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.
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