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tax refund for a new business?

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  • 19-05-2006 9:09pm
    #1
    skorn
    Closed Accounts Posts: 142 ✭✭


    I heard from a friend something about if you start a new business in Ireland you are somehow entitled to a refund from the Reciever for the last 5 year tax paid.
    Doesn't sound right, anyone heard of anything like this before?


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    #2
    Kinetic^
    Closed Accounts Posts: 13,249 ✭✭✭✭Kinetic^


    skorn wrote:
    I heard from a friend something about if you start a new business in Ireland you are somehow entitled to a refund from the Reciever for the last 5 year tax paid.
    Doesn't sound right, anyone heard of anything like this before?


    Never heard of anything like this before, what sort of tax did the person say you get a refund from - VAT, PAYE/PRSI, Corporation Tax?

    I'm training as an accountant but never ever heard of anything like this.


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    #3
    Blinder
    Registered Users Posts: 243 ✭✭Blinder


    I think you are refering to " Seed Capital Scheme" where you can claim back tax paid in pervious years, for the amount you invest in a new business.

    More details can be found on revenue.ie by following this link http://www.revenue.ie/services/bus_guides6.htm


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    #4
    skorn
    Closed Accounts Posts: 142 ✭✭skorn


    yeah that must be it, thanks Blinder


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    #5
    deebm
    Closed Accounts Posts: 11 ✭deebm


    not sure but could be if you make losses in first year of trading, you may be able to claim back some tax paid in employment in prior years

    Speak to an accountant


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    #6
    kluivert
    Registered Users Posts: 2,399 ✭✭✭kluivert


    The Revenue Commissioner's Seed Capital Scheme allows for promoters of relevant trading operations to claim back their individual income tax for the previous five years on the amounts subscribed by that individulal in a qualifying company, where the individual is a full time employee or full time Director of the company. The tax relief is given for the year in which the investment is made.

    The Scheme will continue until 31st December 2006 and forms part of the BES Scheme (Part 16, Sections 488 to 508 of the Taxes Consolidation Act 1997).


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