If you are an employee, an unemployed person or were made redundant recently and are interested in starting your own business you may be entitled to avail of the tax refund available under SURE.
An unemployed individual or an employee who leaves employment and invests by means of shares in a company, which carries on a new business, may claim a refund of income tax paid in previous years.
• You could receive all the income tax you have paid over six years, if your investment is big enough.
• You can select the tax years for which you may claim refunds from any or all of the six years prior to the year of investment. Your investment must be claimed up to the extent of your total income in each of the selected years (subject to a max. of €100,000). There is no facility available where the investment can be spread over a number of years so as to utilise personal allowances in each year.
• For each of the selected years, the refund is limited to the tax you have paid, with an upper limit in any year of the tax paid on €100,000.
• The refund may be claimed immediately the company starts to trade.
• If you have already received Business Expansion Scheme (BES) or Employment and Investment Incentive (EII) relief for any of the six years selected the amount of the relief available to you in that year is the difference between €100,000 and the amount of the original BES or EII investment.
• You may obtain a refund in this manner for two investments in the company made within a three-year period. Both investments, however, must be made in the same company.
If this is you and you are interested in learning more about what types of tax exemptions, refunds or financial supports that are available to start-ups then get in touch with us and we would be happy to steer you in the right direction.
If you need a Dublin based accountant to look after your accounting, bookkeeping, management accounts or other financial related business needs. Then click here now to call us here at Kilcoyne Accountants for a discussion regarding your requirements.