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claim back tax

  • 10-01-2008 8:50pm
    #1
    soontobesmokin
    Registered Users, Registered Users 2 Posts: 71 ✭✭


    My business has been running for a few successful years now but the last few months have frightenly quietened down, so much in fact my few bob in the bank is taking a fierce hammering.
    My question is, is it possible to claim back tax already paid over the last couple of years which would enable me to develop my business, ie. to purchase machinery which would certainly take things to a different level and allow me to go into competition with a couple of larger companies?
    All answers gratefully received.


Comments

  • #2
    Baby4
    Closed Accounts Posts: 1,407 ✭✭✭Baby4


    This post has been deleted.


  • #3
    soontobesmokin
    Registered Users, Registered Users 2 Posts: 71 ✭✭soontobesmokin


    I am in no way doubting your reply baby4 and thanks for taking the time to answer my question, but, I have read on a revenue information booklet in the past ( cant find it now ) which basically gives out information on personal tax, business tax , etc., and on one section it did say in certain circumstances previous tax paid in the past, up to a limit, may be claimed back to use as start up capital in the forming of new business. I know my business is up and running, but maybe it can be claimed to redevelop it.
    The booklet had a drawing of someone watering a plant or something symbolic like that on the cover, although it was a dated booklet.


  • #4
    mkdon05
    Registered Users, Registered Users 2 Posts: 766 ✭✭✭mkdon05


    You can only claim back Personal tax paid, to invest in a new business, afaik you cannot claim back corporation tax paid. You can have a browse through it yourself.
    http://www.revenue.ie/index.htm?/leaflets/it15.htm


  • #5
    soontobesmokin
    Registered Users, Registered Users 2 Posts: 71 ✭✭soontobesmokin


    Just read that link thanks. I'd say I have a 50/50 chance. Im not paying corporation tax, only income tax at present. Also Im not trading as a company only under my name ( individual ). Maybe if I set up under a company I'd be in with a shout. Thanks again, I think I'll have to go further about this. Any other info I would be grateful.


  • #6
    Mr. Incognito
    Registered Users, Registered Users 2 Posts: 9,798 ✭✭✭Mr. Incognito


    Okay,

    You should note that your activity would have to be a qualifying manfacturing business to receve assistance under either the BES or SCS that are comtained in that leaflet. As you were previously trading as a sole trader I would doubt that you fall under this guise. The schemes are designed with PAYE (or employed workers) in mind and once again you fall outside this net.

    As regards off set of previous years for income tax paid- doesn't happen. If you were to make losses this year you could carry them forward but not back.


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