Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie

Redundancy and Tax

Options
  • 05-03-2013 5:26pm
    #1
    BanjoSpanner
    Registered Users Posts: 94 ✭✭


    Hi folks,

    Was made redundant recently and have decided to become self employed. At the moment I am sifting through the maze that is the welfare system, first time in my life doing that and am struggling with it.

    One thing I remember reading about (can't remember where) is that in certain cases, Revenue will refund you some of your PAYE tax contributions if you intend to invest it in a new business venture. Does anyone know anything about that ? I could certainly do with the money to help start myself up in business.


Comments

  • Options
    #2
    nompere
    Registered Users Posts: 1,678 ✭✭✭nompere


    BanjoSpanner wrote: »
    Hi folks,

    Was made redundant recently and have decided to become self employed. At the moment I am sifting through the maze that is the welfare system, first time in my life doing that and am struggling with it.

    One thing I remember reading about (can't remember where) is that in certain cases, Revenue will refund you some of your PAYE tax contributions if you intend to invest it in a new business venture. Does anyone know anything about that ? I could certainly do with the money to help start myself up in business.

    The scheme is still around - and it doesn't expire until the end of this year. It was changed in 2011. Here is the current Revenue leaflet about it:

    http://www.revenue.ie/en/tax/it/leaflets/it15-seed-capital-scheme.pdf

    You might need professional help with it.


  • Options
    #3
    BanjoSpanner
    Registered Users Posts: 94 ✭✭BanjoSpanner


    Thanks a lot. Any idea what a "qualifying venture" might be ?


  • Options
    #4
    nompere
    Registered Users Posts: 1,678 ✭✭✭nompere


    BanjoSpanner wrote: »
    Thanks a lot. Any idea what a "qualifying venture" might be ?

    All the definitions are in this leaflet.

    http://www.revenue.ie/en/tax/it/leaflets/it15a.pdf

    I didn't realise there were two leaflets, or I would have posted both links before. Only Revenue know why they didn't publish them in one document.


  • Options
    #5
    BanjoSpanner
    Registered Users Posts: 94 ✭✭BanjoSpanner


    Much obliged my friend, I owe you one !


  • Options
    #6
    Peterdalkey
    Closed Accounts Posts: 2,091 ✭✭✭Peterdalkey


    great helpful posts from nompere.
    Dont forget the STEA, which will allow you get paid your jobseekers benefit directly into yopur bank account right up to the end of your nine month entitlement. You do not have to sign on, and can devote all your time legitimately to your new business!! You can earn as much as you like without affecting your benefit! You will probably also qualify for TAT, which can fund the costs of Public Liability Insurance and some basic business equipment. Read all about it here http://www.citizensinformation.ie/en/social_welfare/social_welfare_payments/social_welfare_payments_and_work/short_term_enterprise_allowance.html

    and finally Good Luck with your new venture

    Cheers

    Peter


  • Advertisement
  • Options
    #7
    BanjoSpanner
    Registered Users Posts: 94 ✭✭BanjoSpanner


    Peterdalkey wrote: »
    great helpful posts from nompere.
    Dont forget the STEA, which will allow you get paid your jobseekers benefit directly into yopur bank account right up to the end of your nine month entitlement. You do not have to sign on, and can devote all your time legitimately to your new business!! You can earn as much as you like without affecting your benefit! You will probably also qualify for TAT, which can fund the costs of Public Liability Insurance and some basic business equipment. Read all about it here http://www.citizensinformation.ie/en/social_welfare/social_welfare_payments/social_welfare_payments_and_work/short_term_enterprise_allowance.html

    and finally Good Luck with your new venture

    Cheers

    Peter

    I read your post weeks ago Peter and just realised I didn't reply. Thanks for your pointer to TAT. I met with the welfare office this week and I think I might be approved for the STEA. It's always good to talk ;-)


Advertisement