Good news for Start-up Companies

Bank of Ireland has launched a new €26m fund to invest in start-up and early stage companies. In addition the fund will go to support patent and patent-pending projects within Irish universities.

This fund is part of a 5 year Enterprise Ireland seed and venture capital programme. The fund will focus on technology, food and financial services sectors, which are export based.

Tax Refund on Redundancy Payments

Were you made redundant at any stage over the past 4 years. Almost 90% of employees made redundant are not aware they  may have overpaid tax on their redundancy package.

For example,

Mary was made redundant in September 2009, and received a gross lump sum of €50,000.

After deduction of tax, Mary actually received €38,516 in her wage packet. However after contacting, Mary got an additional tax rebate of €4,855.

John, on the other hand was also made redundant in September 2009, and he received a gross lump sum of €30,000.

After deduction of tax, John received €21,861. However after contacting, John received an additional tax rebate of €2,41

Were you taxed on any portion of your redundancypackage?

If so, contact to see how you can reclaim your overpaid tax.

VAT Amendments

The top rate of VAT has fallen from 21.5% to 21% from 1 January 2010. While this decrease will not reverse the Northern shopping trend it will bring the VAT rate somewhat in line with that of the UK, which will increase from 15% to 17.5%. Revenue has published a guide to the rate change on

Redundancy Rebates

Where a business is awaiting a redundancy rebate and has difficulty in meeting their tax liabilities, Revenue previously announced that the business can offset the redundancy rebate directly against the outstanding taxes, thereby mitigating against any interest and penalties that may be accruing on the unpaid liabilities.

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