Insights From the FMco Team

Self Employed – Old Age Contributory Pension

If you are a self employed person and have incurred a loss in a tax year and as a consequence you have no liability to Income Tax, PRSI, USC, remember to pay the minimum PRSI amount of €253 and submit with the form VC7 to the Department of Social Protection, Government Buildings, Millennium Centre, Saint Alphonsus Road, Dundalk, Co. Louth.

When a self employed person submits a tax return to Revenue and the return shows a loss the Revenue do not request payment of the minimum contribution, the onus is on you and if the payment is not made within 12 months of the tax year end (tax year ended 31-12-2011 pay by 31-12-2012) you will not be given credit for 52 contributions towards the old age contributory pension.

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