Introduction to Isle of Man Payroll

Workshop Objectives

Taxation

• Understanding the Income Tax Instalment Payments (ITIP) scheme
  
• What income is taxable and what is exempt
  
• Calculating the tax liability of standard payments and abnormal payments
  
• Processing the tax deducted and making the payments
  
• Basic and Higher tax rates, when to use what rates
  
• Tax allowances & Tax codes, Tax Thresholds, tables & forms
  
• Different Emergency processes for residence and non-residence
  
• Processing leavers and payments after leaving
  
• Year end and In-year reporting requirements
  
• Rectifying overpayments and under deduction of tax
  
• Penalties and fines for late payments

National Insurance Contributions

• Highlighting the differences between the UK and the Island
  
• Reporting processes, liabilities and payments
  
• Penalties and fines for late payments

National Minimum Wage

Lump Sum Payments on Termination

Different rates of Sickness & Maternity Benefit

Statutory Maternity Leave & Retained Rights

Benefits in Kind

• Benefits Exempt and Taxable
• Calculating the taxable value of Benefits
  
• Assets transferred
• Assets available to employees
  
• Accommodation and food
  
• Relocation
• Company cars and fuel
• Company Vans
• Approved mileage rate
• Fines & Penalties

« Payroll Courses