The Minister for Jobs, Enterprise and Innovation, Mr. Richard Bruton TD launched an information leaflet outlining 15 schemes available to businesses seeking to start-up, expand and create jobs.
The Minister distributed the leaflet for the first time yesterday when in Galway to speak at the 9th Action Plan for Jobs 2012 Forum.
The Minister has met hundreds of businesses and thousands of businesspeople around Ireland since taking office. However, it became clear that there was a lack of awareness amongst business of many of the schemes which are available to start and grow your business, and some of these schemes are seriously underused. For example, in the case of Revenue Job Assist, almost 200,000 people are eligible to qualify for this scheme, but in 2010, the latest year for which figures are available, only 650 people benefited from it (we wonder why?).
The leaflet outlines a number of financial supports for business, including:
- SEED CAPITAL SCHEME: Claim back up to €100,000 in income tax paid and invest into a company subscribed as shares,
- THREE YEAR CORPORATE TAX EXEMPTION: Offers tax relief for new start ups,
- BACK TO WORK ENTERPRISE ALLOWANCE (SELF-EMPLOYED): Retain your social welfare while starting up,
- EMPLOYMENT INVESTMENT AND INCENTIVE SCHEME: Tax relief for investment in certain corporate trades. Get 30% relief on €150,000 investment,
- R&D TAX CREDIT: Set 25% tax credit against corporation tax liability,
- INNOVATION VOUCHERS: Apply for a €5,000 innovation voucher to help you explore a business opportunity or problem,
- ACCELERATED CAPITAL ALLOWANCE: Gives tax relief for energy efficient companies,
- REVENUE JOB ASSIST: Take on someone who has been on the live register for 12 months and claim a double write off of the wages and PRSI for 3 years,
- EMPLOYER JOB (PRSI) INCENTIVE SCHEME: Take on someone who has been unemployed for 6 months and pay no PRSI for 18 months.