Visit Isle of Man is commited to working with local businesses to overcome the recruitment and staffing challenges faced by our industry.
These intiatives not only open up opportunities for training and development for staff but enhance the reasons to live and work on the Isle of Man.
Second Job Tax
Industry feedback has shown that there is a general perception that second jobs are taxed at a default rate of 20% and this may be a deterring factor for employed people on the Island from taking on additional employment. However, this is not the case when looked across a whole assessment cycle.
Personal income is taxed, based on a person’s total annual gross income. This income may be from one or multiple sources of income and second jobs are included as part of this calculation. Therefore people will only ever pay the appropriate level of tax at rates set on their overall income.
If anyone takes on a second job they should take the opportunity to speak to the Income Tax Division to have their coding adjusted at that point and can have an appropriate amount of tax deducted.
Further information regarding taxation in the Isle of Man can be found at: https://www.gov.im/categories/tax-vat-and-your-money/income-tax-and-national-insurance/individuals/residents/rates-and-allowances/
