Do I have to pay PRSI on deposit interest ?
I am employed and my only other source of income is deposit interest on which I pay DIRT. Will I also be liable for PRSI?
It depends on the amount of deposit interest that you have:
- You will be liable if your deposit interest exceeds €5,000 as Revenue would consider you to be a chargeable person. You must pay and file under the Revenue’s self-assessing system.
- If your deposit income is less than €5,000 Revenue will deal with your tax liability through the PAYE system and therefore you would not be liable for the PRSI charge.
Any queries give me a call on 091 763817 or email me at oliver@taxreturnhelp.ie