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Personal Service Companies

by isleofman.com 21st March 2014

The Income Tax Division of Treasury has issued Guidance Note GN 50 “Personal Service Companies”.

The Guidance Note explains how new legislation, that takes effect from 6 April 2014, will stop the use of personal service companies for tax and National Insurance avoidance purposes.

The legislation will ensure that if a client employs a worker the amount paid for their services will be treated as remuneration and subject to income tax and National Insurance regardless of whether or not the services are provided through a company.

Anyone registered as an employer for income tax purposes will be contacted directly by the Division regarding these changes.
The Guidance Note is available on the Isle of Man Treasury Income Tax Division’s website at:

http://www.gov.im/categories/tax,-vat-and-your-money/income-tax-and-national-insurance/tax-practitioners-and-technical-information/guidance-notes/.

Posted by isleofman.com
Friday 21st, March 2014 10:57pm.

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