SURE Scheme Much Needed Boost for Wicklow Entrepreneurs
Fine Gael TD for Wicklow/East Carlow, Andrew Doyle, has today welcomed the launch of the SURE tax refund scheme for entrepreneurs ,which will provide a significant boost for start-ups in Wicklow and across Ireland aimed at encouraging more people to start-up businesses by way of a generous tax incentive.
Speaking today, Deputy Andrew Doyle said Ireland, “The SURE tax refund scheme has great potential to encourage new start-up businesses and foster a culture of entrepreneurship and ultimately create jobs. Entrepreneurs are the backbone of our economy and this scheme is a step in the right direction towards fostering a culture of entrepreneurship in Ireland.”
Doyle commented “The ‘StartUp Refunds for Entrepreneurs’ allows entrepreneurs obtain a refund from the Government of up to 41% of the capital they invest in starting up a business. In order to increase awareness of the Scheme a comprehensive marketing campaign aimed at increasing awareness of SURE among people considering starting their own businesses, as part of an overall drive aimed at supporting more start-ups and ultimately more job-creation. This campaign includes:
- A new Revenue guide which explains the details of the scheme in a user friendly way
- A new website – sure.gov.ie
- An online calculator, aimed at making it easy for people considering starting their own businesses to calculate how much they can receive under the scheme. This calculator will be made available on a range of Government and business-related websites , and will also have a “printout” function, allowing entrepreneurs to show it to banks and other potential investors
- An advertisement campaign using in particular local radio
- A simple, user-friendly one-page leaflet summarising the scheme, which will be made available in hundreds of locations around the country where entrepreneurs will be able to find it
“As the backbone of job creation two thirds of all new jobs across the economy are created by start-ups in their first five years of existence, and that is why this Government are putting in place a range of new measures specifically aimed at encouraging more people to start their own businesses. Through SURE, the Government is directly offering cash to people who are considering starting their own business, up to a value of 41% of their total investment.”
“In Wicklow we have an excellent culture of endeavour from our start-up community. The SURE Scheme will provide a source of much needed funds to new businesses here in Wicklow who often find it difficult to source seed capital, one of the building blocks to kick start any new business. The scheme will be marketed by the Local Enterprise Office Wicklow” concluded Doyle.
NOTES FOR EDITORS
- Background The SURE scheme is aimed at encouraging those who previously were in PAYE employment to start their own business. In simple terms, it provides a refund of previous income tax paid for entrepreneurs who invest in a new company. The relaunched SURE scheme has the potential to become a more important source of finance for new businesses who often find it difficult to source seed capital. A one page leaflet has been developed which briefly outlines the scheme and provides examples of the potential benefits. It also sets out the key terms and conditions and where potential entrepreneurs can go for additional information. The leaflet will be available in LEO offices, Revenue Commissioner offices and other locations where citizens/ potential entrepreneurs interact with the State (e.g. DSP offices, Citizen Information Offices, Employment Services Offices, Education and Training Boards, Community Enterprise Offices, etc.) It is also being circulated to industry grouping nationally (IBEC, chamber of commerce offices around the country, SFA, ISME, accountancy bodies) A refund calculator has been developed which can be found at www.sure.gov.ie. Given the nature of the scheme, it can be challenging for a would-be entrepreneur to estimate the potential value of this relief to them. A simple online calculator will allow anyone, with the input of minimal data (mostly available on their P60 form), to estimate what refund they might receive should they meet the terms and conditions of the scheme. It will allow the potential entrepreneurs to create a printout outlining their potential refund, amount investment and other tax details and an overview of the calculations made. We will be encouraging other organisations (e.g. Enterprise Ireland, LEOs, Revenue Commissioners, relevant Government department websites, IBEC, ISME, Chambers Ireland, etc.) to place links to the calculator on their sites. The online calculator is also linked to the ‘Supporting SMEs Online Tool’. A radio advertisement has been produced which will support awareness of SURE.
