Every year, thousands of Irish people who are employed in the PAYE system choose to supplement their income by earning money in their spare time, outside their usual jobs.
It is possible to do this in a vast number of ways - from investing your money to make a profit, to selling goods or services or even renting out a room in your home.
However, even if you are paying tax through the PAYE system, there are also tax implications for any income earned outside of the PAYE system.
Firstly, if your taxable non-PAYE income exceeds €5,000, or your gross non-PAYE income exceeds €30,000, you will be considered a 'Chargeable Person' by Revenue and will need to register for self-assessment and file a Form 11 tax return.
However, if your taxable non-PAYE income in a year does not exceed €5,000 and your gross non-PAYE income does not exceed €30,000, you must file a Form 12 tax return. This is the most common tax return form used by PAYE earners.
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