What is the minumum Annual Income possible before you pay tax?

RebelGirrrl · 19-09-2009 12:33pm #1

Just out of interest, what is the least amount you can earn in a year before you pay tax?

Legend100 · 19-09-2009 1:06pm

depends on your credits but if you are an employee with your own personal credit and the paye credit, it is 18,300 (1830+1830)/0.2

You will pay the levy of 2% on income over €15,028

RebelGirrrl · 19-09-2009 1:40pm

If you're self-employed? Rent?

Legend100 · 19-09-2009 11:39pm

single, self employed, and pay rent (assuming max credit allowed here)

then you can earn up to 11,150 as taxable PROFIT (not turnover) tax free

(Personal credit 1830 + rent credit 400)/0.2 = 11,150

RebelGirrrl · 20-09-2009 5:01pm

what if rent from a house was your only income?

Legend100 · 20-09-2009 5:48pm

sorry i thought u meant u were paying rent

if rental income is your only source of income you can earn 9150 tax free which is the personal credit grossed at 20%

if it is a room in your own principle private residence, you can avail of rent a room relief which allows you to earn up to 10K tax free from rental income

deman · 20-09-2009 5:54pm

I think you mean maximum and not minimum. The minimum would probably be 1c

What is the minumum Annual Income possible before you pay tax?

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