Cavan & Monaghan Businesses Keep Up-to-date with Amatino Partners Budget Review

Amatino Partners hosted two Budget Breakfast Reviews on Wednesday morning at 8am in the Nuremore Hotel and the Cavan Crystal Hotel to inform local businesses of Budget 2012.

Breakfast was quickly followed by a concise review of the main points of the budget with particular attention paid to how the changes will impact on businesses and their employees. The turnout at the review was excellent with over 50 local businesses attending each venue. The business sectors represented were varied and included engineering, manufacturing, retailers, consultants, farmers and service companies. Budget 2012 was launched by the Government over two days unlike previous budgets which are usually release on one day. While this Budget was predicted to be especially harsh, many felt that it was acceptable in most areas.

While the income tax rates and company taxes have remained the same as in 2011, there were changes which will impact on many households. These include an increase in the VAT rate from 21% to 23% (effective 1st January 2012), increases in the price of fuel, cigarettes, primary school bus travel, third level registration fees and the introduction of a €100 property tax. The increase in the drug payment scheme limit from €120 to €132 will impact on families and the increase in the charge for private beds in public hospital could mean a significant rise in health insurance premiums.

Barry Kieran, Managing Partner with Amaitno Partners, closed the meeting with by summarising the grant assistance and tax incentives currently available to help the business sector. In the Budget there were some new incentives for businesses in the form of R&D Tax Credits and Assignee Relief programme to attract people with key skills into Ireland. For farmers or business owners interested in passing their property or business on to the next generation there have been some significant changes mainly to incentivise planning early for the future.

To download a factsheet on Budget 2012, visit our website www.amatino.ie

Photograph: John Kieran, Patrick Cunningham & Barry Kieran at the Budget Review in the Nuremore Hotel.

Amatino Partners hosted two Budget Breakfast Reviews on Wednesday morning at 8am in the Nuremore Hotel and the Cavan Crystal Hotel to inform local businesses of Budget .

Breakfast was quickly followed by a concise review of the main points of the budget with particular attention paid to how the changes will impact on businesses and their employees. The turnout at the review was excellent with over 50 local businesses attending each venue. The business sectors represented were varied and included engineering, manufacturing, retailers, consultants, farmers and service companies. Budget 2012 was launched by the Government over two days unlike previous budgets which are usually release on one day. While this Budget was predicted to be especially harsh, many felt that it was acceptable in most areas.

While the income tax rates and company taxes have remained the same as in 2011, there were changes which will impact on many households. These include an increase in the VAT rate from 21% to 23% (effective 1st January 2012), increases in the price of fuel, cigarettes, primary school bus travel, third level registration fees and the introduction of a €100 property tax. The increase in the drug payment scheme limit from €120 to €132 will impact on families and the increase in the charge for private beds in public hospital could mean a significant rise in health insurance premiums.

Barry Kieran, Managing Partner with Amaitno Partners, closed the meeting with by summarising the grant assistance and tax incentives currently available to help the business sector. In the Budget there were some new incentives for businesses in the form of R&D Tax Credits and Assignee Relief programme to attract people with key skills into Ireland. For farmers or business owners interested in passing their property or business on to the next generation there have been some significant changes mainly to incentivise planning early for the future.

To download a factsheet on Budget 2012, visit our website www.amatino.ie