Budget 2016 has extended the Start Your Own Business relief to 31st December 2018.

start your own business, tax reliefs, start ups

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.