A guide to self-assessment
Do you need to pay 'Pay Related Social Insurance' (PRSI)?
You must pay PRSI if you are self-employed and you meet the following two requirements:
- you have a minimum annual income of €5,000
- you are aged between 16 and 66.
Your PRSI is calculated on your gross income once any capital allowances have been deducted. If you are self-employed, you usually pay PRSI at Class S. This rate is 4% of your gross income, with a minimum payment of €500.
For more details on PRSI for the self-employed and your welfare entitlements, see the Department of Employment Affairs and Social Protection (DEASP) website.
Next: High Income Earner Restriction (HIER)