Start Your Own Business Tax Relief

The Start Your Own Business scheme provides for relief from Income Tax for long term unemployed individuals who start a new business.

The scheme will provide an exemption from Income Tax up to a maximum of €40,000 per annum for a period of two years to individuals who set up a qualifying business; having been unemployed for a period of at least 12 months prior to starting the business.

It runs from 25 October 2013 to 31 December 2016.

The Start Your Own Business relief only applies to Income Tax; it does not extend to USC and PRSI. USC and PRSI will be payable on any profits earned in the new business.