The Start Your Own Business scheme provides for relief from Income Tax for long term unemployed individuals who start a new business. The scheme provides an exemption from Income Tax up to a maximum of €40,000 per annum for a period of two years to individuals who set up a qualifying business; having been unemployed for a period of at least 12 months prior to starting the business. It runs from 25 October 2013 to 31 December 2016.
Who qualifies for this relief?
You may qualify for this relief if:
(a) you have been unemployed for twelve months or more, and
(b) during that period you were in receipt of any of the following:
- crediting contributions
- jobseeker’s allowance
- jobseeker’s benefit
- the one-parent family payment
- partial capacity payment
Periods of time spent on certain training courses and schemes will be treated as part of a period of unemployment. If you were entitled to jobseeker’s allowance or jobseeker’s benefit immediately before starting on the training course or scheme, then any allowance paid for attending such a course will be treated as if it were jobseeker’s allowance or jobseeker’s benefit.
Any queries on same give me a call on 091 763817 or email me at oliver@taxreturnhelp.ie