Saturday 25 November 2017

Revenue urged to help new firms

Charlie Weston Personal Finance Editor

THE Revenue Commissioners were called on yesterday to do more to help people who start their own business by issuing information on the most common mistakes made by new firms.

A survey commissioned by the Irish Taxation Institution (ITI) found that 75pc of start-ups would find it very beneficial to have this sort of information.

Britain's Inland Revenue issues booklets listing the most common errors made by small firms when it comes to tax returns.

The survey, carried out by Red C, found that 77pc of indigenous Irish companies believe the complex and daunting nature of taxation was the biggest tax concern for a start-up.

The taxation institute has proposed a new plan that would support entrepreneurs and make starting a business simpler, the institute said.

The five-point plan was submitted to Enterprise, Trade and Innovation Minister Batt O'Keeffe yesterday.

Institute president Olivia Lynch said the plan includes a simplified 'Starter Tax Pack' for all new small businesses in Ireland, tax relief for loans to SME businesses, a change in the capital gains tax rate to encourage equity investment in SMEs, new rules for the Business Expansion Scheme that would go beyond manufacturing companies, and new measures that will help SMEs hire and retain key workers.

The ITI said that if these measures were implemented, the fear of starting a business would be removed and more people would be encouraged to become entrepreneurs.

It said this plan could drive economic recovery and job creation.

"Measures that give real encouragement and reassurance to entrepreneurial activity have never been so critical for Ireland's economy and for Irish people," Ms Lynch said.

"There is widespread acceptance that our future growth will largely come from the indigenous sector."

Irish Independent

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