Additional income

Keyman123

Hi
I’m a paye worker and have additional income of over 5k. Do I need to register on ros.
Thanks

Tow

Yes

Geuze

Keyman123 wrote: »

Hi
I’m a paye worker and have additional income of over 5k. Do I need to register on ros.
Thanks

Form 12 is much easier than Form 11 (ROS).

Here are the criteria to decide:


https://revenue.ie/en/self-assessment-and-self-employment/guide-to-self-assessment/who-should-register-for-income-tax-self-assessment.aspx

Geuze

Who should register for Income Tax self-assessment?

You should register for Income Tax self-assessment if:

you are self-employed

your only or main source of income is:
rental income
investment income
foreign income including foreign pensions
maintenance payments
fees that are exempt from PAYE
you have profited from share options or share incentives.

You do not need to register for self-assessment if:

you only have PAYE income
or
your taxable non-PAYE income does not exceed €5,000 and your gross non-PAYE income does not exceed €30,000. That income must be coded for PAYE purposes. ’Coded’ means the income is taken into account in calculating your tax credits and standard rate cut-off point for PAYE purposes. In this case, you must submit a Form 12 online through PAYE Services in myAccount.
You can register for self-assessment by using the eRegistration service or completing part A and part B of Form TR1.

Geuze

If the extra income was gross rent of 12k, but the taxable net rental profit were just 4k, then Form 12 is ok.

But if the extra income is over 5k, and all taxable, then it's Form 11 for you.

Keyman123

Great
So net 5+ ros
Net >5 my account