Tax reliefs that you may be entitled to if are thinking of starting your own company
October 30, 2009 in Featured, Finance by Stephen Hewitt
Between the 1st January and the 15th April 2009 there was 3,739 companies set up in Ireland !
That’s 250 companies a week!
There are various schemes to help those provide relief to anyone who is considering becoming self employed.
One scheme in particular gives any person who is an employee, an unemployed person or were made redundant recently and are interested in starting their own business an opportunity to avail of a tax refund to which they may be entitled under the Seed Capital Scheme.
The relief is set to end on 31st December 2013 but the scheme involves the following:
Purpose of the Relief
An employee who leaves employment and invests by means of shares in a company which carries on a new business, may claim a refund of income tax paid in previous years. An unemployed person may also avail of this facility.
The Tax Refundable
- You could receive all the income tax you have paid over six years, if your investment is big enough.
- You can select the tax years for which you may claim refunds from any or all of the six years prior to the year of investment. Your investment must be claimed up to the extent of your total income in each of the selected years (subject to a max. of €100,000).
- There is no facility available where the investment can be spread over a number of years so as to utilise personal allowances in each year.
- For each of the selected years, the refund is limited to the tax you have paid, with an upper limit in any year of the tax paid on €100,000.
- The refund may be claimed when the company starts to trade.
Be sure that if you are starting your own company, that you contact your local revenue office or accountant if you have any questions, or alternatively, please feel free to contact Sean Mc Evoy Accountants using the following details:
Tel: 049 8543200
Website: www.seanmcevoyandco.ie
