Can I claim tax back if I am setting up my business?
If you set up a business in Ireland you may be entitled to a refund of up to 41% of the amount you invest.
The scheme is called the Start Up Refunds for Entrepreneurs (“SURE” scheme). Under the scheme, you can claim up to 41% of the amount of cash invested in a newly incorporated limited company (assuming you have paid PAYE in the past). The minimum investment is €250 and the maximum is €700,000.
Conditions of the scheme:
- You have to invest cash in a limited company, which has issued you with new shares
- You need to own at least 15% of the company
- The company must carry on a “qualifying activity”
- You have to have earned mainly PAYE income in the past 4 years
- You can sell the shares for 3 years from date of issue
- You need to be employed by the new company
It can’t be a business that existed already and is now converting into a limited company (or was purchased and converted into a limited company).
Watch our full video on the SURE scheme here: https://www.youtube.com/watch?v=a6PLpTOsmf4&t=2s