VAT, PAYE, corporation tax, preliminary tax and other liabilities can build up while the business is focused on sales, customers, wages, suppliers and day-to-day demands. If those liabilities are not tracked carefully, the money sitting in the business bank account can appear more available than it really is.

The Irish government's decision to extend the reduced VAT rate on gas and electricity for small businesses until April 2025 offers a temporary reprieve. However, the looming increase to 13.5% in May 2025 threatens to deliver yet another blow to already struggling small businesses.

Effective from the end of 31st August 2023, the special 9% VAT rate for certain services in the industry has been discontinued. As we transition into this new phase, these specific services will be subject to the standard VAT rate of 13.5%.