TAXATION: On January 1st, the new tax year began, aligned with the calendar year for the first time.

The tax rates did not change in the Budget but an increase in personal tax credits and the broadening of the tax bands means workers will be taking home a little more money in the first pay packet of 2002.

Personal tax credits are now €1,520 (£1,197.10) for single people and €3,040 for married couples. There is also an employee credit of €660.

To work out how much tax you have to pay as a PAYE worker, take your gross income and apply the relevant tax rate(s). A single person pays the standard rate of tax - 20 per cent - up to €28,000. The higher rate is 42 per cent.

On an income of €25,000, the tax due is €5,000. To work out the tax you actually pay for the year, simply subtract the tax credits from the gross tax due: €5,000 - €2,180 = €2,820. The standard rate band for a married couple with one income is now €37,000, while thanks to individualisation, a married couple with two incomes effectively has the combined standard band of two single people at €56,000. The maximum transferability between spouses is €37,000.

Age-exemption limits for single and married people have increased to €13,000 and €26,000 respectively.

The first key date coming up for self-employed tax payers is January 31st, the last filing date for the 2000/2001 tax return. It is also the last date for payment of retirement annuities for that tax year.

The balance of income tax for 2000/2001 is due by April 30th. Preliminary tax for the 2002 tax year is due by October 31st. That is also the last date for filing the April to December 2001 tax return and the last date for payment of retirement annuities for 2001.

October 31st is when the balance of income tax for 2001 is due and, last but not least, it is the due date for 2001 capital gains tax.