Innovation Vouchers, are a great way to get a ‘kind of free’ €5,000. The only thing that you have to pay for is the Vat on them, which is about €1,150. I know, I know, the government gives you 5k and then says, you got to pay tax on it. But, you can apply for 3 of them and the application form for innovation vouchers is really simple. The money you is paid directly to the 3rd level university you’re working with but you get billed the vat.

We created a great little eBook with the Irish Times called ‘How To Get 100k Free From The Government‘, you can download it and delve in deeper.

What You’ll Master

– What Innovations are about
– Where you can apply for them
– How to manage them in your online accounts

What’s An Innovation Voucher?

An innovation voucher is basically a grant from the government of €5,000 that you can spend on any 3rd level university. This ideally should be spent on getting them to do a piece of research, but if you contact the university you should be able to use it on anything. When you’re making the application just make sure you don’t say you want to spend the money on Marketing, the government don’t like paying for marketing.

Where you can apply for them & how does it work

So, you download the application form fill it out and email it off, they approve them every quarter. If you’ve been approved you’ll get notified, you then contact the university and start your project. You can learn more about this grant and every grant in our free ebook on how to get 100k off the Government.

So, How To Add An Innovation Vouchers In Bullet Online Accounts?

When you get approved for the innovation voucher the university gets the money, not  you. But, the university will send you a bill for €6,150 you just have to pay the Vat of €1,150 (23%) You get 5,000 from the government for an innovation voucher, but you have to cover the 1,150 VAT on it.

Here’s how to record it.

1) Create a Bank Account called Innovation Voucher.
2) Enter an Innovation Voucher bill in the system.  Record it against the University in question – keep the VAT rate 23% and record the rate as €5,000 – the total bill will be €6,150.
3) Record payment of €5,000 of that bill from the Innovation Voucher.
4) Record the rest of the €1,150 payment from your current account when you pay the college for the VAT that you owe them.
A quick video to show you how the magic happening.

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