March is just around the corner and for self-employed people, this month means it’s the time to claim costs and benefit from tax credits on eligible investments that were carried out the year before.

The MicroInvest Scheme, launched and managed by Malta Enterprise for a number of years, assists self-employed people to invest, improve and expand their business as each entity is eligible to receive up to 45% of eligible expenditure up to a maximum of €30,000.

Such tax credits will be funded only if the investments are eligible to be funded as for instance, rented or leased equipment or property as well as maintenance costs do not fall under such criteria.

So, if you think you’re eligible to apply for this scheme and need assistance to fill in and submit the necessary documents, get in touch with our partner company, Accounting Services Ltd. Its professional staff can provide you with advisory services as well as help you throughout the whole process in order to successfully obtain the tax credits.

Micro businesses submitting their tax return in September, can also benefit from the MicroInvest scheme. Further details including eligibility criteria, types of capital investments and upcoming deadlines, including late submissions, related to this scheme can be found here, while this year’s deadlines can be found below:

Deadline for self-employed submitting tax return in June Deadline for companies submitting tax return in September Late submissions
25.03.2020 27.05.2020 16.12.2020
Incentive Entitlement Certificate will be received in 2020 Incentive Entitlement Certificate will be received in 2020 Incentive Entitlement Certificate will be received in 2021

For further assistance or to start processing your application with the help of professional accountants, you can get in touch with Mr Conrad Meli on cmeli@accountingservices.com.mt.