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Start Your Own Business Relief

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  • 13-10-2016 2:17am
    #1
    csd1970
    Registered Users Posts: 2 ✭


    As this was due to end the end of this year (before this years budget extended it) I had planned to start a business this year....got a couple questions though...

    Question: it seems to be based on a Jan-Dec year no matter when you start, is this true?
    Would it be wise to maximise the impact of it by starting Dec 1st? Hence having 11 months left of relief for the 2018 year. Gonna presume going with a Jan-Dec year is probably the simplest way moving forward. Any reasons not to submit basically a null tax return for this year?
    I presume the TR1 form can be used to choose a trading start date in the future and not just the past...

    So Year 1 - Jan 2016-Dec 2016.
    I read there's an extension to filing the tax return for the first year and it can be done with the second? (so Oct 2018?)
    Can I do this anyway or is it best to hold off?
    "the due date for paying preliminary tax and the balance of tax for the first year remains unchanged."
    is the due date for preliminary tax for the first year not oct 2016? :confused:

    Also the site says you don't need to apply for this or notify revenue in advance, it's all done on the return....is my understanding of this correct? (Don't want to mess it up and end up with a huge tax bill out of nowhere :yikes: )
    These are probably pretty basic questions so I apologise - probably not the best idea to try and wrap my head around this at 2am haha...(I will be getting an accountant but trying to figure out the basics regarding timing, etc) but thanks for any input! :)


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    #2
    [Deleted User]
    Posts: 0 ✭ [Deleted User]


    I'm literally trying to find out about this scheme myself. It would be brilliant to get on certainly for a new business. In same boat. Came up with a product and i'm nearly ready to launch. Im waiting on the bank to decide on finance first and then its a case of registering for tax( beginning as ST).

    Give revenue a bell and they'll probably give you sound advice. Id imagine you can probably claim it through ROS/myaccount once you have registered as self employed but absolutely check it out with them first


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    #3
    [Deleted User]
    Posts: 0 ✭ [Deleted User]


    Couple of scenarios listed here.

    http://www.revenue.ie/en/tax/it/reliefs/own-business-scheme/index.html#section5


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