Friday, October 18 14:08:00
For anybody currently out of work and considering starting their own business this week's budget brought some good news.
A new, Start your Own Business (SYOB) scheme was launched aimed at those who have been unemployed for over 15 months. Availing of this scheme means sole traders will not have to pay any tax for two years.
Greg Murphy, owner of TaxAssist Accountants, a company that works with over 4,000 small businesses nationally said 'This is a really welcome measure. I work with a lot of people starting a new business and the first few years are hard cash-flow wise. Sometimes new businesses just cannot find the cash to pay their tax bill and they end up taking out loans. This new scheme will give people a bit of breathing room in those all important first years'.
'To qualify for the scheme you need to have been unemployed for 15 months or over. SYOB is geared towards people setting up as sole traders or in partnerships and it is not limited to any particular industry. Murphy gave the following advice to any would be entrepreneurs 'a really strong business plan is very important when starting out in business and it is also important to remember that you will still have to file a tax return with the Revenue Commissioners even though no tax is due. We offer free start-up guides which bring you through all the 'need to know' to all interested parties at one of our branches'.