So I qualified for the seed capital scheme. I had €100k euro to invest in the business. This was going to get me €30k in tax refund. Happy days.
Now my accountant and another I talked to for a second opinion said it simply wasn't worth it. Their reasoning was I would be tying up €70k in the business and wouldn't be able to get it out. I reckon I could pull it out at the standard rate and if the business was making so much money that it had to come out at the higher rate well that was a great result all around. Their opinion was the seed capital scheme was really only for businesses that needed the capital to purchase equipment or businesses that required a certain amount of capital, eg a franchise.
I'm not going to go against the advice of 2 accountants based on the wisdom of the members of this forum, my business partner wouldn't let me do that. Just wondering what people think. I feel like I'm walking away from €30k.
Now my accountant and another I talked to for a second opinion said it simply wasn't worth it. Their reasoning was I would be tying up €70k in the business and wouldn't be able to get it out. I reckon I could pull it out at the standard rate and if the business was making so much money that it had to come out at the higher rate well that was a great result all around. Their opinion was the seed capital scheme was really only for businesses that needed the capital to purchase equipment or businesses that required a certain amount of capital, eg a franchise.
I'm not going to go against the advice of 2 accountants based on the wisdom of the members of this forum, my business partner wouldn't let me do that. Just wondering what people think. I feel like I'm walking away from €30k.