Getting PRSI/PAYE refund for setting up company?

CaraFawn

I heard I could get a tax refund of the past 3 years when I was an employee in Ireland if I set up a company or have a recent (Summer 2007) if I can have my project/Business Plan approved by Enterprise Ireland for an international expension project that I have. Apparently if all goes well they give you a certificate and you can claim PRSI/PAYE taxes back from the tax office.

How true is this, if any?

Cheers

ironcorona

This is a fairly serious matter. You should call the revenue, or visit the revenue website. Or call Enterprise Ireland or visit the Enterprise Ireland website. They're the experts in this.

In saying that it strikes me that this may not be true. Although Enterprise Ireland may have something set up for Tax relief, it would be very strange indeed that they'd give you back all of your taxes from when you were an employee.

patftrears

CaraFawn wrote: »

I heard I could get a tax refund of the past 3 years when I was an employee in Ireland if I set up a company or have a recent (Summer 2007) if I can have my project/Business Plan approved by Enterprise Ireland for an international expension project that I have. Apparently if all goes well they give you a certificate and you can claim PRSI/PAYE taxes back from the tax office.

How true is this, if any?

Cheers

It's called the Seed Capital Scheme, fairly easy to do if you meet the requirements.
http://www.enterprise-ireland.com/Grow/Finance/Seed_Capital_Scheme.htm
http://www.revenue.ie/en/tax/it/leaflets/it15.html

CaraFawn

patftrears wrote: »

It's called the Seed Capital Scheme, fairly easy to do if you meet the requirements.
http://www.enterprise-ireland.com/Grow/Finance/Seed_Capital_Scheme.htm
http://www.revenue.ie/en/tax/it/leaflets/it15.html

Thanks a mil for pointing me out to the right direction

jerryob

OP, also have a look at CORD funding. You get up to €38k 'salary' from EI, set against previously paid taxes. One of the qualifying criteria is that you need to be attached to an 'Enterprise Platform Programme', such as the local enterprise board, or one of the Hothouse, Genesis, .... programs. Tip: Get a feasibility grant before CORD - once you get CORD, you can't qualify for the feasibility grant.

The seed capital scheme requires you putting in funds (from which you'll get the tax rebate), and taking issued share capital in the company. I've done both, and are very thankful to them.

patftrears

jerryob wrote: »

OP, also have a look at CORD funding. You get up to €38k 'salary' from EI, set against previously paid taxes. One of the qualifying criteria is that you need to be attached to an 'Enterprise Platform Programme', such as the local enterprise board, or one of the Hothouse, Genesis, .... programs. Tip: Get a feasibility grant before CORD - once you get CORD, you can't qualify for the feasibility grant.

The seed capital scheme requires you putting in funds (from which you'll get the tax rebate), and taking issued share capital in the company. I've done both, and are very thankful to them.

cord is 50% of your last years salary up to 38k tax free, nothing to do with previous paid taxes, you can have earned the salary outside of ireland.
SCS is based on the amount of tax you paid over a number of years and is offset against the amount of cash you use to buy shares in the company

VO

The first port of call if you are going to apply for the seed capital scheme is your local enterprise board. They are very helpful in other ways as they can supply a mentor and offer grant aid to qualifying companies. Be careful before you apply for the scheme and submit your business plan that you read the criteria for qaulifying compnaies as it is not easy to get approval.

I have been down this route and have been successful in getting refunds under the scheme for a business I launched a year ago and if you need any adivise PM me

CaraFawn

Thanks guys for the feedback, I really appreciate.

Just one thing before I start the processes, I set up the company in summer 2007, can I still apply for those things in order to move forward to the next step (Product launch...) or is it too late?

Cheers

adrian.s

CaraFawn wrote: »

Thanks guys for the feedback, I really appreciate.

Just one thing before I start the processes, I set up the company in summer 2007, can I still apply for those things in order to move forward to the next step (Product launch...) or is it too late?

Cheers

No it's not too late. The enterprise platform programs will take you on as an existing business if they feel you'll benefit from the program. I'm on the Hothouse Program run by DIT and a good number had already started up before applying.

Once on board, you can then apply for CORD from EI if you feel you meet their criteria.

Hope this helps,
Adrian.

VO

In relation to the seed capital refund it is a personal refund and is unrelated to when the limited company was established. The Enterprise boards are willing to speak to anyone particularly in the current climate