Stay ahead of the Game: This months latest financial insights

February 2, 2023

Stay ahead of the Game: This months latest financial insights

As you plan your financial budget for the next few months, we thought it would be a good time to remind you of some important things to keep in mind. 

The government had introduced a temporary VAT reduction over the last number of years and this is set to return to 13.5% on the 1st of March 2023. The goods and services that will be affected by this change include:

  • Periodicals
  • Certain e-books and e-periodicals
  • Catering and restaurant supplies (excluding alcohol, soft drinks and bottled water)
  • Hot take-away food, and hot tea and coffee
  • Hotel lettings, for example, guesthouses, caravan parks or camping sites
  • Admissions to cinemas, theatres, certain musical performances, museums, art galleries or exhibitions
  • Amusement services of the kind normally supplied in fairgrounds or amusement parks
  • Admission to an open farm
  • Hairdressing services
  • Certain printed matter such as brochures, leaflets, catalogues or printed music (excluding books)
  • The supply of electricity
  • The supply of gas used for domestic or industrial heating or lighting, whether in gaseous or liquid form.

VAT increases on sales will force businesses to adjust their prices, resulting in increased costs for owners, which can be absorbed by raising prices or cutting expenses.

This increase is going to have a major impact on business over the coming months. 

If you would like to discuss the options we have for your business, give me a call. We are happy to discuss your options with you.

You also need to consider the implementation of sick pay in Ireland on January 1, 2023.

The following high-level information will help you and your employees understand how it might impact them.

✔️ SSP will be phased in over four years, increasing to 5 days in 2024, 7 days in 2025, and 10 days in 2026.

✔️ There is no limit to the amount of sick pay employers can offer, but they cannot offer less than the statutory minimum.

✔️ Employers cannot penalise employees for taking sick leave or claiming their rights under sick leave legislation.

✔️ Employers experiencing severe financial difficulties can apply to the Labour Court for an exemption from paying SSP.

Have you considered this in your budget for the coming year, If you want to discuss this or any other aspect of your finances for 2023 get in touch with us today filling in the contact us form on our website. 

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