Who should register for self-assessment?

As we approach the deadline for submitting your 2016 Income Tax Return we remind you who should be filing an income tax return, this is done through Revenues self-assessment system.  Self-assessment is where you make your own assessment of the Income Tax, Universal Social Charge (USC), Pay Related Social Insurance (PRSI) and Capital Gains Tax you should pay for a tax year.

You should register for self-assessment if you:

  • are self-employed
  • receive income from non-Pay As You Earn (PAYE) sources, for example:
    • rental income
    • investment income
    • foreign income including foreign pensions
    • maintenance payments
    • fees that are exempt from PAYE
    • have profited from share options or share incentives.

You can register for self-assessment by using Revenue’s eRegistration service or by completing Form TR1.

You do not need to register for self-assessment if:

  • you only have PAYE income.
  • your taxable non-PAYE income does not exceed €5,000 and is taken into account in calculating your tax credits and standard rate cut-off point for PAYE purposes. It may also be taxed at source, providing the gross non-PAYE income does not exceed  €30,000. In this case you must submit a Form 12 online through PAYE Services in myAccount.

In order to maximise your tax savings it is worth seeking a professional to file your tax return.  This year Revenue has announced an extended deadline for those who file and pay through ROS  of 14th November 2017. Where only one of these actions is completed through ROS, the extension does not apply and the required date to submit both returns and payments is no later than 31st October 2017.