Budget boost for Clare businesses 

CLARE Fine Gael General Election candidate Leonora Carey says that local businesses will get a quick win from measures announced in Budget 2025, with small retailers and the hospitality sector getting  immediate benefit from the new €4,000 Power Up grant. 

“This grant will make a significant difference for small and medium enterprises, landing before Christmas and without restriction, supporting every registered retailer, café and restaurant whose rateable valuation is under €30,000. 

“Tax changes will also help small businesses, with VAT threshold being increased to €85,000 for goods and €42,500 for services providing a real cash flow benefit. 

“Fine Gael recognises the challenges faced by those who are self-employed and have brought forward income tax credit changes to allow them to keep more of their hard-earned money. 

“Employers will be now able to reward staff with up to €1,500 in tax-free non-cash rewards spread across five instalments. 

“Training and up-skilling for staff are crucial in the modern workplace and Government is acutely aware of this, making €20m available for businesses to up-skill their staff, with €8m being targeted at SMEs”, Ms Carey said. 

“I know that succession planning is at the forefront of the minds of family businesses all over the county. Under Budget 2025, Fine Gael is ensuring that businesses can stay in family ownership without tax penalties by making changes to the Capital Gains Tax Retirement Relief. 

“The Angel Investor Relief has supported economic activity and encourages successful business people to share their expertise with emerging and growing enterprises. An increase to €10m in allowable gains taxable at 16% will further drive this innovation. 

“Start-ups are an important part of the Clare economy and Budget 2025 will enhance the Start-Up Relief for new small companies, making it easier for them to survive and thrive.

“Fine Gael recognise the challenges for SMEs in introducing some government measures, and as such have deferred pensions auto enrolment introduction to September, postponed an increase to sick leave days, and timelines for living wage will be reviewed to ensure the pace is much more appropriate.

“I welcome this pro-business budget and look forward to engaging with local small business owners on how government can further support them with the challenges they face,” Ms Carey concluded.