July 21, 2015
People who start a business will now be able to claim back 41pc of tax they paid in the six previous years under the new SURE tax refund initiative recently unveiled by government. Through SURE, the Government is directly offering cash to people who are considering starting their own business, today John Shanahan of John M Shanahan Accountants, Tullamore, Co Offaly comments on generocity of government in its bid to create jobs and get re-elected for another term.
The ‘StartUp Refunds for Entrepreneurs’ or SURE initiative allows entrepreneurs to obtain a refund from the Government of up to 41pc of the capital they invest in their starting up a business.
The SURE scheme operates as a refund of income tax paid by the person starting the business in the six years prior to the business being started.
All income tax paid in those six years can be claimed as a refund under the scheme, subject to an overall limit of 41pc of the total investment in the business.
The move is calculated at encouraging people – particularly in PAYE employment – to consider starting their own businesses. It is also aimed at people who are unemployed or retired.
The general conditions for SURE are that you must:
We at Shanahan's can help you with all of your business Start-Up needs and can guide you through every step of the process.
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