Government

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In February 2012 the Irish government issued a document titled ‘Financial Support for Irish Business’ as part of their commitment to Action Plan for Jobs 2012.

As we now approach the end on 2012 it is worth reviewing some of these supports and whether they may be applied to our own businesses:

Starting your own business

• Seed Capital Scheme – claim back up to €100,000 in income tax paid and invest
• Three Year Corporate Tax Exemption – tax relief for new start-ups
• Back to Work Enterprise Allowance for Self-Employed – keep your social welfare and start a business

Growing your business

• The Employment and Investment Incentive Scheme – Get 30% relief on €150,000 investment
• R&D tax credit – set 25% tax credit against corporation tax liability
• Innovation Vouchers  - get €5,000 voucher to innovate
• Accelerated Capital Allowance – 100% tax relief for energy efficient equipment

Recruiting

• Revenue Job Assist – take on people unemployed for more than 12 months and save up to €8,000 per year for 3 years
• Employer Job (PRSI) Incentive Scheme – take on people unemployed for more than 6 months and pay no PRSI for 18 months
• Jobbridge – participants receive €50 per week for qualifying 6-9 month internship

More information can be found at www.djei.ie. Dylan Byrne is Partner - OSK Auditing.

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