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Self Employed PRSI question

  • 27-10-2011 6:33pm
    #1
    bluevoice
    Registered Users, Registered Users 2 Posts: 159 ✭✭


    Hiya - I'm registered as self employed and filing as such for the first time. I'm filing for 2010 this year (as the type of business I'm in makes it impossible for me to estimate and pre pay my taxes).

    I am confused about whether or not I owe PRSI - My net income is under 5000 but my gross is over (only just)...I know it says on the site that:

    "Class S PRSI is not payable on income taxed under Self-Assessment by a person whose total income from all sources, before deduction of capital allowances and pension contributions is less than €5,000,"

    - but what does that mean? What are 'capital allowances'? They seem on the form to be farm equipment. Or are they my expenses? I'm so confused! Please advise - thanks!


Comments

  • #2
    Citizenpain
    Registered Users, Registered Users 2 Posts: 2,005 ✭✭✭Citizenpain


    Capital allowances -- simply put; if you buy equipment that is good for a few years-- car, property computer equipment furniture etc -- you can not take it as a full expense in the year you buy it --- you take 12.5% per year


  • #3
    kennyb3
    Registered Users, Registered Users 2 Posts: 6,724 ✭✭✭kennyb3


    If you don't know what capital allowances are and not sure whether you owe pris you should seek professional help. i would be worried about what you might be messing up.

    For example if you want a prsi record for the year there is a minimum contribution of €253 to be paid.

    Also €5k? is it not €3,174?


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