Pictures: Sally MacMonagle
THE threats posed by a hard Brexit and the impact it is likely to have on local businesses was outlined to an audience of Killarney business interests at a post Budget briefing lunch in the Great Southern Hotel, Killarney yesterday.
The event was hosted by OCKT Chartered Accountants and principal, Marcus Treacy, highlighted Brexit-related matters businesses should monitor, particularly those engaged in exporting and the tourist sector.
He pointed out that while the government had committed €40 million to defray some of the costs associated with Brexit to the tourism trade, the VAT increase of last year, from nine per cent to 13.5 per cent, and the ramifications of Brexit could cost the industry close to €1 billion.
Mr Treacy also outlined the key changes that effect business taxation and advised particularly on tax reliefs such as pension planning and EIIS relief as well as options on retirement and entrepreneurs’ relief and other issues effecting businesses.
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