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What the Budget means to someone earning around €30,000

How does this change things for you?

shutterstock_253963405 Source: Shutterstock/Africa Studio

NOW THAT THE weeks of speculation are over, and this year’s Budget has been announced, let’s get specific about what it means for you.

If you’ve been making about €30,000 or so, here’s how things will change for you next year.

Income Tax

The lower rate of income tax is staying the same at 20% so there’s no change there. But if you’re self-employed, a tradesperson or farmer for example, you’re going to benefit from an additional tax credit of €550 for the year.

Saving: €550 if you’re self-employed

USC

Whether you’re PAYE or self-employed, this is where you’re going to make some savings. If you’re earning €30,000, you’re currently paying USC across the top three rates totalling about €1,245 a year.

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Each of these top three rates have now been reduced, the bottom two by 0.5% and the third rate by 1.5%. The USC situation is now:

On the first €12,012 = 1%
Up to €18,668 = 3%
Up to €70,044 = 5.5%

It means that your USC payments next year will now total about €923.

Saving: €322 

Child benefit

If you have children, you’ll get an extra €5 a month from the child benefit, which is being increased from €135 to €140.

Increase: €60

For a detailed and comprehensive breakdown of how the Budget will impact your individual circumstances, check out our Budget Calculator

Read: What the Budget means for someone earning around €20,000 >

Read: What the Budget means for someone earning around €40,000 >

Read: All the breaking news from today’s Budget >

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