A: The Start Your Own Business scheme gives you relief from Income Tax, if you were long term unemployed and are looking to start a new business as a sole trader. The scheme provides an exemption from Income Tax up to a maximum of €40,000 per annum for a period of two years.
In order to qualify for the relief you must be setting up a new business, you must have been unemployed for a period of at least 12 months prior to starting the business and you must have been in receipt of certain dept. of social protection payments, such as jobseekers allowances/benefit.
The business must be new, and not a business that was bought, inherited or otherwise acquired. The relief does not apply to limited companies, a new business set up as a limited company may qualify for the 3 Year Corporation start up relief.
The SYOB scheme currently runs from 25 October 2013 to 31 December 2016.
If you are interested in this relief please contact us today.
Disclaimer: Advice shared in this blog is intended to inform rather than advise. Taxpayer's circumstances do vary and if you feel that the information provided is beneficial it is important that you contact us before implementation. If you take, or do not take action as a result of reading this forum, before receiving our written endorsement, we will accept no responsibility for any financial loss incurred.