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Self employed

  • 13-10-2017 10:39pm
    #1
    pepsimike
    Registered Users, Registered Users 2 Posts: 15 ✭


    I'm thinking of going self employed can anyone tell me if my taxable income is 40000 for the year how much tax would i expect to pay inc prsi for the year ,my wife not working and i have 4 kids

    Mike


Comments

  • #2
    L.Jenkins
    Moderators, Computer Games Moderators, Technology & Internet Moderators Posts: 19,242 Mod ✭✭✭✭L.Jenkins


    http://selfemployed.ie/blog/tax-breaks-self-employed-people-2017/ Have a look at this. You'd be liable for USC, PRSI @ 4% on your entire income (Class S), with the possibility of an income tax exemption for 2 years, if your income is less than €40,000 per year.

    If you or your wife is claiming child benefit, and she is receiving a social welfare payment, you won't be eligible for dependent tax credits, but you may be entitled to a Rent Relief Tax Credit of €80 and Flat Rate Expenses Relief, which depends on what industry you work in.

    You'd only be entitled to a personal tax credit of €950 and not €1650 if you were employed. I'm not sure if you'd be entitled your wives €1650 credit plus the additional €1650. Someone else may be able to clarify your PAYE entitlements.


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