Blanchardstown Area Partnership

INCOME TAX BENEFITS FOR TWO YEARS

The Start Your Own Business is
an incentive allowing individuals
who have been long-term unemployed for at least 12 months prior to starting their own business
to gain a two-year exemption from
the charge to income tax up to a
max of €40,000 income per annum. 

How does it work?

You will be exempt from paying
any income tax on any profit from your business up to €40,000 in
year 1 & year 2 of your business.

You will still be expected to pay any USC and PRSI liabilities and make annual returns as normal.

Sounds good, how do I qualify?

You may start any business, but to avail of the scheme your business must be unincorporated (i.e. you must be operating as either
a Sole Trader or Partnership structure).

You must have started your business on or after 25 October 2013 and 31 December 2016.

You must be unemployed for a minimum of 12 months prior to commencing your business.

During that 12 months, you must be
in receipt of one of these payments;

  • crediting contributions
  • jobseeker's allowance
  • jobseeker's benefit
  • the one-parent family payment
  • partial capacity payment
Periods of time spent on certain trainingcourses and schemes will be treated as part of a period of unemployment.
If you were entitled to jobseeker’s allowance or jobseeker’s benefit immediately before starting on the training
course or scheme, then any allowance paid for attending such a course will be treated
as if it were jobseeker’s allowance or jobseeker’s benefit.

Examples of training courses and scheme would include:
FÁS training courses, Community Employment Schemes, Job Initiative and Back to Education Schemes.
​So, how do I apply?

Complete the relevant section when doing your annual return. It's a 'box ticking' exercise.
More information and some useful examples are in the link below

Click Here For More Information
We go through this and much other tax related stuff during our Taxation/Bookkeeping/VAT classes.
They're on every month....check them out in the link below
Click Here For More Information
Blanchardstown Area Partnership