Budget 2020 Ireland: Mind My Business looks over last week’s budget

Having mulled over Paschal Donoghue’s Budget here is a quick summary regarding small businesses in Ireland.

Just under 1 billion Euros will be allocated to the Department of Business.

Yep, there you go. That’s about a 2% increase on 2019. How much of it your small business or start up sees will pretty much depend on how closely you engage with the Department and local enterprise offices etc. It includes:

€5 million extra for micro finance Ireland

€5 million for a local enterprise offices emergency Brexit fund

€2m extra for InterTradeIreland

€3m extra for regulatory bodies

Trading Online vouchers have proved to be popular. Theses are matched grants up to 2500 euros in favour of promoting Exporting and trading online. They can be used to plan, build and improve web presence in all but static websites, and a moderate percentage can be used towards online advertising. Contact your local Enterprise Offices for further information on the next TOV Seminar. You need to attend if you intend to apply.

Nobody would blame you if you are holding off spending until there is some clarity regarding Brexit.

There has been precious little for SMEs to work off.  If businesses do not know what sort of delays they will experience on their supply chain, how are they going to make the necessary changes? Businesses need certainty and to date this is sadly lacking.

There’s little else to pick through in Budget 2020 for businesses. Everything now hinges on when and in what manner Britain leaves the EU. On Thursday the EU Summit begins. We await with bated breath and the background noise of a loudly ticking clock.

And on the subject, tax breaks or no tax breaks, one thing is for certain, Tax Deadline looms, so if you do nothing else this week, join our bookkeeping community and get your numbers crunched and ready with our easy app. Go to www.mindmybusiness.ie and sign up today!

Niall & Team