SW entitlements while setting up new business

P

PaddyJ

Guest
I have recently left my paye job along with 2 of my colleagues to set up on our own. Our notice period officially finished yesterday. We have registered as a limited company.

We have the company set up and all the tax / legal side sorted, however we don't or rather won't have any money coming into the company for the first couple of months, perhaps not until next Jan / Feb.

We have some savings / loans that we will use to help sustain us until we win some business and start invoicing, however if things get tight is there anything that we are entitled to? Our wives are working but 2 are going on maternity leave (unpaid) shortly so things will be tight.

Any financial advise / SW entitlement advice would be much appreciated.

Thanks
Paddy
 
is there anything that we are entitled to?
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In my experience, no.
You really are on your own now. You'll also lose your PAYE tax credit and lots of other SW stuff as S class directors.

Just noticed you are in Cork. Maybe you might benefit from this www.gep.ie
 
wouldn't you be entitled to claim back some tax seeing as the amount you've paid is based on you working 52 weeks?
 
Thanks depression. I can't seem to open the link to that revenue form.

I have sent an email to the GEP, they have a requirement that you have potential to export but looking at some of the companies that they supported last year they range from mobile cafes to e-businesses so ya never know. Am an ex-graduate of the CIT.

We could really do with some income tbh. As mentioned, life savings & remortgages are sustaining us at the moment and funding our set up costs, we have an accountant but they are not that much help until we actually start getting money in and need their services for taxation etc.

Really appreciate any assistance.

Thanks,
Paddy
 
The link isnt working now but it defintely was working when I posted it.


Perhaps have a look at this link below ?

http://www.fixmytax.com/146.html

The purpose of the Seed Capital Scheme

The purpose of the scheme is to give any person who is an employee, an unemployed person or were made redundant recently and are interested in starting their own business an opportunity to avail of the tax refund to which they may be entitled under the Seed Capital Scheme.

An employee who leaves employment and invests by means of shares in a company which carries on a new business, may claim a refund of income tax paid in previous years. An unemployed person may also avail of this facility.
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The Tax Refundable

You could receive all the income tax you have paid over six years, if your investment is big enough.

You can select the tax years for which you may claim refunds from any or all of the six years prior to the year of investment. Your investment must be claimed up to the extent of your total income in each of the selected years (subject to a max. of €31,750). There is no facility available where the investment can be spread over a number of years so as to utilise personal allowances in each year.

For each of the selected years, the refund is limited to the tax you have paid, with an upper limit in any year of the tax paid on €31,750.

The refund may be claimed immediately the company starts to trade
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sounds good ?????



More information here http://www.enterprise-ireland.com/Grow/Finance/Seed_Capital_Scheme.htm






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