Starting a new Company in Ireland - Get up to 41% of a Tax refund.

July 21, 2015 

People who start a business will now be able to claim back 41pc of tax they paid in the six previous years under the new SURE tax refund initiative recently unveiled by government. Through SURE, the Government is directly offering cash to people who are considering starting their own business, today John Shanahan of John M Shanahan Accountants, Tullamore, Co Offaly  comments on generocity of government in its bid to create jobs and get re-elected for another term.

The ‘StartUp Refunds for Entrepreneurs’ or SURE initiative allows entrepreneurs to obtain a refund from the Government of up to 41pc of the capital they invest in their starting up a business.
The SURE scheme operates as a refund of income tax paid by the person starting the business in the six years prior to the business being started.
All income tax paid in those six years can be claimed as a refund under the scheme, subject to an overall limit of 41pc of the total investment in the business.
The move is calculated at encouraging people – particularly in PAYE employment – to consider starting their own businesses. It is also aimed at people who are unemployed or retired.

The general conditions for SURE are that you must:

• Establish a new company and engage in a qualifying trading activity(s); and,
• Invest money in the new company by way of purchasing new shares; and,
• Have had mainly PAYE income in the previous four years (This would include a person currently in PAYE type employment, an unemployed person, a person recently made redundant or a retired person); and,
• Take up full-time employment in the new company either as a director or an employee.

We at Shanahan's can help you with all of your business Start-Up needs and can guide you through every step of the process.

Click here for additional information and to try the SURE online calculator, see also Revenue’s leaflet on SURE.

Contact John M Shanahan Accountants for expert advice on
Taxation, Business Management, and Financial matters.

Phone 057 93 22100 or email info@shanahan.ie or use our contact form here- Contact Form.