Where an individual who has been unemployed for 12 months and has been in receipt of inter alia jobseekers benefit, jobseekers allowance or a Single Parent Child Carer Credit that individual may be entitled to claim relief from income tax on the first two years of trading capped at a value of €40,000 per annum. USC and PRSI will continue to be payable.

The new business must:

• be set up between 25 October 2013 and 31st December 2016
• be a new business and not a business that was bought, inherited or otherwise acquired
• be an unincorporated business (i.e. it must not be registered as a company

The relief can apply to multiple new trades carried on by the one individual provided the limit of €40,000 is not breached.

For more advice contact FMB on 01 645 2002 or Email enquiry@fmb.ie.

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