Yes you can earn income from minding children in your own home tax free subject to certain criteria being met.
The income earned cannot exceed €15,000 per annum. This is specifically aimed at people who mind children in their own homes.
The full amount is taxable in the normal way if the payments received exceed this amount.
The service cannot be provided to more than 3 children at a time.
The exemption must be claimed in the annual tax return. The claim must be supported by evidence that the service provider has notified the appropriate person, recognised by the health service executive, that they are providing child-minding services.
PRSI may be due on this income with the self employed minimum contribution currently being €500.
Disclaimer: Advice shared in this blog is intended to inform rather than advise. Taxpayer's circumstances do vary and if you feel that the information provided is beneficial it is important that you contact us before implementation. If you take, or do not take action as a result of reading this forum, before receiving our written endorsement, we will accept no responsibility for any financial loss incurred.