Friday 24 November 2017

The 60-second guide to... being better-off in 2017

The top USC rate remains unchanged at 8pc for income between €70,045 and €100,000 (Stock picture)
The top USC rate remains unchanged at 8pc for income between €70,045 and €100,000 (Stock picture)

Budget 2017 is a distant memory, so it's worth reminding ourselves of any changes kicking in this month - or which will arrive later on in the year - which will help make us better off financially.

The tax credit for self-employed individuals - known as the earned income tax credit - is now worth €400 more as it increases from €550 to €950 this year.

Tax credits reduce the amount of income tax that an individual must pay in a given year.

The home carer's tax credit is worth €100 more, as it increases from €1,000 to €1,100 this year.

Changes also mean fishermen can now get a tax credit - as long as they fish for wild fish or wild shellfish for at least 80 days in a tax year.

That tax credit is worth €1,270 this year.

On the property front, landlords can get more tax relief on the mortgage interest paid on the mortgage of a rented property.

Last year, the amount of tax relief a landlord could claim on mortgage interest was restricted to 75pc - however this has now been increased to 80pc.

The State pension increases by €5 a week from this March. So too will all other weekly social welfare benefits such as the jobseeker's allowance, carer's allowance and disability benefit.

The amount of rent which an individual can earn tax-free when renting out a room in their home has been increased from €12,000 to €14,000 this year.

The amount of tax paid on savings interest falls to 39pc this year - from 41pc.

Low and middle-income workers should take home more pay this month as the cuts to the Universal Social Charge (USC) kick in - on income up to €70,044.

The top USC rate remains unchanged at 8pc for income between €70,045 and €100,000.

Sunday Indo Business

Promoted Links

Promoted Links

Business Newsletter

Read the leading stories from the world of Business.

Also in Business