If you are working in Ireland, in addition to paying income tax you must also pay contributions to the Irish Social Insurance Fund. These contributions are called Pay Related Social Insurance (PRSI) contributions. The amount of PRSI contributions you (or your employer) pay depends on your occupation, your earnings and the PRSI Class you are in. These payments are deducted directly from your monthly pay and in most cases should be included in your monthly pay slip. Although these payments are not Income Tax you may be entitled to a PRSI Rebate for several reasons:
- Overpaid PRSI – If you have worked temporary in Ireland you have most likely overpaid PRSI contributions and are entitled to a PRSI rebate
- Wrong PRSI rate – if your employer puts you in the wrong class or category you will be paying PRSI at the wrong rate. In these cases you are most likely due a PRSI Return
- PRSI thresholds – employees with low earnings are fully or partly exempt from PRSI liability. Refunds may arise if the full contribution is paid in error.
- PRSI ceilings – employees with earnings exceeding the upper statutory earnings limit don’t have to pay PRSI contributions on the amount exceeding this limit. In cases where payments are made anyway, they are entitled to a PRSI rebate
- PRSI paid in error – people in self-employment who paid PRSI contributions through self-assessment at an incorrect rate or people under the age of 16 can claim their PRSI contributions back
- Exemptions from PRSI liability – Persons issued with E101 certificates as migrant workers within the EU or non- EU nationals on temporary assignment to Ireland may be exempt from paying PRSI contributions. These people can claim back the PRSI contributions they have made
Because the PRSI scheme is a bit complicated a lot of people don’t know that they may be eligible for a PRSI rebate and miss out on their money. As experts in international tax refunds taxback.com can help you with the complicated process of claiming back your PRSI contributions – all you need to do is fill in the simple PRSI rebate form.