P2P and Tax contributions IRELAND ONLY? MINTOS?

thomas353

Im on long term disability and have been involved in P2P sites, not earning a lot from this less than €200 per year but growing my portfolio and i am wondering about the tax implications, i live in Ireland and i am wondering if anyone knows how i can pay my tax contributions, which form etc, as i say i live in the Republic Of Ireland and on long term disability.

Calahonda52

Will the tax return not trigger a means test?

thomas353

thats what i was concerned about

thomas353

Calahonda52 wrote: »

Will the tax return not trigger a means test?

but you are allowed to work 20 hours per week, even though this does not constitute work but maybe seen as, thats where my confusion relating to it all is.:mad:

dennyk

Send Revenue a message and they can guide you to the proper way to report that income on your taxes. You absolutely must report the income to Revenue one way or the other. You might just be able to file a Form 12 since it's less than €5000 a year (for now, anyway).

The income will be counted in your disability means test, but I believe the first €120/week you earn isn't counted at all, and earnings between €120 and €350 a week are only counted at 50% of the amount. Only earnings over €350 a week are counted in full for a means assessment. Even if you are earning enough to be assessed in the means test, it doesn't just cut your disability allowance off, it simply reduces it by roughly the amount of income that is assessed. You won't completely lose your disability allowance payments until you're earning more than €450/week or so, so having that income will always leave you better off than the disability benefit alone no matter how much you're earning.

thomas353

dennyk wrote: »

Send Revenue a message and they can guide you to the proper way to report that income on your taxes. You absolutely must report the income to Revenue one way or the other. You might just be able to file a Form 12 since it's less than €5000 a year (for now, anyway).

The income will be counted in your disability means test, but I believe the first €120/week you earn isn't counted at all, and earnings between €120 and €350 a week are only counted at 50% of the amount. Only earnings over €350 a week are counted in full for a means assessment. Even if you are earning enough to be assessed in the means test, it doesn't just cut your disability allowance off, it simply reduces it by roughly the amount of income that is assessed. You won't completely lose your disability allowance payments until you're earning more than €450/week or so, so having that income will always leave you better off than the disability benefit alone no matter how much you're earning.

So well Explained, i always knew Tax had to be paid, no matter how insignificant the amount seems. Thanks for explaining