Earning Extra Income

Hi,

I am working 4 days a week and I have started to earn extra income in the evenings through. Does anyone know what form I have to fill out to declare this extra income, I have been told Form 12 but also I have been told form 11. When do I need to file this? Do I just pay tax on the extra income or do I also have to pay PRSI?

If you are trading as self-enployed, you need to complete a Form TR1 and register with the Revenue for self-assessment. If you do this you will need to complete a Form 11 each year.

If, however, the amount of your self-employed income is very small, you can merely declare this on your Form 12

Many Thanks for your reply. I was going to stay as an employee with the company on 4 days a week and declare my extra earnings at the end of the year. My extra income is about €20k with outgoings of about €11k so nett amount of extra earning would be around the €9 or €10k. Is there a threshold that you have to look at which decides which way you have to do it or is it up to me? Do I also pay PRSI on this extra income?

It sounds like you > the €3k per annum non-PAYE income so submitting Form TR1 for self-assessment is probably essential.

You will be liable PRSI and income levies on the additional income.