Q. Under the 'Employment' tab you can opt for 3 income sources 'Employed', 'Self Employed' or 'Company Owner'. Is there any difference in the Income Tax calculation applied to these 3 income source options?
A. Yes, there is a difference. It affects the tax credits applied in the Income Tax calculation.
If Employed is selected, the 'employee (formerly PAYE)' tax credits are applied (currently €1650 each in 2020).
If Self-Employed is selected 'earned income' tax credits are applied (currently €1500 each in 2020).
If Company Owner is selected, neither of these tax credits are applied. This employment type has an additional field for dividend income.