#micro-entrepreneurs

#micro-entrepreneurs

A provision in last year's delayed Budget lowered the threshold at which micro-enterprises had to start collecting and paying VAT to €25,000 in annual turnover, rather than the current €37,500 for services and €85,000 for commercial activities. The micro-enterprise status is most commonly used by freelancers, contractors, sole traders and small businesses - it has a maximum earning threshold so most of those on the status are low to medium earners.