A PAYE (or any other kind of worker) is legally obliged to declare all income.... Is a PAYE worker supposed to do a return to Revenue then showing the interest they earned? It would cost me more to get an accountant to do the return than the interest I receive.
So how many years then should you go back to declare the interest?
What is the definition of a professional income? E.G is a public servant liable for PRSI on deposit interest earned and at if so at what rate?
Hello,
This is the Revenue approved stance on this issue.
PRSI
An employee who has no trading or professional income is not liable to pay PRSI on deposit interest received. However, a proprietary director would be liable to pay PRSI on any deposit interest received.
"In practice this means that if you are a PAYE employee earning small amounts of Interest on your deposits then the Revenue will not touch you."
Thus it would seem you are not obliged in practice to declare such interest i.e you won't be penalised for not doing so. (My interpretation).
Can anybody tell me more about this? I know about the Health Levy liability but what about PRSI?What is the definition of a professional income? E.G is a public servant liable for PRSI on deposit interest earned and at if so at what rate?
Also any links on all this? I tried to find some stuff on Revenue web site but to no avail.
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