New Self Employed Tax Credit Budget 2016

As part of Budget 2016 – a new “Earned Income Tax Credit”  will be introduced from January 2016 . It will be €550 and it is for for self employed individuals who are trading as a sole trader or in partnership or business owners who are ineligible for a PAYE credit on their salary income.

(This is to partially  compensate for the PAYE credit available to employees –  which is currently  €1650 a year.)

It is estimated to cost €61 million a year.