Budget Breakfast Briefing
Sligo Chamber in association with Chartered Accountants Ireland North West Society hosted the annual Budget Breakfast Briefing which was held in the Sligo Park Hotel on the 16th October 2013.
Sligo Chamber Budget Breakfast is one of Sligo Chamber’s key annual events. Running for more than 17 years, there was a very large turnout for this early morning analysis of Budget 2014, which was sponsored by the Sligo Park Hotel. Leading Taxation specialist, Martin Coggins, provided a comprehensive overview and up to date tax analysis of the key issues arising from the Budget and how the changes will affect both individuals and companies.
Commenting after the briefing, Sligo Chamber President Trevor McDaid said “The Government faced two major challenges in Budget 2014, namely reducing the deficit and dealing with the high level of unemployment. President McDaid said the raising of the turnover ceiling before companies become liable for VAT on Invoices rather than on payment received is a welcome initiative as is the retention of the 9% VAT rate for the hospitality sector”.
Chamber CEO, Paul Keyes highlighted areas where Sligo Chamber in conjunction with Chambers Ireland had influenced Budget 2014 in employment generating measures as follows:
- We called on the Government to introduce a reduced VAT rate for home Repair, Maintenance and Improvement. A variation on this scheme was announced in the budget. Tax credits will be available for homeowners making improvements over a period of two years on projects of a certain value.
- We called for the retention of the 9% VAT rate for the hospitality sector. This was announced in the Budget.
- We called for an increase in the threshold for cash accounting. This means SMEs will pay VAT only when they have been paid. This was increased from €1.25m to €2m.
- We called for improvements to, and increased promotion of, the Enterprise and Investment Incentive Scheme. Both were announced in the Budget.
- We also consistently called for an improved environment for entrepreneurs by introducing Capital Gains Tax Relief. The 50% relief on Capital Gains Tax for re-investment in start-up companies, announced in the Budget, will help raise much-needed finance.
This well attended event attracted well over 90 business people, primarily from the professional services sector. Attendees had the opportunity to meet and exchange views with peers and other corporate and business professionals.