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A guide to self-assessment

  1. Overview
  2. Who should register for Income Tax self-assessment?
  3. What is preliminary tax?
  4. Pay and file system - how does it work?
  5. What forms do you need to complete?
  6. How do you know what to pay?
  7. Do you need to pay 'Pay Related Social Insurance (PRSI)'?
  8. High Income Earner Restriction (HIER)

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. 

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)

Published: 31 October 2024 Print this page

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