Paying tax on extra income

Nicola20

Hi, I'm not sure I'm posting this in the right forum so apologies.

I've been working for a year as a PAYE employee but I also earn a small additional income from freelance work on a sporadic basis.

This is my first year working full-time so I'm not sure how I should go about declaring this income and paying tax on it?

Thanks in advance for the help.

callaway92

Interested in this too.

I'd have guessed for freelance work there is perhaps a quota of what you can earn extra out of normal work without being taxed? (At least I'd like that to be the case anyway :P )

Nicola20

I read somewhere that if you've earned under 5k in the course of the year it's not taxed, that sounds too good to be true though.

bmwguy

Nicola20 wrote: »

I read somewhere that if you've earned under 5k in the course of the year it's not taxed, that sounds too good to be true though.

No, unfortunately not. You pay your marginal rate on all income. So if you paying top rate tax and prsi/usc you will continue to pay that rate on the side income.

If you pay lower rate, this 5k may push you into higher rate and you will pay some at lower rate and some at higher rate in that case.

I would hazard a guess most side incomes are not declared if they are small

Sleeper12

callaway92 wrote:

I'd have guessed for freelance work there is perhaps a quota of what you can earn extra out of normal work without being taxed? (At least I'd like that to be the case anyway )

Wouldn't that be great!

callaway92

Sleeper12 wrote: »

Wouldn't that be great!

OttoPilot

Register for myAccount on revenue.ie You can declare extra income through myAccount.

lakill Farm

Ireland operates a self assessment on income derived from outside the PAYE or payroll scheme.

So all income you received during the year outside of your salary/wages must be made by the following 31October tax deadline

If your self employed income is , or is above €3,174 you file a form 11

If the income is below €3174 you file a form12

any issues message me

what recession?

lakill Farm wrote: »

Ireland operates a self assessment on income derived from outside the PAYE or payroll scheme.

So all income you received during the year outside of your salary/wages must be made by the following 31October tax deadline

If your self employed income is , or is above €3,174 you file a form 11

If the income is below €3174 you file a form12

any issues message me

+1

Form 11 and Form 12 can be filed online through Revenue.ie once you register (it's simple to register).