Tax Exemption for New Businesses

If you are unemployed now is the time to consider setting up your own business following the positive supports announced in the budget.

The Start Your Own Business Scheme (SYOB) is a measure being introduced to encourage individuals who are long term unemployed to start their own business. A two year exemption from income tax to a maximum of €40,000 per annum is being provided for individuals who have been unemployed for at least 15 months prior to starting their own business.

“If you have a business idea and you want to explore the possibility of it becoming a reality, why not consider enrolling for Westmeath Community Development’s 24 week Business Development Programme “says Dan Grehan BDP Manager.

The Business Development Programme is a special CE scheme that has been running in Westmeath for over 10 years. It enables unemployed people considering self-employment to undergo an accredited business development programme (FETAC L-5) while developing their business idea and their Business Plan. “The course is one of a number of supports that Westmeath Community Development has in place to support new businesses being established by people on the live register. In 2012 we have had over 120 people establish new enterprises, primarily through the Back to Work Enterprise Allowance schemes that we operate in conjunction with the Dept. of Social Protection.”

CEO of Westmeath Community Development, Joe Potter, commented “in the current climate it can seem quite daunting to go into self-employment, but the spirit of entrepreneurship is alive and well in Co. Westmeath and Westmeath Community Development, through the Rural Development Programme,  and the other agencies in the county, like the County Enterprise Board, will continue to provide supports for new businesses, as the micro enterprise sector will be key to getting the country back on its feet.”

The next Business Development Programme is starting in Mullingar in January 2014 and will be advertised on the Fas website as well as the local Fas office In November and recruitment will start in December.

For further information on the Business Development Programme, or on supports available from Westmeath Community Development, please contact Dan Grehan, Mullingar office on 0449348571 or Seamus McKenna in our Athlone office on 090649455 or go to