New businesses may be able to apply for Revenue's Tax Relief for Start-Up Companies, which reduces start-ups' Corporation Tax for the first three years of trading.
The relief can be applied to the profits from your new trade and on chargeable gains made on assets used in that trade. Start-ups may be entitled to relief if their Corporation Tax due is €40,000 or less in a tax year. If Corporation Tax due is between €40,000 and €60,000, start-ups may be entitled to partial relief.
Tax relief for start-up companies also depends on the amount of employer's Pay Related Social Insurance (PRSI) paid, which must be a maximum of €5,000 per employee and €40,000 overall.
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