Revenue Incentives

Revenue Incentives

The Revenue Commissioners provide a range reliefs and incentives for those establishing their own business. These differ depending on the type of business and stage of development.

Here is a leaflet on starting and running a business which can be downloaded from their website outlining some key information.

For those starting a business see Revenue

For more on reliefs see Revenue reliefs and supports

Main initiatives include:

Seed Capital scheme

An incentive scheme aimed at people in PAYE employment who want to start up their own business. Allows them to invest in their new company and claim up to 41% of their investment back from PAYE they have paid over the previous 6 years.

Employment Investment Incentive

An incentive scheme aimed at new and existing SMEs. Designed to help SME’s attract investors into their companies. Companies receive capital to grow their business. Investors receive up to 30% of their investment back initially and a further 11% relief may be available at a later date.

Start your own business Relief

Provides relief from Income Tax for long-term unemployed individuals who start a new business. Provides an exemption from Income Tax up to a maximum of €40,000 per annum for a period of 2 years to individuals who set up a qualifying business. You may qualify for this relief if you have been unemployed for 12 months or more and during that period or you were in receipt of one of a range of Dept. of Social Protection payments or crediting contributions. Business must be set up between 25 Oct 2013 and 31 Dec 2016.

ROS

From 1st June 2014 all new businesses must now register to pay and file using Revenues online service called ROS

Features include –

  • You file all returns on-line, upload offline returns,
  • 24/7 service,
  • Make payments by Debit and Credit Card or Online Banking.
  • Instant access to Customer profile for Revenue, Customers and Tax Practitioners.
  • Online calculations of tax liability Reduces the need for Customer contacts
  • Supports on-line filing and payments for 22 taxes and duties
  • Online and Offline Filing Online calculations of tax liability
  • Inbox/Revenue Record
  • Pre-populated returns
  • Make payments by Debit and Credit Card
  • Online Banking Customer Information Service
  • Instant acknowledgement
  • No duplication
  • Elimination of clerical error
  • Secure 24 x 7 access
  • Simple user friendly forms
  • Environmentally friendly
  • Quicker Repayments
  • E-registration Extended filing dates
 

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