Exemption on tax of up to €40,000 per year for entrepreneurs
Fine Gael Senator for Wexford, Michael D’Arcy, has said that measures announced in today’s Budget will provide a boost to entrepreneurs and SMEs.
Start Your Own Business scheme - €40K tax free
“I am delighted that entrepreneurs and start-up businesses are being targeted for supports. The Government is putting in place a major package of new supports for start-up and growing businesses. “The Start Your Own Business scheme will enable long term unemployed people to have a tax free income up to €40,000 for the first two years of their business. This is a massive incentive to people who wish to start their own business and will enable many businesses to survive during the difficult early years. This will incentivise tradespeople who may be out of work to re-examine the possibility of setting up on their own.
Broad range of pro-jobs incentives
“The Budget also includes Capital Gains Tax relief to encourage investment in new business, an increase in the VAT cash threshold from €1.25 million to €2million and an additional €3.5 million in supports for start-ups and growing businesses through the CEBs/LEOs.
“A subsidised programme for SMEs consisting of two days dedicated offsite training together with expert mentoring support is being introduced. This will enhance the financial capability of SMEs, equipping them with the skills to improve their business planning and ability to access credit. Skillnets will operate the scheme in conjunction with their ManagementWorks programme and it is expected that around 1,000 SMEs will be able to participate across the country.
Economy now creating 3,000 jobs per month
“The Enterprise Ireland budget for next year will help to provide mentoring and management development supports that are vital for start-up businesses and entrepreneurs. Enterprise Ireland aims to support 95 new High Potential Start-Up companies next year with commitments to create 2,100 new jobs.
“We inherited an economy which had been losing 7,000 jobs per month for 36 months. Through the measures we have put in place, we are now creating over 3,000 per month. The measures announced today will further improve the environment for entrepreneurs and SMEs. By supporting them we are supporting job creation which is the primary goal of this Government.”