Dirt-prsi

Y

yenom

Registered User
Messages
13
I am self employed and my husband is PAYE.
I only recently became aware that I have to pay 4% PRSI tax on interest earned on deposits.
I had been paying DIRT tax.
Say for the sake of argument you made 1000 on interest in the last year.
Do you have to pay 4% (40) of that or if the account is jointly owned do I only owe 20?
I am aware that the 4% levy comes into play for paye from 2013.
Also how many years would I have to go back and pay as I haven’t been doing so?
 
You say you are self employed so it sounds like you have submitted a false Form 11 i.e. all income was not returned on it.

The correct thing is to self correct your returns and pay the PRSI. To do this, you need to write to Revenue and inform them that you mistakely ommitted interest income in your returns and could they amend and send you corrected notice of assessments.

When you get the assessments, revenue may also have applied interest or penalties. Revenue can by concession waive penalties but never the interest. If applied, I would ring them and see if they would remove the penalty charge.

Pay the balance quickly and hopefully it all won't trigger a Revenue audit.
 
Am I liable for 4% on the total interest of the account or just half of the interest as it is a joint account and my husband is PAYE?
 
You must log in or register to reply here.
Back
Top