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Tuesday, May 18, 2010

Message from Bridget Murphy

IMPORTANT NOTICE TO INDIVIDUALS SETTING UP THEIR OWN BUSINESSES

Setting up a new business - there are schemes available to help you keep your social welfare entitlements. But BEWARE the differences between the two. The wrong scheme could result in you keeping your social welfare entitlements for 1 year instead of a potential 3 years.

FOR SOME INDIVIDUALS, IF THEY CAN AFFORD TO, IT MAY BE BETTER TO START UP THEIR BUSINESS AFTER BEING UNEMPLOYED FOR 1 YEAR AS OPPOSED TO STRAIGHT AFTER REDUNDANCY. Speak to a tax advisor, accountant, enterprise board, mentor etc. the timing of becomming self employed is very imortant.

Back to work enterprise allowance; Can be applied for once you have been in receipt of Jobseekers Benefit for 1 year. To help people go self-employed and retain SW entitlements for 2 years (100% yr 1, 75% yr 2) (This is In addition to claiming your 1st year of Jobseekers Benefit).

Short-term Enterprise Allowance: There is no qualifying period for this new scheme. You can get immediate access to the allowance (after becomming unemployed) but you must meet the qualifying conditions. This only lasts 1 year and is backdated to your first claim for jobseekers.

--
Bridget Murphy
KnowYourTax.ie


Knowyourtax.ie has also had a lot of work done on the site, there's still a few minor things to be taken care of but it's all functional.

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