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Increase in cycle to work scheme allowance

18/8/2020

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The Revenue Commissioners have increased the allowance for the cycle to work scheme. From the 1 August 2020 the allowance for a traditional bike is increased to €1,250. The allowance for an electric bike is now €1,500. The exemption does not apply to motorbikes, scooters or mopeds. Where the cost of the bike or electric bike exceeds the allowance tax must be applied to the balance exceeding the limit.

An employer can choose to give the bike to the employee. Alternatively, if an employee wants a bike but the employer doesn’t want to incur the cost, the employer can allow the employee to write the cost of the bike off against their gross salary. For example, the bike and safety equipment cost €750, the employees gross monthly salary is €3,000. The employer buys the bike and equipment and reduces the employee’s gross monthly salary to €2,250. The employer has incurred no extra cost while the employee gets the same salary when you take into account the bike but is only taxed on the €2,250.
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Have a read through the guide the Revenue have produced which you can find here.
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ECONOMIC RECESSION: SHORT AND SURMOUNTABLE

15/6/2020

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The COVID19 pandemic and the measures put in place to contain it have delivered an enormous shock to the world economy. Indeed, the IMF has said that this crisis is like no other due to the shock being so large and sudden, with a continued high degree of uncertainty about how long it will last. As a result, economic forecasting in the current unprecedented COVID19 recessionary environment is very difficult, with a wide range of outcomes possible for GDP.

What is clear, though, is that GDP will contract sharply in 2020. Incoming macro data are reflecting a sudden and very severe contraction in activity. For example, the Composite PMIs for April from the US, Eurozone and UK plummeted to record lows, with the weakness most evident in the services sector and consistent with a large contraction in business activity. Other data, including US monthly payrolls and jobless claims, highlight the unprecedented collapse in employment and surge in unemployment. Big falls in GDP for the first quarter of the year are being seen in many economies.

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NEW FORMS OF BUSINESS FINANCE

28/1/2020

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​IN IRELAND, SMES HAVE BEEN STARVED FOR CHOICE OR SUPPORT WHEN APPLYING FOR FINANCE FROM TRADITIONAL LENDING INSTITUTIONS. HOWEVER, THE LENDING LANDSCAPE IN IRELAND HAS EVOLVED AND NOW BOASTS A WIDE ARRAY OF ALTERNATIVE LENDING OPTIONS. BUT WHERE IN A BUSINESS’S LIFECYCLE DO THEY FIT, WHO ARE THE PROVIDERS AND HOW DO THEY COMPARE TO OTHER PRODUCTS?

EQUITY
This is the usual opening point for startups, early stage and large businesses. Irish startups will tend towards cheaper equity in the form of Employment and Investment Incentive Scheme as well as exhausting the grants on offer. If their proposition is scalable enough, their equity will be attractive to those with a high-risk appetite. Feasible if you are a young agile tech startup, less so if you are a first-time restauranteur. By contrast, large businesses unable to take on additional debt because of exhausted lines of credit or high-risk expansion plans seek out the equity capital markets.

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DONATIONS TO SPORTING BODIES

23/1/2020

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Where an individual who pays tax under the PAYE system makes a qualifying donation to an approved sports body they can claim tax relief by way of a deduction from total income. An approved sports body must promote an athletic or amateur game or sport, must be on the approved sports bodies listing on the Revenue website and must hold an up-to-date tax clearance certificate.

A donation will qualify under this tax relief if it is:....

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The Finance Bill 2019

20/1/2020

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At time of writing (mid-November), the 2019 Finance Bill is meandering through the Oireachtas. In broad terms, it was a quiet budget day on 8 October last in tax terms due to stated concerns about the potential impact of a no deal (or “hard”) Brexit.
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Minister Donohoe announced the availability of €1.2 billion to support those most affected if a no deal Brexit happens, with about half that for the agriculture/enterprise/tourism sectors and badly hit regions.

​A very brief outline of tax changes to date (under summary headings) is:...

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