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. Periods of time spent on certain training courses and schemes ( such as FÁS training courses, Community Employment Schemes, Job Initiative and Back to Education Schemes) may be counted as periods of unemployment for the purposes of this scheme. To qualify, the business must be a new business set up between 25 October 2013 and 31 December 2016, and must not be set up as a company. The relief applies only to tax. PRSI and USC are still payable. The scheme does not require pre approval, it can be claimed on your annual tax return.
Date Added: 05 Feb 2014