Thinking of Starting a New Company?
You could be due a tax refund…….
SURE (Startup Refunds for Entrepreneurs) is a tax refund scheme.
If you are interested in starting your own company, you may be entitled to an income tax refund of up to 41% of the capital funding that you invest in the company under SURE. Depending on the size of your investment you may be entitled to a refund of PAYE income tax that you paid over the six years before the year in which you invest.
The general conditions for SURE are that you must:
- Establish a new company and engage in a qualifying trading activity(s); and,
- Invest money in the new company by way of purchasing new shares; and,
- Have had mainly PAYE income in the previous four years (This would include a person currently in PAYE type employment, an unemployed person, a person recently made redundant or a retired person); and,
- Take up full-time employment in the new company either as a director or an employee.
You can estimate your potential SURE refund using this online calculator. To make best use of the online calculator, the following information will be helpful:
- Details of the likely investment amount.
- Details of your income and PAYE tax paid. This information is on your P60 or P21. If you are investing an amount greater than one year’s income, you will need your P60/P21 for more than one year.
To use the Online Calculator, just hit the “Start Calculator” button below.