Hopes for the Irish Budget, from Enterprise Nation members

Next week is Budget week and Ireland is bracing itself in the hope of some positive news to help us all through the winter of high heating bills and overall rising costs.

Small businesses are being significantly affected by the rising costs so any ease in the Budget will be welcomed.

We got in touch with some of our Enterprise Nation members and advisers to ask them what challenges they are facing in business and what their hopes are for the Budget announcement.

What are your ‘hopes and dreams’ for the Budget this week?

"With fears of closures of almost 70% of SMEs in Ireland, my biggest hope and dream for this budget is to support the cost of business in Ireland. We want to see increased support funds to alleviate financial pressures, including rent, utilities and rising energy prices. Many SMEs are feeling the pinch and we need to encourage local consumer spending. An increase in cost support could go a long way to boost this.

"Secondly, I want to see more emphasis on supporting businesses to utilise digital tools and technologies in their business."

– Tara Elzingre, Parene and digital tool trainer

"As a health and wellness professional, there should be tax relief for people using our services. We talk about health and wellness support but making it more accessible to all is never achieved just a 'cover yourself speech' about minding yourself.

"The self-employed to not be taxed to the point of thinking about closing a business or having to work seven days a week to be able to afford to live."

"If someone wants to set up a business and pay their taxes, the Self Assessment system should be easier to do and not require the use of an accountant. There also shouldn’t be so many other taxes on top of the ones already paid when nothing is being provided."

 – Gerard Horan, Lift And Laugh Fitness

"As a small business owner, I rely entirely on our team, as well as the wellbeing of our customers. There are many challenges that we face as a society and the very last thing I want to see is another tax cut.

"I don't want another few Euros in my pocket, I want progress on the housing crisis so employees can find affordable accommodation and so a large part of the public isn't stuck spending nearly all of their income on rent. I want our health system to be functioning and I want our schools and education to be better invested in so that we have excellent employees for tomorrow."

– Neil Jackman, Abarta Heritage

"Given the challenging landscape for the hospitality sector, my primary hope for the upcoming budget is that the government considers measures that will alleviate some of the current financial burdens. Specifically, I would like to see a reversal or reduction of the recent VAT increase from 9% to 13.5%, which has had a significant impact on our pricing and overall competitiveness.

"Additionally, I hope for further support or subsidies to help with the rising energy costs, which have become a critical issue for many small businesses like mine.

"Moreover, a reduction in employer contribution rates per staff member would be incredibly beneficial. This, combined with an increase in support for businesses to manage the rising minimum wage, would greatly help maintain employment levels and keep the hospitality sector sustainable."

– Nigely Maasud, Sweet Churro

"Many small businesses struggle to understand the accounting and tax requirements for their business, especially in the early stage and don't have enough financial capability to pay an accountant or tax adviser.

"In my opinion, the upcoming budget should include support for small business owners or business start-ups, in terms of having dedicated accounting and tax advisory support in the first year of business."

– Sanja Trajkoski, BTS Accounting Services and Chartered Certified Accountant

What challenges are you facing in your business at the moment?

"With rising costs, it is a struggle to grow my business the way I would like. Escalating costs, including wages and securing funding, is a major hurdle.

"With so much economic uncertainty, it is hard to predict future income, further complicating access to resources needed to grow."

– Tara Elzingre, Parene and digital tool trainer

"Challenges I am facing at the moment is the clear lack of support. Many offices of government or affiliates say they support small businesses, but in fact, it’s only if money is to be made at a high level by others outside the business. All support comes with strings and any support has so many technicalities for eligibility that it’s impossible to get.

"The level of tax paid by a self-employed citizen is criminal. In this country, we talk about promoting entrepreneurship and local service businesses. All they need is to be able to make a simple living and be able to reinvest in the business. In comparison to limited companies and multinationals, it’s ludicrous.

"After the last few months of research to help grow my business, it’s been made very clear that we don’t matter."

– Gerard Horan, Lift And Laugh Fitness

"We are quite a niche business, in that we work in heritage consultancy services. Like so many sectors, as a discretionary offering, our business would do better if people had a little more disposable income.

"Though prices have certainly risen in groceries and rent, they are increasingly becoming all-consuming for many people. I'd like to see that fixed and the government has the means to do so.

"As our business is largely tourism-focused, I'd also like to see the continued investment in our environment through the growth of our national parks that we have seen in recent years, the improvement of our rivers, lakes and natural habitats and through investment in our rural towns and villages.

"Tourism can be a double-edged sword for many communities. On one hand, it brings visitors and revenue. On the other hand, things like AirBnB are strangling communities and making it completely unaffordable to live in some of the most beautiful parts of the country.

"The loss of real, vibrant communities will have a detrimental effect on tourism. So a clear plan for dealing with these issues is needed. In essence, if you make Ireland a better place to live, you'll make Ireland a better place to visit.

– Neil Jackman, Abarta Heritage

"The recent VAT rate hike has reduced our profit margins and made it difficult to stay competitive. The increased minimum wage and employer contributions are further straining our financial resources, making it harder to balance maintaining a high standard of service with keeping costs manageable.

"Additionally, the soaring energy prices are proving to be a significant burden and we find ourselves struggling to keep up with these escalating costs. Given these challenges, I hope the budget will provide tangible relief measures that help businesses like mine survive and thrive in this difficult environment."

– Nigely Maasud, Sweet Churro

Let's hope we all get good news for small Irish businesses when the Budget is presented on Tuesday, 1 October 2024.

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