SYOB Scheme

This scheme is available for individuals who have been unemployed for over 15 months whether or not you have been receiving social welfare. It applies to people who are setting up a qualifying unincorporated business or as self-employed. While the incentive was created with the aim of encouraging construction workers back to trading, the scheme is not limited to any particular industry. Those who qualify will not have to pay income tax for the first two years of their business, up to a maximum tax liability of €40,000 per annum. You will still need to register your business or as self-employed with the Revenue and file a tax return for these years, however you will not need to pay the tax that will be due.

Date published 25 Oct 2013

This article is intended to inform rather than advise and is based on legislation and practice at the time. Taxpayer’s circumstances do vary and if you feel that the information provided is beneficial it is important that you contact us before implementation. If you take, or do not take action as a result of reading this article, before receiving our written endorsement, we will accept no responsibility for any financial loss incurred.