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Additional income

  • 20-09-2019 8:54am
    #1
    Keyman123
    Registered Users Posts: 52 ✭✭


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


Comments

  • #2
    Tow
    Registered Users Posts: 6,362 ✭✭✭Tow


    Yes

    When is the money (including lost growth) Michael Noonan took in the Pension Levy going to be paid back?



  • #3
    Geuze
    Registered Users Posts: 13,046 ✭✭✭✭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


  • #4
    Geuze
    Registered Users Posts: 13,046 ✭✭✭✭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.


  • #5
    Geuze
    Registered Users Posts: 13,046 ✭✭✭✭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.


  • #6
    Keyman123
    Registered Users Posts: 52 ✭✭Keyman123


    Great
    So net 5+ ros
    Net >5 my account


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