The self-assessment system in Ireland can be intimidating — but it doesn’t have to be. This FAQ section covers the core concepts, deadlines, and requirements around self-assessed income and how to manage your tax return confidently.
a) If the non-PAYE income exceeds €5,000 you must register for the Self Assessment Income Tax system and submit an Income Tax Form 11.
b) If the income doesn’t exceed the threshold you can submit an Income Tax Form 12 which is the form normally used by PAYE earners.
a) The Income Tax Form 12 is for PAYE individuals with additional income under €5,000.
b) The Self Assessment Income Tax Form 11 is for individuals registered for the Self Assessment tax system.
a) You will need to register for VAT if your sale of services exceeds €37,500 per annum or sale of goods exceeds €75,000 per annum.
a) If you exceeded the VAT threshold and failed to register, you will be liable any VAT due and may incur interest and penalties for late payment.
a) Yes contractors subject to Relevant Contracts Tax must complete an annual Income Tax return.
a) The principle contractor should give you a breakdown of all deductions. This can be cross checked against your RCT credits in your Revenue ROS account.
a) Yes RCT tax can be used to pay employers PAYE payments and VAT due during the year.
a) Yes you must pay Income Tax and Preliminary Income Tax on any rental profits. It is your rental profit and not the gross rents that you pay Income Tax on. Click here for more information on Rental Income Tax.
a) Click here for a detailed explanation on calculating Income Tax due on rental income
a) Yes you are still liable for Income Tax as a non-resident landlord.
b) Revenue may insist you appoint a tax collection agent to take responsibility for paying whatever tax you owe.
a) Unfortunately non-residents are not entitled to the usual tax credits available to Irish residents.
a) Yes if they are aware that you are non-resident or are paying rents to a foreign bank account then tenants should deduct Income Tax from your gross rents at a rate of 20%.
a) Yes when you make your Income Tax returns you will be given a credit for the Income Tax deducted from your gross rents and if you are due a refund it will be refunded to you.
a) Crossborder workers are entitled to reduce their tax liability to a specified amount under Transborder relief once they meet certain conditions.
a) Tax refunds will only be paid if they are claimed within four years.
a) The main difference is that as a consultant you are a Self Assessed individual and file and pay your own Income Tax through Revenue On-Line Service (ROS) whereas if you are an employee, your employer operates the PAYE tax system on your salary.
a) No. The Revenue have guidelines for deciding your employment/self-employment status and they have the final say on this.
a) A share option gives the employee the right to purchase shares in the company at a fixed price on the option date.
a) Tax, USC and PRSI are due on the difference between the option price and the market price.
b) The due date for relevant tax on share options (RTSO) payment of is 30 days after the date the share option has been exercised. Interest is due on late payment.
a) Revenue-approved profit-sharing schemes allow companies give their employees €12,700 worth of company shares each year.
b) Any gains made from the sale of these shares may attract Capital Gains Tax (CGT) if sold for a profit.
See Also
https://fasttax.ie/paye-taxpayers-how-share-options-are-taxed/
a) Yes certain investments like this are caught under the Self Assessment Income Tax reporting rules. This is a very complex area and specific tax advice should be sought in connection with these matters.
a) A Revenue Audit is simply an examination by Revenue of your records and figures for a given period to provide confirmation that the figures submitted on your tax return are correct and free from discrepancies.
a) Revenue Audits can be triggered by information from third parties or by a review of your tax return against expected figures for your industry.
b) Revenue also target certain industries and areas to examine and improve Tax compliance.
c) Each year Revenue carry out thousands of randomly selected Audits.
a) It is important you immediately check your records and returns for any inaccuracies that you may need to notify Revenue about.
b) All correspondence and requests for information, records and payments should be dealt with promptly.
c) You may need the assistance of an experienced tax practitioner to achieve a more favorable outcome and minimize stress at this difficult time.
a) A Desk Audit is carried out by Revenue at their offices and will primarily involve them requesting and examining receipts or other proof to confirm certain figures submitted in your tax returns are correct.
a) A Revenue field audit is a comprehensive examination of your records and returns carried out at your business premises.
a) It may be possible to reduce any interest and penalty charges by making a qualifying disclosure to Revenue alerting them to the error.
b) Depending on the sums involved you should seek professional assistance.
a) You must pay Capital Gains Tax on gains made from the disposal of capital assets, e.g. shares and property assets.
b) Gifts may also attract Capital Gains Tax for the donor as the gift is deemed to be a sale at market value.
c) Capital gains tax is automatically due under our Self Assessment tax rules. These rules apply to PAYE earners even if they are not in the Self Assessment Income Tax system.
a) For disposals of assets between 1 January and 30 November Capital Gains Tax (CGT) must be paid before 15 December in the same tax year.
b) For disposals of assets between 1 December and 31 December Capital Gains Tax (CGT) must be paid before 31 January in the following tax year.
You must record these disposals by completing your income tax return for the year.
a) Yes you must make a full declaration of any gains made during the tax year on your tax return for that year. If you do not do this you will be liable for a penalty even if you have paid the capital gains tax due.
a) You must record the loss by submitting a Tax return for the tax year the disposal was made. This should be done no later than 4 years after the loss was incurred.
a) It is a tax on gifts and inheritances and the current rate of tax is 33%.
a) It will depend on the amount of the gift and your relationship to the person making the gift.
b) Everybody can receive gifts up to €3,000 per annum tax free.
c) For gifts over this amount it depends on how much of your lifetime tax free threshold is available.
a) There are three levels of tax free thresholds as per table below:
|
Group A |
Group B |
Group C |
|
|
Relationship to Disponer |
Son/Daughter |
Parent/Brother/Sister/ |
Relationship other than |
|
Group Threshold |
€335,000 |
€32,500 |
€16,250 |
a) The recipient of the gift or inheritance is responsible for paying whatever tax is due and will be liable for interest and penalties if they do not.
a) A Self Assessment return is due once a year on the 31st October in respect of any benefits received in the year ended 31st August in that year.
The amount of tax you can save by contributing to a pension depends on your age and the maximum allowable contribution. Here’s a breakdown of the potential tax relief:
|
Age |
Maximum Contribution |
Tax Relief at 40% |
Tax Relief at 20% |
|
Up to 30 |
€17,250 |
€6,900 |
€3,450 |
|
30 – 39 |
€23,000 |
€9,200 |
€4,600 |
|
40 – 49 |
€28,750 |
€11,500 |
€5,750 |
|
50 – 54 |
€34,500 |
€13,800 |
€6,900 |
|
55 – 59 |
€40,250 |
€16,100 |
€8,050 |
|
60 and over |
€46,000 |
€18,400 |
€9,200 |
The tax relief depends on your contribution and tax rate. For example, if you’re under 30 and contribute the maximum amount of €17,250, you could save up to €6,900 in tax at the 40% tax rate.
Yes. You can file via:
- Revenue Online Service (ROS)
- Paper Form 11 (deadline 31 August)
- Or use FastTax.ie for a simpler process.
Steps:
- Gather income and expense info.
- Complete Form 11.
- Calculate tax liability (ROS helps).
- Submit by 31 October (or later if online).
- Pay any Preliminary Tax due for the current year.
- Revenue’s Form 11 Guide (74 pages).
- Self-Assessment section on Revenue.ie
- Contact Revenue or your local tax advisor for direct support.
- FastTax.ie – simpler help and tools.
Yes, you must complete the Self-Assessment calculation yourself (pages 32–33 of Form 11).
FastTax.ie does this for you automatically.
Yes, you must complete this section. Failure to do so may lead to a €250 penalty.
Using FastTax.ie ensures this is done correctly.
Revenue offers a detailed 72-page guide, but FastTax.ie simplifies the process considerably.
Apply online via:
- myAccount (for individuals) or
- ROS (for businesses)
After approval, you’ll receive a Tax Clearance Access Number (TCAN) to prove your tax compliance.
To qualify:
- Ensure all tax obligations (including for any connected parties) are up to date.
- You may still qualify if in an instalment agreement.
You’ll need a certificate for:
- Public contracts or grants > €10,000
- State licenses or schemes
- SIPO compliance
If refused, you can appeal within 30 days.
Certain taxpayers must file returns and make payments online via ROS. This includes:
- All companies
- Trusts, partnerships
- VAT-registered traders
- Employers with 10+ employees
- All new or re-registered Income Tax cases from 2015 onward
Failure to comply may result in €1,520 per return penalties.
Some exemptions apply (e.g., no internet access), but must be requested and may be appealed if denied.
More info: revenue.ie
To register:
- Use Revenue’s eRegistration service (fastest method).
- Or submit Form TR1 for sole traders, partnerships, etc.
- Inform Revenue when starting a new non-PAYE income source.
- Registration also activates PRSI with the Department of Social Protection.
- Once registered, you must file online using ROS (Revenue Online Service) or via FastTax.ie’s integration with ROS.
Missing the deadline can lead to:
- Interest charges backdated to 31 October of the tax year (daily rate under Section 1080 TCA).
- Full tax liability being treated as immediately due.
- Possible penalties or enforcement by Revenue.
To avoid this, pay your Preliminary Tax by 31 October (or mid-November extended pay and e-file deadline).
Preliminary Tax is an estimate of your Income Tax, PRSI, and USC for the current tax year. It must be paid by 31 October each year (or mid-November’s extended pay + efile deadline).
To avoid interest, you must pay at least one of the following:
- 90% of the current year’s tax liability.
- 100% of the previous year’s tax liability.
- 105% of the tax due for the year before last (only if paying by direct debit and the year-before-last was not zero).
If you underpay or miss the deadline, interest may apply. Use FastTax.ie calculators to estimate your Preliminary Tax.
