Redundancy and Tax

BanjoSpanner

Hi folks,

Was made redundant recently and have decided to become self employed. At the moment I am sifting through the maze that is the welfare system, first time in my life doing that and am struggling with it.

One thing I remember reading about (can't remember where) is that in certain cases, Revenue will refund you some of your PAYE tax contributions if you intend to invest it in a new business venture. Does anyone know anything about that ? I could certainly do with the money to help start myself up in business.

nompere

BanjoSpanner wrote: »

Hi folks,

Was made redundant recently and have decided to become self employed. At the moment I am sifting through the maze that is the welfare system, first time in my life doing that and am struggling with it.

One thing I remember reading about (can't remember where) is that in certain cases, Revenue will refund you some of your PAYE tax contributions if you intend to invest it in a new business venture. Does anyone know anything about that ? I could certainly do with the money to help start myself up in business.

The scheme is still around - and it doesn't expire until the end of this year. It was changed in 2011. Here is the current Revenue leaflet about it:

http://www.revenue.ie/en/tax/it/leaflets/it15-seed-capital-scheme.pdf

You might need professional help with it.

BanjoSpanner

Thanks a lot. Any idea what a "qualifying venture" might be ?

nompere

BanjoSpanner wrote: »

Thanks a lot. Any idea what a "qualifying venture" might be ?

All the definitions are in this leaflet.

http://www.revenue.ie/en/tax/it/leaflets/it15a.pdf

I didn't realise there were two leaflets, or I would have posted both links before. Only Revenue know why they didn't publish them in one document.

BanjoSpanner

Much obliged my friend, I owe you one !

Peterdalkey

great helpful posts from nompere.
Dont forget the STEA, which will allow you get paid your jobseekers benefit directly into yopur bank account right up to the end of your nine month entitlement. You do not have to sign on, and can devote all your time legitimately to your new business!! You can earn as much as you like without affecting your benefit! You will probably also qualify for TAT, which can fund the costs of Public Liability Insurance and some basic business equipment. Read all about it here http://www.citizensinformation.ie/en/social_welfare/social_welfare_payments/social_welfare_payments_and_work/short_term_enterprise_allowance.html

and finally Good Luck with your new venture

Cheers

Peter

BanjoSpanner

Peterdalkey wrote: »

great helpful posts from nompere.
Dont forget the STEA, which will allow you get paid your jobseekers benefit directly into yopur bank account right up to the end of your nine month entitlement. You do not have to sign on, and can devote all your time legitimately to your new business!! You can earn as much as you like without affecting your benefit! You will probably also qualify for TAT, which can fund the costs of Public Liability Insurance and some basic business equipment. Read all about it here http://www.citizensinformation.ie/en/social_welfare/social_welfare_payments/social_welfare_payments_and_work/short_term_enterprise_allowance.html

and finally Good Luck with your new venture

Cheers

Peter

I read your post weeks ago Peter and just realised I didn't reply. Thanks for your pointer to TAT. I met with the welfare office this week and I think I might be approved for the STEA. It's always good to talk ;-)