This scheme is aimed primarily at getting unemployed individuals to start their own business. The economic recovery has gathered pace, offering many unemployed workers the potential to pursue new business opportunities.
Most individuals who are in receipt of social welfare and/or part of a community scheme for more than 12 months should qualify. Anyone interested should check with their local social welfare office.
A similar scheme, the Short-Term Enterprise Allowance may be available for those who don’t qualify for BTWEA.
What happens to my Welfare Payments?
Individuals get to keep a portion of their primary social welfare payment under BTWEA as follows:
Year 1 100%
Year 2 75%
It should be noted that rent supplement and other extra
benefits may be affected.
What are tax implications?
Individual should register for tax. The BTWEA payment which replaces your existing payment is not taxable. Individuals should qualify for Start Your Own Business Relief which provides a two year exemption from income tax.
Are There Any Other Supports?
The Enterprise Support Grant (ESG) may be available for those who qualify for BTWEA. The ESG can pay up to €2,500 in a two year period towards cost of setting up business. The individual would be required to make a minimum 20% contribution.
Other Things to Consider
Do you want responsibility of being your own boss?
Have you the necessary skills and/or experience?
Is this an opportunity to set up your own business?