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Today's budget has been characterized as generous, offering something for everyone in the audience. It could be argued that this budget was influenced by upcoming elections, given our surplus of €8 billion, largely attributed to unexpected Corporation tax windfalls. We've allocated €6.5 billion to various initiatives. Among the noteworthy changes, we appreciate the expanded tax brackets, increased tax credits, and the continuation of the 2023 Benefit-in-Kind (BIK) rules, especially for electric vehicles. Additionally, for business owners, we're pleased to see a review of the Entrepreneur Relief scheme and the extension of the retirement relief scheme up to 70 years of age. Below, we've outlined some of the key highlights that will impact you as a contractor or business owner. PERSONAL TAX Personal, PAYE, and earned income tax credits will increase by €100 to €1,875. The Standard Rate Band has gone up by €2,000, which will now make it €42,000 The lower ...

From working with independent professionals on a daily basis, we see that many have the opportunity to increase their earnings significantly when they make the move to contracting. Being a contractor does offer you the flexibility and independence to control your career path, but it also comes with the responsibility of managing your finances efficiently and knowing your worth to establish your rate of pay. Achieving the maximum income potential as a contractor requires a combination of tax efficiency and a strategic approach to your career. In this blog, we will provide a comprehensive checklist of strategies and suggestions to enhance your tax planning, your rate, and ultimately your income as a contractor.   How to Be Tax Efficient Know Your Tax Credits and Bands Taxes can be complicated, but it doesn’t need to be. The foundation of tax efficiency lies in understanding your tax credits and tax bands available to you and what else you may be eligible to claim. ...