Redundancy& Start your own Business

[c1949]

I am being made redundant and I am starting a small distribution business. Will I be able to claim any government allowances when I am setting up the business.

 

[johnr1234]

I'm not too sure you can get any extra allowances/credits from the government when you start you're own company.As a director of the new company (I'm assuming you'll be setting up a limited company as opposed to a sole trade), you won't have to pay the same levels of PRSI that you were paying as an employee. You'll also have to make an annual return in a Form 12.You might be avail to claim back income tax paid over the last 5 years, through Seed Capital relief. Try the link below or contact the Revenue or Enterprise Ireland. http://www.enterprise-ireland.com/Grow/Finance/Seed_Capital_Scheme.htm

 

[iggy]

I'm not too sure you can get any extra allowances/credits from the government when you start you're own company.As a director of the new company (I'm assuming you'll be setting up a limited company as opposed to a sole trade), you won't have to pay the same levels of PRSI that you were paying as an employee. You'll also have to make an annual return in a Form 12.You might be avail to claim back income tax paid over the last 5 years, through Seed Capital relief. Try the link below or contact the Revenue or Enterprise Ireland. http://www.enterprise-ireland.com/Grow/Finance/Seed_Capital_Scheme.htm

I would suggest going as sole trader rather than limited company first as its a lot simpler and cheaper to operate. If business goes well then maybe later you could look at limited company status.