7 Ways the Budget will affect your SME

Posted on 13/10/201619/10/2016 by Debbie Cleary

7 Ways the Budget will affect your SME

1. Earned Income Tax Credit for Self-employed and USC Changes
In last year’s Budget, the Minister introduced an Earned Income Tax Credit of €550 for small business owners who cannot benefit from the PAYE tax credit of €1,650 available to employees. The Minister announced an increase in this credit to €950 for 2017. The three lower USC rates have been reduced by 0.5%. Accordingly, all income earners will have a lower tax burden to varying degrees. The ceiling at which the 2.5% USC rate applies is increased to €18,772 – this ensures that a full-time worker on the minimum wage will remain outside the top rates of USC.

2. Minimum Wage
The higher cost to employers arising from the increase in the hourly minimum wage from €9.15 to €9.25 will take effect from 1st January 2017.

3. Entrepreneur relief
The standard rate of capital gains tax remains at 33%. However, the Minister announced a reduction to 10% in the capital gains tax rate that applies to disposals by Entrepreneurs of qualifying assets. Entrepreneur relief offers the reduced rate of capital gains tax on the disposal by an individual of business assets up to a lifetime limit of chargeable gains of €1 million. The Minister is to review this lifetime limit in future budgets.

To qualify for the relief, the business assets which include shares in a company must have been owned by the individual for a continuous period of at least three years in the five years immediately prior to the date of disposal.

4. Share-based remuneration
Following a public consultation and review of share-based remuneration earlier this year, the Minister announced the intention to develop a new, SME, focussed share-based incentive scheme which is to be introduced in next year’s Budget.

5. Retailers and Tourism
The reduced 9% VAT rate for tourism and related activities will continue to apply. The Minister noted that the reduced rate will act as a buffer for the sector against the weakness in sterling which increases the cost of holidaying in Ireland for British tourists.

6. SMEs in the Construction and Property Sector
The Minister introduced a new ‘Help to Buy Scheme’ for first time buyers of new houses that take out a mortgage of at least 80% of the purchase price. This scheme will provide a rebate of income tax paid over the previous four years. The rebate is subject to a maximum of 5% of the purchase price of a new home up to a value of €400,000. New houses with a cost between €400,000 and €600,000 will also qualify for the scheme but the rebate is calculated at the €400,000 limit. No rebate will be paid on new house purchases in excess of €600,000. The rebate does not apply to the purchase of second hand houses.

The Home Renovation Incentive will be extended for a further two years to 31 December 2018. This measure provides income tax relief to home owners who undertake qualifying renovation works which cost a minimum of €4,405 (excluding VAT). The relief is payable over the two years following the year in which the work is carried out and equals 13.5% of the qualifying expenditure.

Landlords are entitled to deduct 75% of interest incurred on qualifying loans when computing the rental income subject to income tax. The Budget provides for an increase in the deduction to 80% of the interest incurred on qualifying loans. The deduction will be increased by 5% each year over the coming years until a 100% deduction for interest is restored.

Mortgage interest relief is to be extended beyond 2017 to 2020. Details of the extension will be set out in Budget 2018.
7. Farming
Income averaging regime allows a farmer’s taxable income to be averaged out over a five year period. A farmer facing an exceptionally poor year may “step out” of income averaging and instead pay income tax on current year income with any deferred tax liability becoming payable over subsequent years.

The flat-rate addition for farmers not registered for VAT is being increased from 5.2% to 5.4% with effect from 1st January 2017. This scheme compensates unregistered farmers for VAT incurred on costs related to their farming activities.
Farm restructuring relief provides capital gains tax relief on the sale, purchase or exchange or agricultural land. The Minister announced an extension of the relevant period for this relief to 31st December 2019.

Content Source: www.isme.ie

Picture of Michael Noonan: www.newstalk.ie

Should You Pay More to Use a Credit Card?

Posted on 06/10/2016 by Orla Fitzpatrick

The question has been debated across the world. Should the Retailer, charge more to a customer that used a credit card?

The EU says that retailers can’t discriminate based on payment method and will therefore ban surcharges from next year. Australia has also clamped down on sur-charges by setting limits on how much they can be per transaction. The US Supreme Court has decided to take up this question – and has now sparked international debate.

So what do you think? Is charging a customer a surcharge for using a credit card really discrimination? Do you offer a strictly cash only policy?

Retail Sales Volume decreased by 4.7% in August 2016

Posted on 06/10/201619/10/2016 by Orla Fitzpatrick

According to the latest results from the CSO (28.09.16), Retail sales have decreased by 4.7% in August when compared with the previous month, however there was an increase in the volume of retails sales for the year.

Retail Sales Index

August 2016 (Provisional) July 2016 (Final)

Seasonally Adjusted Retail Sales Index – All Businesses
	(Base Year 2005 = 100)
	Volume Index	Value Index
August 2015	108.7	97.0
July 2016	119.9	103.7
August 2016	114.3	99.8
Monthly % change	-4.7	-3.7
Annual % change	5.2	2.

Retail Sales Fig 1 Aug 2016 — Retail Sales Aug 2016

The volume of retail sales (i.e. excluding price effects) decreased by 4.7% in August 2016 when compared with July 2016 and there was an increase of 5.2% in the annual figure. (See Table 1). If Motor Trades are excluded, there was an increase of 0.9% in the volume of retail sales in August 2016 when compared with July 2016 and there was an increase of 4.1% in the annual figure. (See Table 2).

The sectors with the largest month on month volume decreases were Motor Trades (-11.1%), Bars, (-2.7%) and Department Stores (-1.1%). The sectors with the largest monthly increases were Furniture and Lighting (+8.8%), Other Retail Sales (+5.1%) and Hardware, Paints & Glass (+4.6%). (See Table 3).

There was a decrease of 3.7% in the value of retail sales in August 2016 when compared with July 2016 and there was an annual increase of 2.9% when compared with August 2015. If Motor Trades are excluded, there was no change in the value of retail sales and an annual increase of 1.8%.

(Source: www.cso.ie)

Survey: Irish employees report high stress

Posted on 02/09/2015 by Orla Fitzpatrick

A new survey states that over 82 per cent of Irish employees are feeling increased personal stress over health and financial concerns, the Irish Times reports.

Red C conducted the survey of 502 Irish employees from around the country on behalf of Mercer. A similar survey conducted in the UK on over 1,000 participants shows that Irish employees are feeling greater stress. In the UK 74 per cent of participants reported increased personal stress, 8 per cent less than the Irish figure.

The study also revealed that over 59 per cent of Irish participants felt concern over maintaining a balance between a health lifestyle and their work schedule. 51 per cent expressed worry over savings for retirement and over 54 per cent displayed reported concern over their family’s wellbeing in the event of their own illness or death.

These high stress levels also seem to be impacting Irish employees’ performance in the work place. 44 per cent felt that stress and anxiety were causing their productivity rates to slip while 64 per cent reported low concentration levels. 59 per cent of those surveyed reported dissatisfaction with their jobs.

“Irish employees are clearly suffering from the burden of increased stress and worry that is damaging their ability to concentrate and deliver the best results for their employer,” stated Niall O’Callaghan, a representative of of Mercer. “Across all life stages and ages, employees’ personal worries about health and financial security are having a dramatic effect on how they operate at work. If employees are worried, distracted, not as healthy as they could be, then they are not as engaged as they could be either.”

As an employer, it is vital to understand the stress employees could be under as a result of their job.

Hasbro Competition with Indiegogo

Posted on 02/09/201502/09/2015 by Orla Fitzpatrick

Hasbro, Inc., board game manufacture extraordinaires, have joined forces with Indiegogo to launch a new competition looking for the next big hit.

From 28th of August to 30th of September, plucky hopefuls will be able to submit their ideas for the next big board game. Hasbro professionals will then pick their top five finalists who will then go on to duke it out through the medium of Indiegogo campaigns. The ultimate victor will be decided on 3rd of December, winning a not too shabby $10,000 and an all-expense-paid trip to Hasbro HQ to work with the Hasbro team and make their game a reality.

Submissions will be judged based on gameplay, theme, potential for fun-ness, and viability. The goal is to come up with the next happenin’ party game to be played face-to-face with some sort of “physical component,” whatever that means. Whether your intended audience is college kids or actual kids or extended families looking for something to do at another boring reunion, anything goes.

Unfortunately the competition is only open to US residents. But maybe you’ve got an American cousin who you know has got the moxie for this kind of thing. Or you could hop on a plane yourself and apply for citizenship because this competition means that much to you. The sky’s the limit. Here’s the submission page anyway to whet your submission whistle.

Top Brands in Ireland

Posted on 01/09/201501/09/2015 by Orla Fitzpatrick

Checkout magazine have released their Checkout Top 100 Brands list for this year with Coca-Cola winning the top spot for the 11th year in a row.

Checkout compile their list “based on branded value sales across the Irish grocery sector“. Over 6,500 brands were taken into account but only 100 top brands could emerge victorious.

Irish brands prove to be popular among consumers, with Avonmore, Brennan’s and Tayto all securing spots in the top five. Other high-placing Irish brands include Jacob’s (9th), Club soft drinks (13th), Irish Pride (14th) and Dairygold (15th).

“It’s never been as competitive in the Irish grocery landscape, and Ireland’s biggest brands have risen to the challenge,” remarked Stephen Wynne-Jones, the editor of Checkout. “While Irish shoppers are largely creatures of habit, this year’s Top 100 indicates that consumers are willing to switch, provided their quality and value expectations are met.”

And here’s the Top 20 for all your Top 20 needs:

1. Coca-Cola
2. Avonmore Milk
3. Brennans
4. Cadbury Dairy Milk
5. Tayto
6. Lucozade
7. 7UP
8. Walkers
9. Jacobs
10. Extra
11. Yoplait
12. Pampers
13. Club
14. Irish Pride
15. Dairygold
16. Müller
17. Goodfella’s
18. Danone
19. Nescafé
20. Red Bull

Toys R Us to Launch in Ireland

Posted on 01/09/201501/09/2015 by Orla Fitzpatrick

The massive American toy retailer Toys R Us have yet to set up shop in the Emerald Isle in their 65-odd-year span of being in business – until now. The toy chain have announced their plans to open ten stores across the Republic of Ireland over the next five years and have just secured their first two locations in Dublin and Limerick.

Toys R Us’ plans to open in Ireland come with the intention of overtaking Smyths, currently the biggest toy retailer in the country. Toys R Us already own four stores in Northern Ireland and while it is possible to order and deliver products from these locations online, the brand have yet to set up shop across the border.

It will be interesting to see how Toys R Us’ presence in the Republic will shake up current trends in the Irish toy market. The chain already boasts a sizable 1,500 stores worldwide in over 33 countries and evidently these numbers only continue to grow.

The first two Toys R Us stores will be located in the Westend Shopping Park, Blanchardstown, Dublin, and in the Parkway Retail Park, Limerick.

Giant Minion Balloon Terrorises Irish Motorists

Posted on 05/08/201505/08/2015 by Orla Fitzpatrick

In what can only be Gru’s most diabolical world domination attempt yet, a giant inflatable Minion wreaked havoc on the residents of Santry when it flew onto the Old Swords Road. Traffic was halted, reports The Journal, and heart palpitations were endured, reports us.

Inflatable Minion on Old Swords Road — Wow Pacific Rim 2 look great so far.

The images in this article are courtesy of Erin Van Londen, an onlooker who saw the carnage in action. “I actually rang the gardaí. It was quite an odd thing to have to report,” she later spoke of the trauma. Thankfully the incident seemed to cause little damage other than one unlucky motorist losing a wing mirror.

The gardaí eventually arrived at the scene to deflate the gentle beast. With its limp corpse being carted away by professionals in a wheelbarrow, we can rest assured knowing that the evil here has been defeated.

Has your whistle been whetted for more Minion-related content in Irish contexts? Check out our Minion range so you can own Minion merch to flaunt off in your own Irish-contextualised hands!! Wowie.

Argos Top Toys 2015

Posted on 31/07/201531/07/2015 by Orla Fitzpatrick

August is nearly upon us, which means it’s about time for that relatable retail feel of planning for Christmas stock a full five months in advance. Just hear those sleigh bells ring-a-ling indeed.

To help out in securing the most anticipated toys for this year’s Christmas season, Argos has released their predictions for the top sellers of 2015. Linzi Walker, Argos’ Chief Toy Buyer, talks us through the list which sees plenty of reliable favourites throughout such as Nerf and Lego. Walker also predicts that films and television shows will have a big influence on what children look for this year. With the Minions film releasing this summer and with people still talking about Frozen, kids will surely be clamouring for related merch.

The video is definitely worth a watch for retailers looking to see what big name stores are stocking up on for winter.

Princess Leia Figure from Hot Toys

Posted on 29/07/201529/07/2015 by Orla Fitzpatrick

Sideshow Collectibles has partnered with Hot Toys to release a new hyper-realistic Princess Leia action figure.

This 1/6th scale model depicts Carrie Fisher’s iconic look as immortalised in the original Star Wars IV: A New Hope (1977). At only just over 10″ tall, Leia comes pre-equipped with two blasters, several different hands for the sole purpose of voguing probably, and 28 points of articulation. The figurine will be joining the ranks of other hyper-detailed Star Wars characters from Hot Toys, such as Han Solo and Chewbacca, Darth Vader, and R2D2.

Princess Leia Figure — Just appreciate those hair loopies though.

Princess Leia will be expected to drop in early 2016 and is available to pre-order now at a modest $204.99, or €185.39 for those of you really into currency conversions.

Es-cent-ial Guide to Rounding

Posted on 28/07/201528/07/2015 by Orla Fitzpatrick

Here’s a less charmingly titled article as a mild follow up to our last post on the Rounding scheme being rolled out on 28 October.

The Central Bank has released a quick guide as an overview of what’s happening in October with the Rounding initiative to slowly reduce the use of 1c and 2c pieces. Here’s a prettier PDF for all your prettier PDF needs.

The guide clears up a couple of misconceptions. For one thing, the scheme is totally optional for both the consumer and the retailer; both parties can still use exact change in the transaction if they want. And Rounding won’t be applied to single products but to the the total bill.

Check out the full guide for further info.

Business Mogul Dolls Funded on Kickstarter

Posted on 28/07/201528/07/2015 by Orla Fitzpatrick

“Our girls are smart and savvy. Isn’t it time their dolls reflect that?” proclaims the Kickstarter page for iBesties, an upcoming toy range designed to inspire young girls to seek entrepreneurship as a viable career path.

The brand of toys and books revolves a group of six friends who become successful internet moguls after their blog goes viral. Each iBestie is equipped with a different area of business expertise or technological know-how, from McKenna the Business Boss to Sunny the Coding Queen. Each doll will come with a book full of information to teach girls business savvy and tech skills along with lessons in friendship and teamwork. The series hopes to incorporate a number of different platforms, from the dolls and their fashion to books and online games.

The iBesties come from a wide range of cultures and backgrounds with unique personalities and skills. Nice.

iBesties is a creation from sisters Jenae and Gina Heitkamp. Disappointed with the lack of representation for girls in STEM (Science, Technology, Engineering and Mathematics), they decided to create their own. They felt that young girls deserved to see themselves in successful career paths and understand that the sky is the limit for their future. As their Kickstarter video cites, less than 7% of big business CEOs and heads of tech companies are women. The Heitkamps believe part of this is due to young girls having little to no toys or media showing them that they can achieve in these high-power positions and as a result grow up with a much more limited idea of career paths. Basically, “you can’t be what you can’t see.”

The project was launched to Kickstarter on the 15th of June and reached its goal of $50,000 earlier today, the 28th of July. The deadline is the 31st of July so there is still some time to back the project.

Centsational

Posted on 10/07/201510/07/2015 by Orla Fitzpatrick

For want of a better title please make do with this hilarious and charming pun.

As previously shared on our Facebook page and as previously reported by the South Dublin Chamber, 28th October 2015 will bring with it the start of the National Rounding Project. This scheme seeks to reduce the use of 1 and 2 cent coins by rounding the total cost of transactions to the nearest 5c. This follows the likes of other countries such as Canada, Sweden, Denmark, and other countries who have previously scrapped their small change.

The next four months in our barbaric, backwards society awash with 1cs and 2cs will be used to give retailers and consumers alike time to adjust and plan accordingly. The late October date allows adequate time for retailers to prepare for the busy holiday season. The Central Bank also plans to launch education campaigns for consumers and provide support and resources for retailers still in grieving.

289 New Derry Jobs with US Firm

Posted on 02/07/201507/07/2015 by Orla Fitzpatrick

Ireland continues to attract international business as proven by OneSource Virtual’s bold multi-million investment plan which seeks to employ over 289 workers in Northern Ireland by 2017. The Irish Times reports that the company was drawn to Derry because of the skilled, tech-savvy work force to pool from. The centre plans to support output from its US headquarters and begin its expansion into the rest of Europe. Jonathan Bell, Northern Ireland’s enterprise minister, named Invest NI’s £2.9million worth of financial incentives as a big contributor in securing OneSource’s placement in Derry.

UK Poll: 22% of Adults Play with Toy Cars

Posted on 02/07/201502/07/2015 by Orla Fitzpatrick

46698 — Can you blame them, look at these things, they’re rad.

As the Irish Examiner recently reported, a survey of 2,044 UK adults showed that over 22% of participants still play with toy cars, regardless of if their kids are in the room or not. Only half of these kids at heart feel comfortable enough to play with their toys if other adults are around to judge. The survey also found that 7% of adults put their cars on glorious display.

13% reported that they had received toy cars as a gift but if you happen to feel a kindred spirit-type connection with the 6% that wished they had received a toy car in their adulthood, fret not; we’ve got just the thing. For your perusal, our toy cars range form the greats including Matchbox, Hot Wheels and more. You’re welcome.

News

7 Ways the Budget will affect your SME

Retail Sales Index

August 2016 (Provisional) July 2016 (Final)