Library of Knowledge

Library of Knowledge No. 56

All events for Local Enterprise Week are taking place online – from Monday, March 7th to Friday, March 11th!

This year’s schedule includes twelve ‘Spotlight’ events, which are organised by individual Local Enterprise Offices but open to every business – wherever you’re based.

Samples of events:

• Drive: Growth By Digitalising Your Business
• Food: Consumer Trends in 2022. Hear from Irelands leading food experts
• Retail: Adapting and Innovating in an ever-changing trading environment And many more…..

See Brochure: https://www.localenterprise.ie/Week/Local-Enterprise-Week-2022/LEW-Brochure-2022/LEW-Brochure-2022.pdf

Book online via: https://www.localenterprise.ie/Portal/Week/Local-Enterprise-2022.html

Hoping you find an event that will benefit your business.

Stay safe.

Library of Knowledge No. 55

The Innovation Exchange creates opportunities for scaling SME’s in Ireland.

It offers a framework to facilitate collaboration between corporates and SME’s. At its core, it enables participants to develop understanding and capability around corporate innovation, from ideation and talent development to procurement and adoption.

The Innovation Exchange – Working For You

Businesses seeking Innovation	SME’s with Innovation Solutions
Define your challenge	Respond to a call-for-solutions
Meet prospective innovation partners	Boost your capability
Be inspired by new thinking	Impress prospective customers
Collaboration-in-action	Collaboration-in-action
Innovation adoption	Sign the deal

For further information and a link to apply see: https://theinnovationexchange.ie/

Stay safe.

Library of Knowledge No. 54

SURE is a tax relief that provides a refund of income tax that you paid in previous years. You can claim the relief if you are starting your own business and you are:

• an employee
• an unemployed person
• a person who has recently been made redundant.

The relief is based on establishing a new limited company and working full time within the business.

There’s nothing better than getting tax back from Revenue!

Regarding the Start-Up Relief for Entrepreneurs (SURE) we can assess, to ensure you fulfil the criteria and then most importantly assist in claiming the relief for you!

The general conditions for SURE are that you must:

• establish a new company carrying on a new qualifying trading activity
• have mainly Pay As You Earn (PAYE) income in the previous four years
• take up full-time employment in the new company as a director or an employee
• invest cash in the new company by purchasing new shares  
• keep the purchased shares for at least four years.

There are a number of specific conditions that the individual and the company must meet in order to qualify for this relief. For more information see: https://www.revenue.ie/en/tax-professionals/tdm/income-tax-capital-gains-tax-corporation-tax/part-16/16-00-02.pdf

Stay safe.

Library of Knowledge No. 52.

The Part-Time Job Incentive Scheme for the Self-Employed (PTSE) is a new scheme for self-employed people. It provides income support to self-employed people who will lose their Covid-19 Pandemic Unemployment Payment (PUP) if they earn over €960 over 8 weeks. It also provides support to self-employed people on a jobseekers payment who lose their employment due to COVID-19.

PTSE is paid instead of your PUP or jobseeker’s payment. It is paid at a lower rate, but there is no limit on the amount you can earn.

You cannot work more than 24 hours per week with the PTSE.

Who can get the Part-Time Job Incentive Scheme for the Self-Employed (PTSE)?

The PTSE is for self-employed people who work less than 24 hours per week. You can apply for it if:

• You are getting PUP and earn more than €960 over 8 weeks from self-employment
• You are getting Jobseeker’s Benefit, Jobseeker’s Benefit (Self-Employed) or Jobseeker’s Allowance because of COVID-19 and want to return to self-employment or increase your income from self-employment.

To get the PTSE, you must:

• Be aged between 18 and 66
• Be self-employed
• Be getting a PUP or a jobseekers’ payment the week before you apply for PTSE
• Be genuinely seeking to increase your hours of self-employment
• Be tax and PRSI compliant
• Be resident in Ireland

For more information and a link to application form see https://www.citizensinformation.ie/en/social_welfare/social_welfare_payments/social_welfare_payments_and_work/part_time_job_incentive_scheme_for_self_employed.html

Stay safe.

Library of Knowledge No. 51

 Mental Health both personally and within the workplace are as important for employers and teams as the physical requirements for health & safety legislation.

Being mindful of mental health in your workplace can improve:

• focus
• concentration
• performance

Some tips/rules that can reduce the occurrence of mental health issues arising, such as:

Reclaim your lunch break Make the most of your breaks and take time away from your work space. Get outside for fresh air – you could invite some colleagues to come along with you. This will help you get re-energised for the rest of your working day.

Team activities Participating in a team can give you a communal sense of achievement. Some workplaces have clubs or societies that you could join. Others encourage team events such as fun runs or park walks.

Work better, not longer Getting the right work-life balance is an effective way of avoiding stress at work. Working long hours can take a toll on your energy, concentration and health. It’s important to create clear boundaries between work and home. Try not to let work spill over into your personal life.

Ask for help Talk with a colleague, manager or someone in HR if you feel stressed in work.

Mental Health Ireland, a collaboration of organisations offers support & advise to businesses.

• For more information see https://www.mentalhealthireland.ie/contact-us/

Stay safe and well.

Library of Knowledge No. 50

Enterprise Support Grant  – the € 1,000 grant is available through your Local Enterprise Office.

• are tax and PRSI compliant
• are not liable for commercial rates
• have been in receipt of the COVID-19 Pandemic Unemployment Payment and have closed their claim.
• have reopened their business which was closed due to the pandemic.
• employ less than 10 people
• have an annual turnover of less than €1 million
• are not eligible for similar COVID-19 business restart grants from other government departments
• can produce VAT receipts/invoices in respect of business restart costs and expenses claimed, if requested to do so by the department

The grant will be awarded for costs related to reopening your business, including:

• safety measures
• business advice or mentoring
• repairs
• fuel
• wages

For further information: https://www.gov.ie/en/service/6efad-enterprise-support-grant-for-businesses-impacted-by-covid-19/?referrer=http://www.gov.ie/en/service/739f3-enterprise-support-grant-for-buisnesses-impacted-by-covid-19/#

Stay safe and well

Library of Knowledge No. 49

Due to the surge in the Omicron COVID-19 variant, the Employment Wage Subsidy Scheme (EWSS) is now re opened for business’ who fulfil the criteria.

Qualifying Criteria:

1. Must have revenue tax clearance
2. Demonstrate that your business will experience a reduction of at least 30% turnover*
3. The disruption is caused by COVID-19

Note:

• Monthly Employers Eligibility Review Form must be submitted to revenue. Where qualification is not met companies must withdraw immediately from scheme.
• Revenue compliance checks will be completed in accordance with guidelines.

Commencement of Business	Turnover + Projected	Comparison period (turnover)
On or before 30th April 2019	December 2021 + January 2022	December 2019 + January 2020
Between 1st May 2019 and 31st December 2021	December 2020 + January 2022	August 2021 to November 2021 (average)

Note: Business commenced on or after 1^st January 2022 are not eligible.

This scheme is currently scheduled to close on 30^th April 2022.

Subsidy rates payable per pay date:

Employees Gross Pay	Up to 31st January 2022	From 1st to 28th February 2022	From 1st March to 30th April 2022
Less than € 151.50	NIL	NIL	NIL
From € 151.51 to € 202.99	€ 203.00	€ 151.50	€ 100.00
From € 203.00 to € 299.99	€ 250.00	€ 203.00	€ 100.00
From € 300.00 to € 399.99	€ 300.00	€ 203.00	€ 100.00
From € 400.00 to € 1,462.00	€ 350.00	€ 203.00	€ 100.00
Greater than € 1,462	NIL	NIL	NIL

For further information, see link: https://www.revenue.ie/en/employing-people/ewss/index.aspx

Should you require any assistance please feel free to contact us.

Stay Safe

Library of Knowledge No. 48

Small business assistance scheme SBASC was previously announced as COVID-19 Business Aid Scheme (CBAS).

The scheme is open for applications from last Thursday 11 March 2021. Applications should be made to the Local Authority. Closing date for receipt of applications is 21 April 2021.

The details of the SBASC include:

• the scheme is available to companies, self-employed, sole traders or partnerships, with a minimum turnover of €50,000 and are not owned and operated by a public body.
• The Scheme is open to firms that currently employ less than 250 and with current turnover of less than €25m;
• the business is not eligible for CRSS, the Fáilte Ireland Business Continuity Scheme, or the Department of Tourism, Culture, Arts, Gaeltacht, Sport and Media’s Live Performance Support; 
• the business operates from a building, or similar fixed physical structure on which business rates are payable (mobile premises, or premises which are not permanently fixed in place, do not meet the definition of business premises nor do premises on which no rates are payable);
• the business must have a current eTax Clearance Certificate from the Revenue Commissioners;
• the turnover of the business over the claim period is estimated to be no more than 25% of the average weekly turnover of the business in 2019; or the projected average weekly turnover of the business for 1 January to 31 March 2021, and 30 June 2021 where applicable, for businesses that commenced after 1 November 2019, and the financial plans as of end of 2019 should be uploaded with the application;
• the business intends to resume trading in full once Government restrictions are eased;
• all eligible applications receive a first payment of €4,000; and
• payments will be dispersed in the same format as rates refunds via bank transfer.

For further information see: https://www.gov.ie/en/press-release/94496-government-160m-boost-to-covid-19-business-grants/

Stay safe.

Library of Knowledge No. 47

Re: Standard Rate Reverts to 23% from 1^st March 2021.

The standard rate of VAT will return to 23% from 1^st March 2021, having been temporarily reduced in response to the COVID-19 pandemic.

As part of the Government’s July Stimulus Package, the standard rate of VAT was reduced from 23% to 21% on September 1, 2020. The rate reduction was due to remain in force until February 28, 2021.

A reminder to all businesses to charge VAT at 23% from next Monday 1^st March 2021.

Re: Hospitality Sector to Remain at 9% until 31^st December 2021.

Reminder to all that the temporary reduced VAT rate of 9% for the hospitality sector will continue until the end of 2021.

Stay Safe