Taxes on side income made clear

All side income is taxable income. When you know whether it is salary, compensation for work or business income, you can report it correctly and avoid back taxes.

You will need

• Details of your side income
• MyTax (OmaVero)

Steps

1. Identify the type of income

   Salary, compensation for work, light entrepreneur income or sole trader income? Each is taxed slightly differently.

2. Check your tax card

3. Keep records

4. Find out about deductions

5. Take VAT into account

6. Pay prepayment tax

7. Report it in your tax return

8. Ask for advice

The full guide with every step is for members. Try 7 days for €0.99.

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