The purpose of this session is aimed to assist payroll officers to carry out the following tasks:
- Identify the jurisdiction to tax
- Determine the type of income which stands to be charged as employment income
- Identify and classify fringe benefits.
- Be able to distinguish between taxable fringe benefits and exempt fringe benefits
- Determine the taxable value of benefits.
- Compute tax on fringe benefits
- Understand the rules regarding part-time work
- Understand the provisions relating to employment exercised abroad.
- Specific regimes for employment income
- Understand how the Final Settlement System (FSS) works
- Identify the rate of tax applicable to an employee (single / married / parent)
- Compile payroll compliance documentation
- Contents of a payslip
- Leave entitlement
- Identify the different Social Security categories and calculate national insurance payments for employees and self-employed individuals, including maternity fund contributions.
- Tax and Social Security Contributions implications on crew members working on a vessel.
- Social Security Forms (A1, S1, U1)
- Compute fringe benefits and tax calculations (including examples)