Starting your own business can be one of the most daunting and rewarding things you will ever do in your life. With an assigned dedicated mentor we can help you with all the typical problems, issues and fears that start ups typically have including:

• Business plans
• Cashflow projections
• Sourcing finance
• The Employment and investment incentive (EII) and other tax geared financing
• Tax exemption for start up Companies (more information below)
• Start your own business relief
• Projecting costs and budgeting
• Pricing of products and marketing strategies
• Payroll and employee rights
• Vat registration
• R&D tax credits
• Incorporation and limited liability

Kerr Accountants has helped and guided hundreds of entrepreneurs through the process and we bring a wealth of knowledge to the table that will guide you step by step. We also offer various free one on one training programs on topics such as Vat, payroll taxes, record keeping, cash management and employee management etc.

Kerr Accountants also sets aside €35,000 each year for our entrepreneurial fund. This fund allows us to provide discounts on our fees to start up business. Typical discounts are 50-100% in year one but in some high potential start ups this might be extended for up to 4 years. To apply for access to this fund contact us on +353 21 4969176 or entrepreneur@kerraccountants.ie

Tax Exemption for Start-Up Companies

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. The aim is to provide a stimulus for entrepreneurs in a challenging commercial environment.

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.

The following conditions apply

• The company must be incorporated on or after 14th October 2008.
• 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 three 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 three year period.
• The tax relief is linked to the amount of employers PRSI that the company has paid. The maximum credit that can be claimed is €5,000 per employee. This condition is usually the limiting factor for this relief as proprietary (owner) directors don’t pay employers PRSI on their salary.
• The maximum amount of corporation tax relief is €40,000 per annum for 3 years.
• The relief has been extended to companies that have commenced to trade by 31st December 2015

Start your own business relief

The Start Your Own Business scheme provides for relief from Income Tax for long term unemployed individuals who start a new business. The scheme will provide an exemption from Income Tax up to a maximum of €40,000 per annum for a period of two years to individuals who set up a qualifying business; having been unemployed for a period of at least 12 months prior to starting the business. It runs from 25 October 2013 to 31 December 2016