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Self Employed Insurance

  • 27-06-2007 6:54pm
    #1
    faolteam
    Registered Users, Registered Users 2 Posts: 1,826 ✭✭✭


    Can anyone tell me,

    1. if there is an insurance cover that will cover you if you are out of work as a Self Employed person,

    2. and can a Self Employed person pay PRSI privately ,

    3. Would anyone recommend having private medical insurance like Vhi or Bupa

    4. How does one get a Tax Free Allowance

    Thank You


Comments

  • #2
    DublinWriter
    Registered Users, Registered Users 2 Posts: 9,560 ✭✭✭DublinWriter


    faolteam wrote:
    Can anyone tell me,

    1. if there is an insurance cover that will cover you if you are out of work as a Self Employed person,

    2. and can a Self Employed person pay PRSI privately ,

    3. Would anyone recommend having private medical insurance like Vhi or Bupa

    4. How does one get a Tax Free Allowance

    Thank You

    1. You can get serious illness cover as part of your pension of self-employed. It will be tax deductable.

    2. You only pay the employers portion of your PRSI if you are self-employed.

    3. Yes. You will be entitled to zip if you are self-employed.

    4. For what exactly?


  • #3
    threebeards
    Registered Users, Registered Users 2 Posts: 1,040 ✭✭✭threebeards


    DublinWriter wrote:
    1. You can get serious illness cover as part of your pension of self-employed. It will be tax deductable.


    True, but serious illness cover is very case specific. It won't cover in the event of having an accident or injury. Depending on your occupation OP, you would be better getting Income Protection (PHI). This product covers you beyond a chosen deferred period (normally 13, 26 or 52 weeks) and pays until either you return to work or reach your chosen retirement age. This product is also tax deductable. The executive version can have premiums paid by the company without attracting a BIK liability.

    Ideally you should have both products but IMO, given the choice between both products, I would always choose Income Protection.

    The main providers of the product are Friends First, Irish Life and Canada Life. Friends First pay 75% of income while the other 2 providers pay 66.6%.


  • #4
    fobster
    Registered Users, Registered Users 2 Posts: 947 ✭✭✭fobster


    DublinWriter wrote:
    2. You only pay the employers portion of your PRSI if you are self-employed.

    I'm pretty sure that's wrong, self-employed people have to pay their own PRSI under Class SI, social insurance of 3% and a health levy of 2%.

    The 2% health levy is not applicable if your income is less than €24960 per annum, but if your income is above this threshold than all of your income is subject to the levy and not just the excess over €24960.

    And if you have employees you pay an employer's PRSI contribution of 10.75%, which deductible as an expense from your trading income whereas your private PRSI is not.


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