Individuals who are resident in the Isle of Man are liable to tax on their worldwide income from all sources. The National Insurance system is very similar to that of the UK. Currently, there are 4 classes of contribution with Class 1 being the most used as it is for employers and employees. C – Over State Pension age – employer only contributions (should hold a Certificate of Age Exception for the employee)

Please be assuredwe are preparing forour servicestocontinue as normal.We have business continuity plans in place to minimise the risk of infection and make sure we can continue to deliver a business-as-usual service to our customers should an infection occurat an office. These include implementing clear guidelines for employees, providing support and advice for anyone who needs to self-quarantine, and issuing guidance on following safe hygiene practices across the organisation. Call or visit the Income Tax Division to discuss and agree your employment status. This should be done in all cases of self-employment - whether full time, part time or just in your spare time We arecommitted to an evidence-led and common-sense approach to containing the coronavirus outbreak and mitigating its impact on employees, customers and our wider business operations.

Additional features available with the Isle Of Man Tax Calculator

Employment Income. This is the amount of salary you are paid. The Isle Of Man tax calculator assumes this is your annual salary before tax. If you wish to enter you monthly salary, weekly or hourly wage, then select the 'Advanced' option on the Isle Of Man tax calculator and change the 'Employment Income and Employment Expenses period'.

If you decide to trade under a business name, you need to register the name you have chosen with the General Registry. Employed or self-employed? The taxation system in the island is entirely separate from that of the UK, apart from Value Added Tax which is predominantly the same and charged largely in accordance with the same law that applies in the UK. Number of Children and Number of Children who qualify for Dependents Allowance The number of children you have and their status is used to calculate specific dependents related tax credits and allowances in Isle Of Man. If you intend to employ staff or construction industry subcontractors you must register with the Income Tax Division, and arrange to deduct tax and Class 1 National Insurance from their wages You will need to inform the Income Tax Division of your intention to become self-employed. There may be several things you need to do.

Can we transfer unused personal allowances to each other?

Number of Working Days in the year The number of working days in the year is used to calculate average daily / weekly etc. earning for the salary calculation and after tax illustrations This cookie allows Litespeed to store the user’s login status, the role of current user and if it has admin bar showing or not. rate of income tax on income from Isle of Man land and property, e.g. rents/property development profits