New Business Funding Options in Ireland: EIIS, Seed Capital Relief, Start Up Relief, and SYOB Relief
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By James Hughes, Manager – Mazars R&D Tax Group
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New Business Funding Options in Ireland: EIIS, Seed Capital Relief, Start Up Relief, and SYOB Relief
- 1. NEW BUSINESS OR PRODUCT VENTURES – MONEY BACK FROM REVENUE James Hughes November 2013
- 2. TABLE OF CONTENTS 1. Employment & Investment Incentive Scheme (EIIS) 2. Seed Capital Relief 3. Start Up Relief 4. Start Your Own Business Relief (SYOB)
- 4. EMPLOYMENT AND INVESTMENT INCENTIVE SCHEME (EIIS) • Benefits • Cash for Company • Income Tax Relief for Investor
- 5. EMPLOYMENT AND INVESTMENT INCENTIVE SCHEME (EIIS) • The Company • Trading company • Unquoted • Residence & Incorporation • Micro, Small and some Medium Sized Enterprises • Max Lifetime limit of €10m • Max Annual limit of €2.5m
- 6. EMPLOYMENT AND INVESTMENT INCENTIVE SCHEME (EIIS) The Investor • Resident in Ireland • Hold shares for 3 years • Not connected to company • Relief of €150,000 in any one year
- 7. EMPLOYMENT AND INVESTMENT INCENTIVE SCHEME (EIIS) Tax Relief • Initially - 30% • After 3 years - 11%
- 8. EMPLOYMENT AND INVESTMENT INCENTIVE SCHEME (EIIS) Practical Issues • EIIS Investors • EIIS Funds • Exit Strategies?
- 9. EMPLOYMENT AND INVESTMENT INCENTIVE SCHEME (EIIS) Budget 2014 / Finance Bill Amendments • Removed from High Earners Restriction • Investments from 15 October 2013 to 31 December 2016 • New Class of Investors?
- 11. SEED CAPITAL RELIEF Key • Employment in last 6 years? • Paid PAYE on Employment Income? Entitled to Income Tax Refund?!!
- 12. SEED CAPITAL RELIEF The Relief • Refund of Income Tax • Max of €100k per annum • Previous 6 years
- 13. SEED CAPITAL RELIEF Conditions • Investment in Shares • Qualifying Company • Creation of Employment • Qualifying Employment
- 14. SEED CAPITAL RELIEF Other Matters • 2nd Investment • Conversion of Loans
- 16. START UP RELIEF • Overview • Relief from Corporation Tax • First 3 years Profits • Incorporation and Commencement • Employment Based Relief
- 17. START UP RELIEF The Relief • Relief of up to €40,000 • Marginal Relief to €60,000 • Trading Profits • Carry forward of losses
- 18. 04 START YOUR OWN BUSINESS RELIEF (SYOB)
- 19. START YOUR OWN BUSINESS RELIEF (SYOB) New Relief • Introduced by Budget 2014 • Encouraged Innovation and Employment • New Business
- 20. START YOUR OWN BUSINESS RELIEF (SYOB) The Relief • Exemption from Income Tax • Profits of first 24 months • Limit of €40,000 per annum
- 21. START YOUR OWN BUSINESS RELIEF (SYOB) Qualifying Conditions • Commerce to trade • On or after 01 January 2014, and • Before 31 December 2016 • Unincorporated business • Unemployed for previous 15 months
- 22. Mazars is present in 5 continents. CONTACT Mazars Harcourt Centre Block 3, Harcourt Road Dublin 2, Ireland Tel: +353 (01) 4494400 Email: mazars@mazars.ie Gerry Vahey gvahey@mazars.ie (01) 449 6423 James Hughes jhughes@mazars.ie (01) 449 6476 mazars.ie