Barry Whelan - Financial Advisor

Covermore Financial - Income Protection Animated Promo This is "Covermore Financial - Income Protection Animated Promo" by CreoMediaDublin on Vimeo, the home for high quality videos and the people who love them.

Employers small gift exemption increasing immediately from €500 to €1,000 - 2 vouchers may be granted by an employer in a year.

No surprise, excise duty on ci******es increased by 50cent.

Out with a tax on saving lives - VAT on defibrillators cut to the zero rate from 2023 - long overdue!

Knowledge Development Box for IP is extended for four years.

Housing - unprecedented demands - help to buy scheme report issued today, the scheme will continue until the end of 2024.

400,000 people are expected to benefit from the €500 rental credit that has been announced.

Carbon Tax €41 to €48.50 from Oct as previously announced, but reduction/offset against oil levy, so the rate at the pump will not change.

Housing - Vacant homes tax - residential occupied but for less than 30 days will be liable, self-assessment, the rate is 3 time rate of residential property tax.

Excise reduction and VAT rate of 9% extended to 28 February 2023

Standard rate cut off in income tax increased to €40,000, a very welcomed measure.

Second USC rate band increasing the second Universal Social Charge Band - the 2% rate - from from €21,295 to €22,920.

Home Carer tax credit increased by €100, to support stay-at-home parents

A new rent tax credit of €500 to be introduced

TAX -
Minister Donohoe has announced an income tax package to the value of over €1.1 billion.

The Standard Rate Cut Off Point is set to be increased by €3,200 to €40,000, with proportionate increases for married couples and civil partners.

The main tax credits (Personal, Employee and Earned Income Credit) will also be increased by €75.

"I am also increasing the Home Carer Tax Credit by €100, to support stay at home parents," Mr Donohoe said.

FUEL -
Minister Donohoe has said the current excise reduction of 21 cent per litre for petrol, 16 cent per litre for diesel, and 5.4 cent per litre for Marked Gas Oil will be extended until 28 February 2023.

He the extension would also apply to the 9% VAT rate of electricity and gas.

Tax on vacant homes

Among the measures to be announced in the Budget is a tax on vacant homes which will be levied at three times the Local Property Tax.

Just released from a Lender
Dear Broker,
As a prudent mortgage lender, we continuously review our lending policies to ensure that we are acting responsibly and in the best interest of our customers. Due to the continued increases in the cost of living currently being experienced at present and the increasing rates of inflation, we have reviewed our Owner Occupier Lending Policy in great detail and are making the following changes with immediate effect:
o Minimum Net Disposable Income (NDI) surplus requirement on each application increased to €1,000pm.
o Proven Repayment Capacity (PRA) must be evident for at least 12 months for all applications
From today:
· All new applications will be assessed based on the revised criteria.
· Cases at AIP will need to meet these revised criteria to proceed to offer
· Cases at completions stage with active Loan offer’s will not be reassessed in line with these changes unless a new loan offer is requested.
· For existing customers seeking a product change, these will be assessed using these revised criteria.
High house prices, inflations spiraling, interest rates increasing like they are on steroids! Lending rules that are out of date, is no a good time to buy? That’s a question only you can answer. If you want to be mortgage ready, and start your financial planning process get in touch for a free consultation.

Competition time!!

€50 One for All voucher to be won!!

Like and share this post and tag two friends to win.. winners must be a member of My Mortgage Ireland