Following the Irish Budget 2015, Universal Service Charge (USC) rates and thresholds have changed.
The changes, which come into effect 1st January 2015, are:
- Income up to €12,012 @ 1.5%
- Income from €12,012.01 to €17,576 @ 3.5%
- Income from €17,576.01 to €70,044 @ 7%
- And income above €70,044 at 8%
These are from the previous rates of:
- Income up to €10,036 @ 2%
- Income from €10,036.01 to €16,016 @ 4%
- Income above €16,016 @ 7%
Also, there has been a change in tax bands and rates. The standard rate tax band has increased by €1,000 and higher tax rate has been reduced to 40%.
These changes will be updated on employee tax credit certificates and will be available on ROS through the P2Cs (the employer’s copy of an employee’s PAYE Tax Credit Certificate).
Click to view: Revenue Notice to Employers and Pension Providers 2014-11
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