2018 WILL IMPACT YOUR FINANCES

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HOW BUDGET 2018 WILL IMPACT YOUR FINANCES

Budget 2018 …

A day after it was announced, we now have some clarity regarding the impact of budget 2018 on businesses and individuals. It is not a give-away, nor is it all take-away! There are many positive effects. Below is a summary of the changes that are important for you to be aware of, as a business owner and an individual.

 


Budget 2018 – the main points for businesses to note:

  • Corporation tax rate remains at 12.5%
  • Compensation scheme for charities to get VAT rebate on expenses incurred
  • Tourism VAT rate to remain at 9%
  • 0% BIK on electric cars in 2018
  • Stamp duty on commercial property increased to 6%
  • €300m Brexit loan scheme announced for SME’s

 

Budget 2018 – the main points for individuals to note:

  • USC rate changes, 2.5% reduced to 2% and 5.0% reduced to 4.75%
  • On income tax, the point of entering the higher rate is increased by €750
  • Social Welfare increases of €5 for disability, job seeker allowance and benefit
  • Excise Duty increase of 50C n 20 pack of cigarettes, 30c per litre sugar tax
  • No change on petrol, diesel or alcohol
  • Mortgage Relief changes

 

SAGE MICROPAY PROFESSIONAL AND SAGE QUICKPAY

There will be new releases of Sage Micropay Professional and Sage Quickpay to cater for the legislative changes in the 2018 budget.

We expect these releases to be available towards the end of November and we will let you know when the 2018 budget releases are available for download from our website.

In addition to catering for the necessary budget changes, the new release may also include some new features in Micropay Professional.

 

To check what these new features in Sage Micropay Professional are:

  • open Sage Micropay
  • click on – Help
  • click on – Help topics

Here, you can see a summary of the new features. To get more detail on a feature that interests you, just select it.


USEFUL FEATURES IN SAGE MICROPAY PROFESSIONAL THAT YOU MAY NOT HAVE USED

  • Improved reinstate leavers process
  • Produce a nominal analysis report
  • Payslip translation guide for Polish, Lithuanian and Russian
  • Use the notepad feature for reminders
  • Batch entry of time and pay
  • Payroll archives for producing reports from previous periods
  • Mortgage relief changes

Keep your data secure – Take a backup after each periods payroll!

If you have queries regarding your payroll, accounts or business management processes, please feel free tocontact us, MCS Integrated Solutions, via telephone at 01 4507846 or contact us via our websitewww.mcscomputers.ie and our budget-wise team of business consultants will be there to assist you.