A guide to self-assessment
Do you need to pay 'Pay Related Social Insurance (PRSI)'?
You must pay PRSI if you are self-employed and:
- you have a minimum annual income of €5,000
- and
- you are aged between 16 and 66.
From 1 January 2024, the upper age limit for PRSI exemption changed from age 66 to age 70.
This does not apply to you to if you are:
- already getting a State Pension (Contributory)
- and, or
- 66 years of age by 1 January 2024 (born before 1 January 1958).
Your PRSI is calculated on your gross income once any capital allowances have been deducted. If you are self-employed, you usually pay PRSI at Class S. Up until 30 September 2024, the rate is 4% of your gross income, with a minimum payment of €500. From 1 October 2024, a rate of 4.1% of your gross income will apply, with a minimum payment of €650.
Note
You must also pay PRSI if you are in receipt of rental income or legally enforceable maintenance payments.
For further information on PRSI for the self-employed and your welfare entitlements, please see the Department of Social Protection (DSP) website.
Next: High Income Earner Restriction (HIER)