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Starting Your Own Business Relief – do you qualify?

PSC Accountants & AdvisorsTax News Starting Your Own Business Relief – do you qualify?

Starting Your Own Business Relief – do you qualify?

The Start Your Own Business scheme provides for relief from Income Tax for long term unemployed individuals who start a new business. The scheme will provide 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.

Examples of training courses and schemes would include FÁS training courses, Community Employment Schemes, Job Initiative and Back to Education Schemes.

If you think you fall in to this category or are unsure, just pick up the phone and call us on 066 7126333 or email us at info@psc.ie