Directors Fee & PRSI....?

S

SellABit

Guest
Hi,

I'm a proprietary director of a company though I receive no wage from the company. I also work full time and pay normal PAYE on my full time wage.

Last year (2011) I received a payment of €1000 as a directors fee from the company I am a director of. I presume I pay tax on this at my PAYE rate (20%) and UCS (7%). Is it also subject to PRSI? (4%?)

If it is I calculate I have to pay €310 (200 PAYE, 70 UCS, 40 PRSI) to revenue with my Form 11 but I'm not sure where I should enter this?

I presume it goes under "Gross amount of income from Irish Proprietary Directorships subject to PAYE"...? on the PAYE/BIK/Pensions page? (online form)

All help appreciated!
 
Did the company deduct any PAYE from the payment and return it on the P35 if so then it goes in that section. If the company has not returned it on a P35 then it is a payment to you as a self employed person and goes into the trading section.
 
Joe_90 said:
Did the company deduct any PAYE from the payment and return it on the P35 if so then it goes in that section. If the company has not returned it on a P35 then it is a payment to you as a self employed person and goes into the trading section.
Click to expand...

It's Schedule E income regardless of whether the company actually deducted the PAYE correctly - [broken link removed]

OP the company should have deducted and paid to Revenue the appropriate amount of tax, USC and PRSI in order to give you 1,000 net.

The correct way to deal with this is to file a P35 (or an amended / supplementary P35 if you've already filed) and have the company pay over the tax, USC and PRSI and issue you with a P60, the details from which you then enter onto the Form 11, the same way as you enter the details from your ordinary P60.
 
Thank you for the replies folks.

The company did not deduct anything from the payment. So does it go in the Self-Employed Income section rather than the PAYE section? Under "Other income including tax exempt income..." I presume?

Do I still have a €310 liability on this? (USC + PRSI + TAX) It was a €1000 payment.
 
Depending on your total earnings - Tax could be at 41%

I would put it in
401. (a) Amount of Income from Fees, Commissions, etc.
 
You must log in or register to reply here.
Back
Top