Is your extra income taxable?
You may receive extra income that you have to pay tax on. You must declare this income on your annual tax return. Some examples of extra income are:
Fees, commissions and similar types of payment from sources other than employments or directorships are treated as additional income.
Nixers are a common term for after hours or part time work. Some examples are consultancy work, giving grinds or selling goods at a market. You must pay tax on this income.
How do I declare this extra income?
If you receive payments under €5,000, use myAccount to declare this income on your Income Tax Return. If you receive payments over €5,000 a year, you will need to register for self-assessment. Once you register, file your tax return form on Revenue Online Services (ROS).
To calculate tax on your additional Income, you will need to understand how tax credits and rate bands work.