One correspondent mailed Stalker a newspaper article piece from the Irish Mail On Sunday about claiming back tax to fund a new business.
The questioner asked about claiming back tax to help fund a new operation he was setting up after being made redundant.
The answer mentioned the Seed Capital Scheme under which someone who has left a PAYE job to set up on their own may claim back all of the income tax they paid during the previous six years.
As the article pointed out there are limits and conditions.
It is only available on certain types of new venture. These include manufacturing, internationally traded services or services capable of becoming internationally traded; research and development; the cultivation of mushrooms; micro or greenhouse cultivation; some recycling ventures and certain tourism ventures. So there you have it; if you aim to get into mushroom growing and you’ve paid income tax over the past six years – then you can recoup the tax paid if you own up to 15 % of the venture.
Stalker cannot see many people just starting up in mushroom business at this point in time – but the information is gratefully received all the same.
