Following on from our latest budget announced on 14/10/2008 I attended a seminar in cork before Christmas, which re-affirmed the attractive changes announced recently for limited companies, already a great proposition for new business in Ireland.
These changes will exempt Irish limited companies from corporation tax for a period of three years form 01/01/2009. There are conditions and limits, I can provide further details if you would like to contact me, but this will benefit Irish business to the tune of thousands of euro. if you are thinking of starting a new business here I would strongly recommend you contact me.
Some of the key conditions are as follows:
a. the company is incorporated after 14/10/2008 and does not start trading until after 01/01/2009.
b. separate exemptions are available for each new trade.
c. Income cannot be from a trade already in existence at 01/01/2009
Many of my clients have therefore delayed the start up of their activity until 2009.
If you have Incorporated a new limited company prior to 14/10/2008 and have been delaying trading until 2009 you will not meet the conditions above. It is therefore worth considering the benefits of incorporating a 2nd new limited company to avail of the tax relief but you should ensure first that the benefits i.e. reduced corporate tax bill outweigh the costs of incorporating a new company.
Subscribe in a Reader
We will be adding more information to this post if any changes are made to the legislation.