Minimum Self Employed & Voluntary PRSI Contributions to increase from October 2024

[T McGibney]

I'm not really interested in participating in an obviously pointless argument. Filing the Form 11 before 1 October seems to me to be the sensible action and that's what will be happing.

Do whatever you wish. It makes no difference.

I only commented here because your original comment above

I've already told him to file his Form 11 for 2023 before 1 October next to avoid that extra €150 that the bank of mum and dad would otherwise have to provide.

is misleading.

 

[Sarenco]

The change applies from a date in 2024.

Yes, the change to the minimum contribution for the self-employed applies from 1 October 2024.

It would seem more logical to apply the changes from the start of the 2025 tax-year but the effective date seems to be disconnected from any tax financial year-end.

Hence the confusion.

 

[T McGibney]

Yes, the change to the minimum contribution for the self-employed applies from 1 October 2024.

It would seem more logical to apply the changes from the start of the 2025 tax-year but the effective date seems to be disconnected from any tax financial year-end.
.

It's probably to accommodate some obscure departmental accounting wheeze, as the similarly bizarre adoption of a mid-December Capital Gains Tax payment deadline was, when introduced some years back.

 

[joe sod]

Just out of curiosity when did this provision to be able to pay voluntary prsi contributions begin or was it always in existence. My understanding although I never looked into it before was that this was only available in very limited circumstances. I was outside the prsi system due to working in australia etc between 2001 and 2007, I probably would have made voluntary contributions for those years if I had known about it back then?

 

[T McGibney]

Just out of curiosity when did this provision to be able to pay voluntary prsi contributions begin or was it always in existence.

Late 1980s or early 1990s if not earlier.

My understanding although I never looked into it before was that this was only available in very limited circumstances. I was outside the prsi system due to working in australia etc between 2001 and 2007, I probably would have made voluntary contributions for those years if I had known about it back then?

It was never intended for emigrants or non-residents.

 

[Alienated]

I recently applied to pay Voluntary PRSI Contributions for 2024 and 2025. From reading the above, I assumed that I'd be charged €650 for each year, however I've just received an invoice from DSP for €537.50 in respect of 2024!

I have no idea why, so I'm not going to ask any questions, but just pay up!

 

[@54321]

Aliennated - I found this in the departments rate book for 2025.
For those returning PRSI through the Revenue self-assessed system, a blended or proportionate rate of 4.025% or a minimum payment of €537.50 will apply on their self-employed 2024 annual income (for 2025income the rate will be 4.125% or min payment of €650) due to the change of rate during that year