basilbrush
Registered User
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- 192
I received LEO (Local Enterprise Office) grants for my sole trader business. Are these taxable income? I would have imagined so, except that I also received money for participating in Enterprise Ireland's New Frontiers Phase 2, which they said was tax-free.
* If it is taxable, should the grant income be entered on line 128 ("Receipts from Government Agencies (GMS, etc.)") or line 129 ("Other Income including Tax Exempt Income")?
* The New Frontiers money was described as a tax-free stipend to support me while launching the business, rather than money intended to be invested in the business. Should it thus be entered in Panel G ("Exempt Income") rather than Panel B? If so, should be be on line 417 ("Income not chargeable to tax but which is part of total income for the purposes of S. 188(1)") or 418 ("Other Exempt Income")?
* If it is taxable, should the grant income be entered on line 128 ("Receipts from Government Agencies (GMS, etc.)") or line 129 ("Other Income including Tax Exempt Income")?
* The New Frontiers money was described as a tax-free stipend to support me while launching the business, rather than money intended to be invested in the business. Should it thus be entered in Panel G ("Exempt Income") rather than Panel B? If so, should be be on line 417 ("Income not chargeable to tax but which is part of total income for the purposes of S. 188(1)") or 418 ("Other Exempt Income")?