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Declaring Income...

  • 15-06-2013 12:52pm
    #1
    Michael..
    Registered Users, Registered Users 2 Posts: 140 ✭✭


    Hey guys !!

    I recently started a summer internship. Thankfully, I managed to secure a paid position. However, the money isn't great and the company has insisted that all interns pay their own taxes. We are getting 250euro + vat a week.

    The tax system isn't my forte, so could anyone please shed some light on how I'd go about declaring my income. Also, could any one estimate how much my take home pay will be after deductions on the aforementioned amount.

    Thanks :)


Comments

  • #2
    Shane732
    Registered Users, Registered Users 2 Posts: 4,998 ✭✭✭Shane732


    Michael.. wrote: »
    Hey guys !!

    I recently started a summer internship. Thankfully, I managed to secure a paid position. However, the money isn't great and the company has insisted that all interns pay their own taxes. We are getting 250euro + vat a week.

    The tax system isn't my forte, so could anyone please shed some light on how I'd go about declaring my income. Also, could any one estimate how much my take home pay will be after deductions on the aforementioned amount.

    Thanks :)

    Are you registered for VAT? Broadly speaking, unless you've a turnover of €37,500 then you are not obliged to register for VAT. There's little point in you registering for VAT if you is only going to be €250 a week during the summer.

    Have you any other income?

    You will have to register for Income Tax with the Revenue Commissioners this can be done online and complete a tax return declaring your income.

    If you're only earning €250 for the summer then your exposure to Income Tax, PRSI and USC will be minimal.


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