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Income tax for self employed

  • 23-02-2015 4:20pm
    #1
    Iristxo
    Registered Users, Registered Users 2 Posts: 465 ✭✭


    Guys

    Excuse the silly question. I think years ago it used to be the case that if your income was under 5000/year you had to pay no income tax on this? Is this still the same? I am married, taxed together, OH is in the higher band of tax and I have started my own (small) business this year but unlikely to make 5k this year, if so.

    Thanks in advance.


Comments

  • #2
    mickdw
    Registered Users, Registered Users 2 Posts: 23,688 ✭✭✭✭mickdw


    Iristxo wrote: »
    Guys

    Excuse the silly question. I think years ago it used to be the case that if your income was under 5000/year you had to pay no income tax on this? Is this still the same? I am married, taxed together, OH is in the higher band of tax and I have started my own (small) business this year but unlikely to make 5k this year, if so.

    Thanks in advance.

    You make a return where income, outgoings, business related expenses etc are all calculated.
    Under 5k clear profit, you won't pay any taxes.
    5001 euro and you will owe 500 prsi but its abit more complex than that as capital expenses don't count when calculating the prsi threshold.
    I believe you can voluntarily pay prsi even if under threshold to maintain pension rights.
    If taxed together though, I'm sure it will just be lumped on top of earnings and you will lose half of it


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