Tax Refunds available if starting a new company

By Michael O'Hare | 19 th May 2015

SURE (Startup Refunds for Entrepreneurs) is a joint initiative of the Revenue Commissioners and the Department of Jobs, Enterprise & Innovation.

If you are interested in starting your own company, you may be entitled to an income tax refund of up to 41% of the capital funding that you invest in the company under SURE. Depending on the size of your investment you may be entitled to a refund of PAYE income tax that you paid over the six years before the year in which you invest.

The general conditions for SURE are that you must:

• Establish a new company and engage in a qualifying trading activity(s); and,
• Invest money in the new company by way of purchasing new shares; and,
• Have had mainly PAYE income in the previous four years (This would include a person currently in PAYE type employment, an unemployed person, a person recently made redundant or a retired person); and,
• Take up full-time employment in the new company either as a director or an employee

Further information is available at www.sure.gov.ie