In a few weeks’ time, Microinvest scheme will have its deadline for companies that submit their tax return in September. By Wednesday 26th May 2021, relevant companies can submit their respective application forms to claim refunds for tax credits equivalent to 45% of eligible expenditure, adding up to a maximum of €30,000.
The aim of this article is to simplify information about this scheme.
Who can apply for these tax credits?
Micro enterprises and self-employed individuals.
What capital investments are eligible?
Costs that are eligible for funding include those in relation to:
- Upgrading of business premises
- Purchasing of machinery & vehicles
- Recruitment of employees
- Development and renovation of websites
What is the main objective of the scheme?
The MicroInvest Scheme aims to assist small and medium-sized enterprises to invest, improve, and expand their business.
How will I know if I qualify for this scheme?
This scheme is applicable to those enterprises that:
- Do not employ more than 30 employees
- Their turnover did not exceed €10m during 2020
- Their undertakings are registered with the VAT department
- Employ at least one employee at the date of application
I think I fit in the eligibility criteria. How can I apply for the tax credits?
At Fairwinds Management Limited, we have a specific team with years of experience in applying for such incentive. As part of our services, our team will provide you with advisory services to be able to apply successfully and obtain funding and other tax benefits.
For more information or assistance about this, you can get in touch with one of our Directors, Mr Conrad Meli, FCCA, MIA, CPA on email@example.com