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New start up business extended by 2 years

  • 14-10-2016 04:57AM
    #1
    mcneil
    Banned (with Prison Access) Posts: 332 ✭✭


    With the new budget, I noticed it mentioned new start up business extended by 2 years. What does this mean. Is it anyone who still falls into tax free start up is extended by 2 years or just for anyone starting from now. You see, in on the BTWEA and finish up in Jan but wondering does it benefit me.


Comments

  • #2
    Baby01032012
    Registered Users, Registered Users 2 Posts: 1,622 ✭✭✭Baby01032012


    mcneil wrote: »
    With the new budget, I noticed it mentioned new start up business extended by 2 years. What does this mean. Is it anyone who still falls into tax free start up is extended by 2 years or just for anyone starting from now. You see, in on the BTWEA and finish up in Jan but wondering does it benefit me.

    Yes anyone who falls into the new start up which was due to end this 31 Dec has been extended by 2 years. Ie those who have been unemployed at least 12 months who then start a new business can earn up to 40k tax free for the first 2 years. Not sure about BTWEA.


  • #3
    mcneil
    Banned (with Prison Access) Posts: 332 ✭✭mcneil


    Baby01032012 wrote: »
    Yes anyone who falls into the new start up which was due to end this 31 Dec has been extended by 2 years. Ie those who have been unemployed at least 12 months who then start a new business can earn up to 40k tax free for the first 2 years. Not sure about BTWEA.

    I know for anyone now who starts a business gets 4 years but what about anyone who started up a business in late 2014, are they eligible for another 2 years? are you sure?


  • #4
    barneystinson
    Registered Users, Registered Users 2 Posts: 4,686 ✭✭✭barneystinson


    mcneil wrote: »
    I know for anyone now who starts a business gets 4 years but what about anyone who started up a business in late 2014, are they eligible for another 2 years? are you sure?

    No, they haven't extended the 2 years to 4, why would they do that? They've extended the scheme for a further 2 years.


  • #5
    mcneil
    Banned (with Prison Access) Posts: 332 ✭✭mcneil


    barneystinson wrote: »
    No, they haven't extended the 2 years to 4, why would they do that? They've extended the scheme for a further 2 years.



    Still dont understand! So anyone who started up business late 2014 is still tax free for another 2 years is what your saying.


  • #6
    barneystinson
    Registered Users, Registered Users 2 Posts: 4,686 ✭✭✭barneystinson


    mcneil wrote: »
    Still dont understand! So anyone who started up business late 2014 is still tax free for another 2 years is what your saying.

    Jesus wept, NO. WHY would they do that.

    The SCHEME is for a 2-year exemption. The scheme was due to expire i.e. No more exemption for anyone starting a business after whatever the expiry date is.

    Extending the scheme means there is a further 2 years during which a person starting a new business can have a tax exemption.

    Hope it makes sense now because I can't explain it any other way.


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  • #7
    mcneil
    Banned (with Prison Access) Posts: 332 ✭✭mcneil


    barneystinson wrote: »
    Jesus wept, NO. WHY would they do that.

    The SCHEME is for a 2-year exemption. The scheme was due to expire i.e. No more exemption for anyone starting a business after whatever the expiry date is.

    Extending the scheme means there is a further 2 years during which a person starting a new business can have a tax exemption.

    Hope it makes sense now because I can't explain it any other way.

    Yes i get you now. Lightbulb moment! lol. So its not for the individual, its for the government stretching this scheme out for more people for another 2 years.Theres me thinking im getting another 2years income tax free:(


  • #8
    barneystinson
    Registered Users, Registered Users 2 Posts: 4,686 ✭✭✭barneystinson


    mcneil wrote: »
    Yes i get you now. Lightbulb moment! lol. So its not for the individual, its for the government stretching this scheme out for more people for another 2 years.Theres me thinking im getting another 2years income tax free:(

    Again, why would / should you, have you not had enough state support at this stage?! I pay nearly 6k in income tax alone on my first 40k in earnings, why should you get another 2 years exemption?!


  • #9
    mcneil
    Banned (with Prison Access) Posts: 332 ✭✭mcneil


    barneystinson wrote: »
    Again, why would / should you, have you not had enough state support at this stage?! I pay nearly 6k in income tax alone on my first 40k in earnings, why should you get another 2 years exemption?!

    LOL, O here we go! I didnt once say i should get another 2 years but wouldnt it have been great (for me!) to get another 2 years! Who isnt going to be happy at that situation. i dont earn much. First year 20k, second year 10k. It would have been nice for another 2 years to build business up rather than thinking about jacking it in because the work involved,best to go on dole.


  • #10
    Baby01032012
    Registered Users, Registered Users 2 Posts: 1,622 ✭✭✭Baby01032012


    barneystinson wrote: »
    Again, why would / should you, have you not had enough state support at this stage?! I pay nearly 6k in income tax alone on my first 40k in earnings, why should you get another 2 years exemption?!

    Ok you've answered the question. No need to start bashing the OP. The OP was long term unemployed and took the initiative to set up his own business rather than stay on State support. It's a brave thing to do with little support.


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