Library of Knowledge
Library of Knowledge No. 86
What is the Power Up grant?
The government announced the Power Up grant as part of Budget 2025 for businesses in the retail, hospitality and beauty sectors.
Power Up grant has a budget of €170 million and the grant for eligible businesses is €4,000.
Who is eligible for Power Up?
There are two types of qualifying business:
- a business that received the second payment of Increased Cost of Business (ICOB) and continues to meet the ICOB criteria
- businesses in the hospitality and retail sector that did not have a rates bill in 2023 may qualify if they meet the criteria. Those businesses should check with their local authority to check eligibility
Apply Now. Deadline is Friday 08th November 2024.
Eligible businesses must register on: https://mycoco.ie/powerup
Library of Knowledge No. 84
As a company director/employer it is extremely important that you are aware of the introduction of the government’s ‘Pension Auto Enrolment’
This is expected to commence in early 2025.
We are hosting two webinars:
- For company directors/shareholders – 5th September 2024 at 9.30hrs (duration 30 mins)
- For Employers & payroll managers – 19th September 2024 at 9.30 (duration 30 mins)
Our webinar will cover the following topics:
What is auto-enrolment?
Who will be auto enrolled?
Who is excluded?
How much will it cost?
What does it mean for employers?
Planning for auto enrolment – Key Considerations for employers
Potential Employer Issues
Potential Employee Issues
What should you do now?
To join either of our webinars simply complete this registration: https://horizonaccounting.ie/auto-enrolment-pension-webinar/
Library of Knowledge No. 83
ACORNS is based on the belief that early-stage entrepreneurs learn best from their peers. Participants interact with each other in the monthly round table sessions, which are facilitated by a Lead Entrepreneur, who has first-hand experience of starting and successfully growing a business in rural Ireland. There are up to 50 places available for ACORNS 10.
Only early-stage female entrepreneurs living in rural Ireland, and who have had no sales before the end of June 2021, are eligible to apply. As ACORNS receives many more applications than there are places available, selection is on a competitive basis.
There will be no charge for those selected to participate in ACORNS 10, thanks to the continuing support of the Department of Agriculture, Food and the Marine and the voluntary contribution of time by the Lead Entrepreneurs.
Window for applications for ACORNS 10 opened on August 6th, 2024, and closes at midnight September 20th, 2024.
Eligibility Criteria for participation on ACORNS.
To be considered for ACORNS, applicants must:
Have set up a new business which has generated sales no earlier than the end of June 2021 or be actively planning a new venture and have made good progress towards getting the new venture off the ground. Indicators of actively planning a business would include organising the start-up team, sourcing equipment / facilities, money saved for the start-up, writing the business plan, etc.
• They must own or part-own the business and be living in a rural area, that is in an area outside the administrative city boundaries of Dublin, Cork, Galway, Limerick and Waterford.
• If selected, applicants must be available to attend the launch Forum and first round table session on October 21 and 22, 2024.
• They must expect to become an employer within three years.
Those wishing to receive an application form for ACORNS 10 should register on the website:
For further details see:
Have a great weekend.
Library of Knowledge No. 82
Launched on 10th July 2024, the National Enterprise Hub is an information and advisory service allowing businesses to access more than 180 grants and supports.
This hub is designed as a streamlined service, connecting businesses with the most relevant government supports to help your business flourish.
Funded by the Department of Enterprise, Trade and Employment and operated by Enterprise Ireland, the hub will encompass all relevant government departments and State agencies, including IDA Ireland, Skillnet, Bord Bia and others.
Discover a wide range of government supports tailored for Irish businesses. From cash flow to sustainability, here you can find the resources you need to thrive, all in one convenient place.
Use the optional filters within the site to find the right help for your enterprise.
For further details see: https://www.neh.gov.ie/business-supports
Have a great weekend
Library of Knowledge No. 81
What is Parents Leave?
Parent’s leave entitles each parent to 9 weeks’ leave (increased from 7 weeks on 1st August 2024) during the first 2 years of a child’s life, or in the case of adoption, within 2 years of the placement of the child with the family.
The additional 2 weeks’ parent’s leave can be claimed if the child was under the age of 2 on 1st August 2024 or your adopted child had been placed with your family less than 2 years on 1st August 2024.
This extra leave must be taken on or before your child’s second birthday or within 2 years of the adoption placement.
The employee receives Parents Benefit from department of Social Protection of € 274 per week, where they have enough PRSI contributions.
Employers do not have to pay employee’s whilst on parent’s leave, although some employers may ‘top-up’.
At least 6 weeks written notice must be provided to the employer.
Leave can be for one continuous period of 9 weeks or separate periods of not less than one week.
Who can take parent’s leave? Who is a relevant parent?
A relevant parent is one of the following:
- A parent of the child
- A spouse, civil partner or cohabitant of the parent of the child
- A parent of a donor-conceived child as provided for under section 5 of the Children and Family Relationships Act 2015
- The adopting parent or parents of a child
- The civil partner or spouse of the child’s adopting parent (if the parents have not adopted jointly).
For further details see:
https://www.workplacerelations.ie/en/what_you_should_know/leave/parent-s-leave/
Where to apply:
Library of Knowledge No. 80
Ireland’s National Workplace Wellbeing Day is today Friday April 26th 2024.
Now in its tenth year, the day itself has served to raise the importance of employee wellbeing across a wide variety of industries since its inception.
Organisations are encouraged to recognise and celebrate the day in a way that best supports their colleagues while at the same time ensuring they do not fall into the trap of celebrating wellbeing on only one day of the year and merely using the day as a PR exercise!
A wellbeing intervention could be an initiative, but it doesn’t have to be something that takes up time, in fact it can be something that actually gives some time back.
Here are some suggestions:
Live Event: Our 5K Walk & Talk in Dublin on the morning of April 26th and in Galway. Ready made team building exercises!
Financial Wellbeing: All the financial wellbeing resources you need for your colleagues in one place
Live Workshop: ‘The 5 Ways to Wellbeing’ is an online or onsite interactive workshop designed to introduce attendees to an internationally recognised and practical framework for supporting positive mental wellbeing.
Signpost: Share information about your EAP programme (if you have one) and any other wellbeing resources your colleagues have access to.
Podcast: Busting meditation and mindfulness myths with Dermot Whelan.
Book: The Vitality Mark from lifestyle medicine practitioner Dr. Mark Rowe
Webinar: Using the Breath to Activate Your Brain for Success with Patrick McKeown
Online sessions: Well Place
Take care and have a good weekend
Library of Knowledge No. 79
Since 7 March 2024, all employees have a new legal right to request remote working.
A request can be made from the first day in a new job, but 6 months of continuous service must be completed before the arrangement can start.
What is remote working?
Remote working is an arrangement where instead of going to the employer’s workplace, some or all work is completed from another location. Hours and duties will remain the same as if physically at the workplace
Code of practice on remote working:
The law on the right to request remote working is set out in Part 3 of the: https://www.irishstatutebook.ie/eli/2023/act/8/enacted/en/html
For full practical guidance for employers and employees on how to make and handle requests for remote working, you can read The Workplace Relations Commission’s (WRC); https://www.workplacerelations.ie/en/what_you_should_know/codes_practice/code-of-practice-for-employers-and-employees-right-to-request-flexible-working-and-right-to-request-remote-working/request flexible working and right to request remote working.html
Supports for employers
If you are an employer, you can use the templates in Section 3 of the WRC Code of Practice to develop:
- A Work-Life Balance Policy
- An application form for remote working requests
Who has the right to request remote working?
All employees have the right to request remote working.
Making a request for remote working:
When making a remote working request the employee must:
- Submit it as soon as reasonably practicable, but at least 8 weeks before the proposed start.
- Provide a written request or use an online application form.
- Outline details of the remote working arrangement, such as how many days and which days you are requesting.
- Set out your reasons for requesting remote working.
- Set out the proposed start date and duration of the arrangement.
- Detail the proposed remote location, such as at home or a work hub.
Give information on the suitability of the proposed remote working location, for example the workstation is suitably equipped and meets health and safety requirements see page 16 of the:
If we can be of any assistance with you HR compliance, please feel free to reach out.
Take care.
Library of Knowledge No. 78
To qualify for a full UK state pension, you must have paid National Insurance Contributions (NICs) for at least 35 years.
You could qualify for a partial UK state pension, if you paid National Insurance Contribution for less than 35 years but more than 10 years.
If you have gaps in your National Insurance Record (NIR) you can buy back these years to be eligible for a full or partial UK state pension.
It is important to note that this is a once off opportunity which will expire after the 5th April 2025. (After this date the buyback contributions will be restricted from April 2016 only).
‘Buy Back’ refers to making a voluntary contribution for any years that you were not working in the UK.
Voluntary NCIs can be paid to make up for any gaps identified, with the weekly rates being maintained at £ 15.85/£ 824.30 per annum for class 3 (most likely option for employees) or a weekly rate of £ 3.15/£163.80 per annum for class 2 NICs (the class 2 rate is only available to employees if their NIC gap relates to working overseas).
Whilst this opportunity appears to be good value for money, we recommend you review your National Insurance Record and current State Pension forecast with HMRC on www.gov.uk first to see if you are eligible to buy back years or if you are already forecast to receive a full State Pension.
Kindly note: The UK Pension from April ’24 is £ 221.20 per week (full).
How do I apply to buy back years?
In order to avail of the option to buy back years, you will need to complete the Application to pay National Insurance Contributions abroad form: https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/1102905/CF83.pdf and return this to HMRC directly. All details are available on http://www.gov.uk/ and the return address is outlined on the application form.
Take Care
Library of Knowledge No. 77
Increased Cost of Business Grant
Important: Closing Date 1st May 2024.
Don’t miss out on this once off grant payment due to eligible businesses. The submissions opened this week, and the closing date is 1st May 2024.
The grant is based on the value of the Commercial Rates bill received by an eligible business in 2023. The grant is as follows:
- For qualifying businesses with a 2023 Commercial Rate bill of <€10,000, the ICOB grant will be paid at a rate of 50% of the business’s Commercial Rate bill for 2023.
- For qualifying businesses with a 2023 Commercial Rate bill of between €10,000 and €30,000, the ICOB grant will be €5,000.
- Businesses with a 2023 Commercial Rates bill greater than €30,000 are not eligible to receive an ICOB grant.
The grant scheme has been set up in this way so as to ensure that the scheme is accessible to smaller businesses. Eligibility for the grant will be assessed on the basis of a firm satisfying a minimum of the below conditions:
- the business is a commercially trading business operating directly within a premises that is commercially rateable by a Local Authority
- the business has provided confirmation of its bank details to the respective Local Authority.
- the business is rates compliant, including those businesses with a phased payment arrangement in-place.
- the business is tax compliant, and in possession of a valid Tax Registration Number.
Local Authorities will begin paying out the grant to businesses in the coming weeks.
To apply see: https://www.mycoco.ie/icob
Library of Knowledge No. 76
Changes have been introduced to the State Pension (Contributory) and from January 2024 individuals reaching the age of 66 are now required to make a decision:
- Start receiving their State Pension Benefits and no longer pay PRSI.
- Defer receiving their State Pension Benefit and continue to pay PRSI, up to a maximum age of 70.
By deferring a higher pension will be paid through additional contributions or an increase in the maximum pension receivable.
There is also improved access to State Pension Provisions for Long-Term Carers. If an individual has spent more than 20 years providing full-time care to an incapacitated person, they may be entitled to state pension provision.
From January 2025 there will be a 10-year phased removal of the Yearly Average Method, which means that all pensions will be calculated using only the Total Contributions Approach (TCA) by 2034.
These changes mean that it is essential that you are aware of how many contributions you have accrued before retirement and what they mean to you. You can request a statement of your contributions at www.mywelfare.ie using your MyGovID.
Further information available at: https://www.gov.ie/en/publication/90d8b-changes-to-the-state-pension-contributory-what-you-need-to-know/
Or for individual pension advice talk to Life Planning http://www.lifeplanning.ie
Take Care
