Budget 2010 Child Benefit cut
Posted on | December 9, 2009 | 3 Comments
Child Benefit has been cut in the 2010 budget. For the first two children, the rate has been cut from €166 a month to €150 for each child. If you have more than 2 children, the amount you receive for the additional kids has been cut from €203 to €187.
Find out how the Budget has affected you in our Budget 2010 Calculator by clicking here
It was expected that Child Benefit would be made taxable in this budget, but the Minister of Finance Quoted legal considerations in not implementing it in that fashion.
Budget 2010 Public sector pay cuts
Posted on | December 9, 2009 | 1 Comment
In todays Budget 2010, Brian Lenihan announced Public Sector pay Cuts.
Check out our Budget calculator for details of the pay cuts and how they will affect you.
The Budget calculator will be updated after the budget annoucement this evening.
The pay cuts as apply to most Public Sector employees are as follows:
For salaries of Great than €125,ooo, different rates are applied from an 8% flat rate up to a special Taoieach rate of 20%.
What do you think of these Changes?
Are you the Limiting Factor?
Posted on | December 7, 2009 | No Comments
Are you the Limiting Factor in your Business?
“You are the Limiting Factor” is a new book by an Irish Author and top Irish Business consultant Blaise Brosnan.
“You are the Limiting Factor” as a title is not the start of some self-bashing exercise. The purpose neatly conveyed through out the book is to realise that you as an individual can control your businesses destiny. It helps boost confidence through useful techniques and evaluations that are so easy to apply to your own business.
Just a slight word of warning: This is not bedtime reading. I spent a few sleepless nights buzzing with ideas after reading a chapter or two, that the book like my coffee has been consigned to the “Not after 9pm” rule.
You can find out more here, happy reading all!
Budget 2010 & Childcare Supplement
Posted on | December 6, 2009 | No Comments
A lot of the focus in the upcoming budget will focus on Child Benefit, your childcare supplement payments will be affected in 2010.
While the Childcare supplement will not form part of the Budget 2010 proposals, it is worth remembering that from January you will not be receiving Childcare supplements previously existing for children under 6.
The Early Childcare Supplement was halved to €500 from May 1st last and will no longer be paid in 2010 as part of the April 09 Budget update.
Health Levy & Reducing it’s impact on your Salary
Posted on | November 30, 2009 | 3 Comments
A few weeks ago we spoke about how fundamentals errors in the implementation of the Health Levy could result in a €1,000 gross pay rise could result in less money in your pocket after tax. We hope the government clears up the impact of this in the forthcoming budget. There are ways of decreasing the impact of the health levy on your pocket in these marginal cases if the government allow this to continue post budget.
In the following descriptions, I will refer to being paid on a weekly basis, but the same stands for those paid on a monthly basis.
Whereas Income Tax is charged on a Year to date basis (effectively your tax is calculated as the difference between last weeks and this weeks total tax calculation), Health Levy is calculated each week for the pay that week and with no reference to what has happened in previous weeks.
It is completely black and white in this regard. So a person earning €501 a week will be charged Health Levy at 4% (€20), a person on €499 a week will have no health levy bill and thus take home more dough off a smaller pay.
The fact that previous history is not taken into account can be used to your advantage. Say you are on €550 a week. You will be charged 4% every week, which is €22 a week, €88 every 4 weeks and €1,144 a year. Why not have a chat with your boss and agree a new pay deal. under this new deal, you get paid €500 a week under this deal and then every 4th week you get the €50’s back, so get paid €700. With this deal, for 3 weeks you pay no health levy and in the 4th week you pay 4% on the €700 which is €28 in total for the 4 weeks and only €364 a year. This is a saving of €780.
You could go further with this deal of course and arrange that you receive a standard €500 a week and an annual bonus in just one week for the remainder - now that would definately depend on your having a good relationship with you employer.
In writing this a large part of me thinks it wrong to propose means to reduce the amount of revenue available to our government at a time it’s really needed, but there is a serious injustice being done to people when a pay rise can leave you worse off. Hopefully we’ll see the government tackle this in the fortcoming December 9th Budget and consign this suggestion to irrelevance.
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- Budget 2010 & Childcare Supplement
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Welcome to the Red Oak Tax Refund Blog, where we will discuss money matters, tax and in particular tax refunds relating to PAYE employment in Ireland. If you have any topics you would like discussed, send us a mail to refunds@redoaktaxrefunds.ie and happy reading!.
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