Home   Self-assessment and self-employment  

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. 

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

Back to homepage Back to top