On 28 August, the SFA launched its priorities for Budget 2018, which is due to be announced by Minister for Finance and Public Expenditure and Reform, Paschal Donohoe TD, in mid-October.

Launching the SFA’s pre-Budget 2018 submission, Sue O’Neill, SFA Chair, said: “Continued economic growth cannot be taken for granted. If our country is to prosper over the coming years, it is vital to create an environment supportive of small business. Small businesses have been major contributors to growth, job creation and regional economic recovery and will continue to be, if the right choices are made in Budget 2018.”

Despite an upswing in recent months, small business confidence is still below the levels recorded before the UK’s vote to leave the EU. The SFA pre-Budget submission makes the case that Budget 2018 must give businesses the best possible opportunity to generate future economic growth by removing existing constraints and taking a “do no harm” approach with any new initiatives.

In light of the severe restrictions on the fiscal space for Budget 2018, the SFA submission focused on a small number of carefully selected priorities. The SFA believes that these actions will create the biggest impact with the available resources.

Small Firms Association priorities for Budget 2018

1. Increase the self-employed Earned Income Tax Credit to €1650 to equal the PAYE tax credit
2. Introduce a workable share-based remuneration scheme for employees of small firms
3. Increase the lifetime limit for CGT Entrepreneur Relief to €15 million
4. Increase capital expenditure to 4% of GDP per annum

The full SFA pre-Budget 2018 submission is available here.

The ‘Backbencher’ newsletter, which has been issued to all TDs and Senators, provides a summary of the submission. It is available here.

The SFA’s press release launching the small business priorities for Budget 2018 is available here.

A round up of press coverage is available here.