Budget 2016 has extended the Start Your Own Business relief to 31st December 2018.
This scheme provides an exemption from Income Tax up to a maximum of €40,000 per annum for a period of two years.
To qualify for this scheme you must have been unemployed for at least 12 months prior to starting the business.
The restrictions are:
- The business must be set up before 31st December 2018.
- It must be a new business and not one that was bought, inherited or otherwise acquired.
- It must be unincorporated.
The relief is claimed on the annual income tax form.