There are nice start-ups in Ireland, but not enough of them. That’s why a new scheme has been launched to boost the number of start-ups in Ireland and ultimately, the number of jobs created. The SURE (Start Up Refunds for Entrepreneurs) tax refund allows entrepreneurs to claim back up to 41% of their investment in a start-up. This initiative definitely encourages more people to start their own business. Entrepreneurs are eligible to get a refund of PAYE income tax that they have paid over the six years before the year in which they invested. Wondering if this applies to you? Here are the conditions for SURE:
- To establish a new company and engage in a qualifying trading activity
- To invest money in the new company by way of buying new shares
- You must have had mainly PAYE income in the previous 4 years
- To take up full-time employment (as a director or employee)
There is a new website with more information about the SURE tax which also provides an online calculator aiming at helping people calculate how much they would be entitled to receive back under this SURE scheme. You can visit the website here: https://sure.enterprise-ireland.com/Home.
If you have any queries and need more information, do not hesitate to contact Ormsby & Rhodes and our specialists will advise you accordingly.