Set up new company – any tax relief ?
If you have started a new company, you may be able to apply for tax relief for start-up companies.
This tax relief, also known as Section 486C tax relief, is a reduction of your Corporation Tax (CT) for the first five years you trade.
The relief can be applied to the profits from your new trade and on chargeable gains made on assets used in that trade.
You may be entitled to relief if your CT due is €40,000 or less in a tax year. If your CT due is between €40,000 and €60,000, you may be entitled to partial relief.
Tax relief for start-up companies also depends on the amount of employer’s Pay Related Social Insurance (PRSI) you pay. This must be a maximum of €5,000 per employee and director and €40,000 overall.
This is a good relief where this is new trade being set up and you will make profits starting off. Does not apply to existing trades being incorporated.
Subject to qualifying conditions
Any queries on same give me a call on 091 763817 or email me at oliver@taxreturnhelp.ie