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Employer Job (PRSI) Incentive Scheme

Posted in For Employers by admin - Jul 12 2010

In June 2010 the government launced a scheme for promoting Irish job creation

The Employer Job (PRSI) Incentive Scheme means that when you employ additional eligible workers in 2010 you will not have to pay employer’s PRSI in respect of their emplyment for 12 months from the date you are approved for the scheme.

Key scheme criteria include that:

  • The employee concerned must have been on the Live-Register (Unemployed) for at least 6 months;
  • The job must be full-time and must be new and additional – employers will not be allowed to substitute existing employees to avail of the scheme;
  • The employer will be required to furnish an up-to-date Tax Clearance Certificate;
  • Employers will be limited to a maximum participation rate of 5% of their existing workforce or, for smaller companies, a maximum of 5 new jobs;
  • The job must last for 6 months or more. If it does not the PRSI exempt amounts will have to be repaid by the employer

 

If you created a job in 2010 before the scheme was launched, you may beneift from an employers PRSI exemption for this job for 12 months from the date from the date you are approved for the scheme.                                                                                                       

Full details of the Employer Job (PRSI) Incentive Scheme are available at www.welfare.ie and from the Employer Job (PRSI) Incentive Scheme section, Department of Social Protection, Floor 2, Shannon Lodge, Carrick-on-Shannon, Co Leitrim at LoCall 1890 927 999 (callers from Northern Ireland or overseas should call the information line at +353 71 91 93313)

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Tax Exemption for Start-Up Companies

Posted in Useful Information by admin - May 14 2010

 

In an attempt to encourage the establishment of new companies a three year remission from taxation from profits and capital gains for companies with a tax liability of less than €40,000 per annum was announced in Budget 2009.

Companies that qualify will be fully exempt from corporation tax on trading profits and chargeable gains on the disposal of assets used for the new trade where the total amount of corporation tax does not exceed €40,000.  Where corporation tax for the period is between €40,000 and €60,000, marginal relief will apply.

This relief will apply for three years from the commencement of the new trade. Therefore the company could shelter from tax up to €960,000 of trading profits over a three year period.  The following conditions apply:

–  The company must be incorporated on or after 14th October 2008

–  The company must commence to trade during 2009 or 2010

–  The trade must be a new trade and must not have been carried on previously by another person in the state

– The tax relief will apply for 3 years from the commencement of the new trade.

– The tax relief does not apply to companies that are dealing in land or petroleum and mineral activities.

– The tax relief does not apply to professional service companies.

– The tax relief for companies operating in the road transport sector is restricted to a total of €100,000 over the 3 year period.

For a confidential consultation, without obligation, to discuss your specific requirements please call our office on 059 9130422 or info@pamccormack.com