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earning an income in ireland while living abroad

  • 14-03-2016 08:36PM
    #1
    Registered Users, Registered Users 2 Posts: 134 ✭✭


    Hi everyone
    I've posted a question in the business management section and someone suggested posting my question here.
    Basically,I plan to go travelling for a year, maybe 2. I have a small farm which I would get someone to look after while I'm away.
    My question is, is it legitimate to earn an income in Ireland while being out of the country?
    Everything will be above board with regard tax returns, all transactions going through farm business account, i will be kept up to date on the running of the farm and have control over major sales/ expenditure, etc. I'm just wondering is it allowed and if there are any negative implications?
    I know some people will say it would be more financially beneficial to just rent the land and forget about it for a few years, however this I not an option as I am leasing all the land I farm and I'm sure if I was to give it up I would not get it back in my return.
    Basically I'm just wondering is my plan a legitimate one?
    Thanks


Comments

  • Registered Users, Registered Users 2 Posts: 236 ✭✭adrianw


    you are allowed to earn income anywhere you want. There are plenty of people who earn income in Ireland an live Malta/Switzerland and other locations.


  • Registered Users, Registered Users 2 Posts: 134 ✭✭cjmc11


    adrianw wrote: »
    you are allowed to earn income anywhere you want. There are plenty of people who earn income in Ireland an live Malta/Switzerland and other locations.

    Thanks for the reply
    From what i can see I will still be considered normally resident in Ireland for tax purposes as I have been living here for more than 3 years and wont be out of the country for more than 3 years from once I leave. Is this correct?
    Would it affect me if i was to work abroad for a while as well?
    I'm thinking of going to Australia on a working holiday visa and would look into doing some work to help fund my travels along with my savings.
    Thanks


  • Registered Users, Registered Users 2 Posts: 820 ✭✭✭hognef


    cjmc11 wrote: »
    Thanks for the reply
    From what i can see I will still be considered normally resident in Ireland for tax purposes as I have been living here for more than 3 years and wont be out of the country for more than 3 years from once I leave. Is this correct?
    Would it affect me if i was to work abroad for a while as well?
    I'm thinking of going to Australia on a working holiday visa and would look into doing some work to help fund my travels along with my savings.
    Thanks

    After a while in Australia, you will probably find that you are considered tax resident there too, according to Australian laws, in which your tax liability, for each type of tax, will be governed by the double taxation agreement between the two countries (I'm assuming one exists).


  • Registered Users, Registered Users 2 Posts: 134 ✭✭cjmc11


    hognef wrote: »
    After a while in Australia, you will probably find that you are considered tax resident there too, according to Australian laws, in which your tax liability, for each type of tax, will be governed by the double taxation agreement between the two countries (I'm assuming one exists).

    Ok thanks for that, so what implications would that have?, from what I can gather, it means i can use any unused tax credits in one country to offset the amount of tax I pay in the other?. And yes Ireland does seem to have a double taxation agreement with Australia.
    Thanks


  • Registered Users, Registered Users 2 Posts: 2 Niallo_


    I am a paye worker in Ireland and also earn income in the UK (paye and investments). The rules are as far as I can tell is that you will need to pay your normal taxes in Australia and then declare the income and taxation in Ireland. You do this through ROS.ie Revenue will then calculate if you would have paid more tax in Ireland on an equivalent combined Irish income. If you would have they will charge you the difference. I don't know if it works the other way though. You would need to claim the tax back from Oz government in this case.

    For me I am paying for National Insurance in the UK and PRSI etc in Ireland as well. Anyone had success claiming these back or signing off one?


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  • Registered Users, Registered Users 2 Posts: 134 ✭✭cjmc11


    Niallo_ wrote: »
    I am a paye worker in Ireland and also earn income in the UK (paye and investments). The rules are as far as I can tell is that you will need to pay your normal taxes in Australia and then declare the income and taxation in Ireland. You do this through ROS.ie Revenue will then calculate if you would have paid more tax in Ireland on an equivalent combined Irish income. If you would have they will charge you the difference. I don't know if it works the other way though. You would need to claim the tax back from Oz government in this case.

    For me I am paying for National Insurance in the UK and PRSI etc in Ireland as well. Anyone had success claiming these back or signing off one?

    Ok thanks,
    The likelihood is that I will be working kind of on again, off again, as its more for travel that I will be going to Australia and working will just be for funding said travel and satisfying the requirements for the working holiday visa.
    As long as I'm legally allowed to earn an income while abroad for a year or more that's all I'm looking for.
    Thanks again


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