Start Your Own Business Scheme

If you have been out of work for some time and are considering setting up your own business, it is worth checking out the Revenue Commissioner's new guide to the Start Your Own Business scheme. Under this scheme, you can earn up to €40,000 a year for two years without getting hit for income tax.

To qualify for the tax break, you must have been out of work for at least a year before you set up your own business. You must also have been receiving certain payments, such as the dole or the one-parent family payment, while you were out of work.

The relief is available for businesses set up between 25 Oct 25, 2013, and Dec 31, 2016.