Start up your own business relief

Start up your own business relief

If you are long-term unemployed, you may be able to claim tax relief to start your own business. To qualify, you must have been unemployed for at least 12 months before you start the business.

The Start your own Business Relief allows you to claim an Income Tax (IT) relief of up to €40,000 per year.

You can claim this relief for a maximum of two years. The scheme runs from 25 October 2013 to 31 December 2018.

You can only claim this relief once.

If you qualify for this relief, there are certain restrictions.

You must set up your business between 25 October 2013 and 31 December 2018. It must be:

1. set up by you
2. a new business and not one that is bought, inherited or otherwise acquired
3. unincorporated, that is, it must not be registered as a company.

Note that you still pay USC and PRSI the above relief only applies to Income tax

Any queries on same give me a call on 091 763817 or email me at oliver@taxreturnhelp.ie