What is self-assessment?

What is self-assessment?

If you are self-employed or have taxable income that is outside the PAYE system, the Revenue Commissioners require that you complete a self-assessment tax return to ensure that you are paying the correct amount of tax each year.

Countdown to the self-assessment tax return filing deadline

Self-Assessment applies for Income Tax purposes to:

  • Self-employed persons (i.e. people carrying on their own business including farming, professions or vocations)
  • Persons receiving income from sources where some or all of the tax cannot be collected under the
    PAYE system, for example:

    • profits from rents
    • investment income
    • foreign income and foreign pensions
    • maintenance payments made to separated persons or where civil partnerships are dissolved,
    • fees and other income not subject to the PAYE system
    • profit arising on exercising various Share Options/Share Incentives

Talk to TAB Taxation Services Ltd today to arrange for one of our tax experts to assist you with your self-assessment tax return.