New Business or Product Ventures - Money Back from Revenue
This document outlines four schemes to provide incentives for new business ventures in Ireland: the Employment and Investment Incentive Scheme (EIIS), Seed Capital Relief, Start Up Relief, and Start Your Own Business Relief (SYOB). The EIIS provides income tax relief for investors in qualifying trading companies. Seed Capital Relief provides a refund of income tax for individuals who invest in qualifying companies that create employment. Start Up Relief provides corporation tax relief for the first three years of profits of new companies. SYOB provides an exemption from income tax for profits in the first 24 months of new unincorporated businesses started by previously unemployed individuals. Contact information is provided for Mazars, an accounting firm that can provide more details on these relief schemes.
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New Business or Product Ventures - Money Back from Revenue
- 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