Monday 23 September 2019

Share tax break will level playing field

Hurley maker Colm Foley
Hurley maker Colm Foley

Colm Foley

Aged just 27, Colm Foley is four years into his business venture making hurls for GAA players.

In order to grow his firm, the company owner and only full-time worker at 65 Hurls in Blanchardstown, Dublin, would like to see tax breaks and support packages.

"I started up in 2013, it was a tough time in the recession, I was young and living at home with my parents, making the hurls in the back of a shed.

"But I managed to get a €10,000 grant from the local enterprise board and opened up my own place," he said.

Colm has welcomed the introduction of the Key Employee Engagement Programme (KEEP), which aims to assist small and medium-sized businesses in their efforts to attract and retain key employees in a competitive international labour market.

It aims to do this by providing for an advantageous tax treatment on share options.

"My business has grown by double each year - 40pc of my sales are in-store and the rest is online and from club orders.

"But my next move is to hire staff and to grow my business to reach people all over the country and globally," he said.

Colm was hoping to see a reduction in the tax for the self-employed, but has welcomed the increase in the Earned Income Credit for the self-employed by €200 to bring it to €1,150 a year from 2018 onwwards.

Irish Independent

Also in Business