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Unseen disaster concerns with new business set up

  • 17-06-2009 3:37pm
    #1
    WHU
    Registered Users, Registered Users 2 Posts: 146 ✭✭


    Hi all I am thinking of setting up a new business as a sole trader, one thing that does worry me and my wife is that in the case of it failing you can not claim any social welfare or get any help.
    Is this due to lower PRSI payments? If so can you top up your payments to overcome this?
    Is there any other way of protecting yourself in the event of disaster or is the only path to go limited?


Comments

  • #2
    dbran
    Registered Users, Registered Users 2 Posts: 2,094 ✭✭✭dbran


    Hi

    This is a subject which causes a lot of consternation.

    As self employed you can only pay the 5% S1 rate. You cannot pay any other rate or top it up.

    I believe you still can claim social welfare assistance but it is means tested and not just given to you as a right.

    Limited company directors pay the same S1 rate so that is not a way out either

    DB


  • #3
    WHU
    Registered Users, Registered Users 2 Posts: 146 ✭✭WHU


    Thanks again DB


  • #4
    WHU
    Registered Users, Registered Users 2 Posts: 146 ✭✭WHU


    http://www.citizensinformation.ie/categories/social-welfare/social-welfare-payments/unemployed-people/self-employed-and-unemployment

    Good read on the subject here, it says that if you are not entitled to Jobseekers Benefit due to being self employed you may be entitled to Jobseekers Allowance which is means tested.


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