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Prsi, was employed, now self employed

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  • 27-09-2017 5:58pm
    #1
    hairyslug
    Registered Users Posts: 2,593 ✭✭✭


    This may belong in taxation so please move if needs be.

    Firstly, I'll admit that maybe now is the time to get an accountant involved.

    I set up as self employed last year, while employed and I self assessed for that this year.

    I am now only self employed, left my last job in May, with regards to 2018 taxes, do I need to pay my PRSI on my reckonable income now and if so is that done through ROS


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    #2
    BarryD2
    Closed Accounts Posts: 4,732 ✭✭✭BarryD2


    You fill in your annual Form 11 with all the various details about trading and expenses on ROS etc. Revenue will then calculate through ROS and confirm afterwards the various taxes you owe them inc PRSI and USC etc.

    Don't worry, they won't be shy in asking. One thing to remember is that PRSI (and USC) is levied on all your taxable income, before you deduct pension contributions etc. So it has more bite than plain income tax.


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    #3
    hairyslug
    Registered Users Posts: 2,593 ✭✭✭hairyslug


    Cheers, filled in my form 11 for 2016 (massive losses), do they inform me after of what is due to be paid.


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    #4
    BarryD2
    Closed Accounts Posts: 4,732 ✭✭✭BarryD2


    hairyslug wrote: »
    Cheers, filled in my form 11 for 2016 (massive losses), do they inform me after of what is due to be paid.

    Keep an eye on your inbox in ROS for notifications - your Revenue Record. If you've an overall trading loss, then you'll hardly be due to pay anything and may get a refund on the preliminary tax you should/ may have paid.

    Making 'massive losses' though doesn't sound very sustainable! :)


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    #5
    sonyvision
    Registered Users Posts: 566 ✭✭✭sonyvision


    Noticed this thread and you might be able to offer the insight, the revenue website does not give a clear picture.

    Basically in a nut shell, PAYE worker working full time paying normal PRSI, USC, tax etc, earning in the 20% tax Margine

    Registered for Self employed small income coming in from other means. My question is,

    Estimate other income after expense for the year 2017 €2k, would the required prelim tax be 20% plus USC, plus 4% PRSI of the €2K.

    I have read the PRSI for self employeed is a MIN of €500, i assume this is not applicable if the individual is as PAYE worker and already contributes on a weekly bases which would be great then €500 over the year.


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