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Start your own business relief?

  • 21-10-2018 10:09pm
    #1
    zeevb
    Registered Users, Registered Users 2 Posts: 2 ✭


    Hi,
    Does anyone know how the start your own business relief is calculated?
    Lets say the full amount for the year (on 40,000), using the calculator on the virtual accountant site for a quick estimate here:
    PAYE tax on 40,000 would be €9,090.00

    Should I presume it's basically setting tax credits to 9090 for the year to give you relief on the 40,000? How does tax work after that? Is there still a standard allowance (disregarding the first 40,000, then 34550 on the standard rate, before hitting the higher rate) , etc? Or is everything after that 40,000 automatically on the higher rate?

    thanks


Comments

  • #2
    spoiler
    Registered Users, Registered Users 2 Posts: 38 ✭spoiler


    From my reading on revenue.ie my understanding is as follows:

    Relief available for 24 mths amount available for income tax exemption is 40,000 ie if you started business on 01.01.2017 and made a 30,000 profit all of this would be exempt from income tax but you would have to pay PRSI and USC on it. It's only available if you are self employed ie not a company. You need to have been unemployed for a year.


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