Who should register for income tax self-assessment?
Who should register for Income Tax self-assessment?
You should register for Income Tax self-assessment if:
- you are self-employed
- your only or main source of income is:
- rental income
- investment income
- foreign income including foreign pensions
- maintenance payments
- fees that are exempt from PAYE
- you have profited from share options or share incentives.
You do not need to register for self-assessment if:
1) you only have PAYE income or
2) your taxable non-PAYE income does not exceed €5,000 and your gross non-PAYE income does not exceed €30,000.
That income must be coded for PAYE purposes. ’
Coded’ means the income is taken into account in calculating your tax credits and standard rate cut-off point for PAYE purposes. In this case, you must submit a Form 12 online through PAYE Services in myAccount.
You can register for self-assessment by using the eRegistration service or completing part A and part B of Form TR1.
Any queries give me a call on 091 763817 or email me at oliver@taxreturnhelp.ie