Pension Options

Self Employed 


Self Employed

While we might use the term ‘sole traders’ as a label to refer to all types of self employed individuals in business on their own, in reality it splits into two sub categories:

  • those involved in a trade,
  • and those involved in a profession, e.g. doctor, dentist, solicitor, accountant, etc.

Income tax status

The sole trader is assessed to income tax under Schedule D Case I or II, as appropriate, in respect of their income from the business or practice under the self-assessment system. Pension contributions can be offset against these earnings, within limits, for income tax purposes.

PRSI status

Sole trader contributors pay Class S PRSI @ 4% on all of their trading/professional taxable income, gross deposit interest, and all other taxable investment income, regardless of the level of such income.

*Information correct as at 25/01/2022


Employing family members

Many sole traders have a spouse/partner and/or other relatives involved in the business or practice in some manner.

The sole trader, as their employer, can establish an employer sponsored occupational pension scheme for their spouse/civil partner working in the business for PAYE remuneration from the business or practice.

This provides an opportunity for a sole trader to:
make tax deductible contributions for their spouse/civil partner in excess of the limits which would apply to personal contributions made by their spouse/civil partner;

*This information is provided for illustration purposes only.

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