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How Revenue can help your business

Getting a business up and running can be a real challenge, but there are ways in which the Revenue Commissioners can help make the journey that bit easier. They have a range of targeted reliefs and other initiatives available to help you get your feet on the ladder or take your business to the next level. Check them out....

Start Your Own Business Relief

Are you unemployed and looking to start your own business? This scheme will provide an exemption from Income Tax up to a maximum of €40,000 per year for a period of two years to individuals who set up a qualifying business. You must be unemployed for a period over 12 months to be eligible for this relief.

Find the details here.

Start up Refunds for Entrepreneurs (SURE)

Did you know you may be entitled to an income tax refund of up to 41% of the capital that you invest when you start your company?

The general conditions for SURE are that you must:

  • Establish a new company carrying on a qualifying trading activity;
  • Have mainly PAYE income in the previous 4 years. This would include a person currently in PAYE type employment, an unemployed person, a person recently made redundant or a retired person;
  • Take up full-time employment in the new company either as a Director or an Employee;
  • Invest cash into the new company by way of purchase of new shares.

Find out more here.

Corporation Tax Relief or Deferral

Below are two Corporation tax relief schemes that may be of interest to start-ups and small business:

  • Relief from Corporation Tax for start-up companies: Finance Act 2013 provides for a significant enhancement of the tax relief for start-up companies by allowing any relief not availed of in the first 3 years of trading, due to losses or insufficiency of profits, to be carried forward for use in subsequent years. Find out more here.
  • Deferral of corporation tax due date: New or Start-up companies with a Corporation Tax liability of €200,000 or less for their first accounting period will not be required to pay Preliminary Tax in respect of that first accounting period and will instead be required to pay their final Corporation Tax liability for that accounting period at the same time as they are required to submit their Corporation Tax return. Find out more here.

Other Initiatives Available

  • Improve your cashflow by only having to make VAT, PAYE/PRSI and RCT payments at the end of each 3, 4 or 6 monthly period, as appropriate. Get the details here.
  • If you deal primarily in cash the money received basis of accounting will be of interest to you.