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Voluntary prsi contributions

  • 28-08-2024 11:23am
    #1
    [Deleted User]
    Posts: 0 ✭


    Here's a specific question,I know if you are to make voluntary prsi contributions (A in my case) that you pay 6.6% of your reckonable income from the previous tax year that you worked.If I worked only 6 months of that year would that count (thus paying a reduced rate) or would the taxman go back to the last FULL tax year that I worked.Before anyone comments,I know about credited contributions.Thanks in advance 🙏



Answers

  • #2
    Henry Ford III
    Moderators, Business & Finance Moderators Posts: 17,760 Mod ✭✭✭✭Henry Ford III


    I'd ask the Revenue directly.



  • #3
    Geuze
    Registered Users, Registered Users 2 Posts: 13,766 ✭✭✭✭Geuze


    Revenue aren't in charge of PRSI.

    The DSP run PRSI.



  • #4
    Henry Ford III
    Moderators, Business & Finance Moderators Posts: 17,760 Mod ✭✭✭✭Henry Ford III


    https://www.boards.ie/discussion/comment/122554558#Comment_122554558

    Who collects it though?



  • #5
    MickH503
    Registered Users, Registered Users 2 Posts: 512 ✭✭✭MickH503


    https://www.boards.ie/discussion/2058366651/voluntary-prsi-contributions

    Did you see this information leaflet? (I have it saved locally, but can't find it online to actually link to it).

    SW8 PRSI Voluntary Contributions.pdf

    If you fill out the VC1 form mentioned and send it to the Dept. of Social Protection, they will write back to you advising how much it will cost you to top up your contributions for the tax year you specified. I believe you have 12 months from the date of that letter to make the payment if you decide to go ahead.



  • #6
    coylemj
    Registered Users, Registered Users 2 Posts: 25,498 ✭✭✭✭coylemj


    I don't think the number of weeks you worked matters when it comes to voluntary contributions. The key thing to note is that there is a minimum contribution of €500. Which suggests to me that once you meet that requirement, you will get 52 credits in your PRSI history.

    I'm basing that assumption on the fact that there is a minimum contribution of €500 in the case of Class S contributions (4% levy on investment and certain other incomes) and if you make just one payment of €500 or more, you get 52 Class S credits.

    And note this sentence in the section 'Payment of Contributions' at the link below…

    When the full amount of voluntary contributions charged in a given year has been paid, 52 voluntary contributions are awarded in that year.

    https://www.gov.ie/en/publication/47cee2-operational-guidelines-prsi-prsi-voluntary-contributions/

    Voluntary Contributions Section

    Address:Department of Social Protection, Cork Road, Waterford, Co. Waterford, X91 EH04.

    Website: https://www.gov.ie/volcon

    Email: volcons@welfare.ie

    Phone number:0818 690 690
    +353 1 471 5898

    Post edited by coylemj on


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