Budget 2024 delivered with extra support for small firms

EXPECTATIONS for increased funding for housing and infrastructure in Budget 2024 were largely met, according to Chambers Ireland.

In a summary perspective of the Budget, prepared by patron Chamber member, Crowe, on behalf of Chambers Ireland, they believe, on balance, the Budget is likely to be inflationary and the reduction in personal taxes are likely to have a neutral to negative affect on the real incomes of lower-income households over the course of 2024, which will raise business costs while also reducing government income.

Speaking about the €250 million fund for small businesses, Chambers Ireland’s Chief Executive, Ian Talbot, said: “Today’s budget is clearly a budget that has households and families as its focus. On the business side, Chambers Ireland welcomes this extra support for smaller businesses as this will likely target many of the businesses most affected by the increases in regulatory burdens that are expected in 2024.

“Should this be delivered through a commercial rates rebated, this would be ideal as it would be a simple mechanism for the delivery of supports which was demonstrated to be very effective during the Covid crisis.”

Meanwhile, in a summary for South Dublin Chamber, Gerard O’Reilly, Partner at Crowe, said the Budget sets out a number of tax measures of benefit to

small and medium-sized businesses.

“The angel investor relief is a welcome example of this,” said Mr O’Reilly.

“In acknowledgement of how complex claiming business supports has become, Revenue will in the coming weeks establish a dedicated Tax Administration Liaison Committee (TALC) subgroup focused on identifying any opportunities to simplify and modernise the administration of business supports.”

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