Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie
Hi there,
There is an issue with role permissions that is being worked on at the moment.
If you are having trouble with access or permissions on regional forums please post here to get access: https://www.boards.ie/discussion/2058365403/you-do-not-have-permission-for-that#latest

Tiny income - No Tax / PRSI to pay. What now?

  • 23-11-2012 11:09pm
    #1
    Ashevlin
    Registered Users, Registered Users 2 Posts: 37 ✭


    Ok, Im self employed and each year, the income was getting smaller and smaller to this point where when everything was calculated for my 2011 tax return, my taxable income was below the figure any income tax or prsi was payable. Now this business is not feasible going forward but that is not the point of this thread.
    My query is in relation to the self employed stamp that I have been paying and will not now have paid for 2011. Should I be paying a visit to the welfare office to maintain this by signing as a friend told me or anyone have any advice in general. Im not looking for a welfare cash payment for now at least and hope to get something else off the ground.


Comments

  • #2
    Pharaoh1
    Registered Users, Registered Users 2 Posts: 354 ✭✭Pharaoh1


    PRSI for the self employed is payable at 4% of reckonable income or €253 whichever is greater.
    No matter how low your income is if you submit a tax return for 2011 you can cover all your PRSI contributions or the 'stamp' as you call it for the entire year by making this payment.
    Even if your income is very low you should really make sure you keep yourself in the system. You may be eligible for a partial JA payment if you are effectively only working part time.


    http://www.welfare.ie/en/Topics/PRSI/Pages/selfemployed.aspx


  • #3
    emg74
    Registered Users, Registered Users 2 Posts: 225 ✭✭emg74


    Agree with the above - Make sure you make the voluntary PRSI Class S payment of €253 per year. This will keep you in the system. Self Employed Paying Class S cannot sign for credits so this is the only way of keeping your PRSI record intact.

    It is important to keep this paid up for things down the line like the contributory pension / Widows pension etc

    You can apply also for JSA if self employed if your work has dried up. SW try to project income for the coming year so try to keep records of monthly ins & outs to help them project into the future. You do not need to have wound up your business to apply for JSA


Advertisement