|In the forthcoming weeks there are a number of statutory deadlines approaching for the submission of tax returns. |
In recognising the difficulties that individuals and businesses may be encountering during the current circuit-break lockdown, the Income Tax Division is announcing the concessional extension of various deadlines today, which are intended to ease any concerns regarding their completion and submission.
Full details of the measures being announced are as follows;
Where an individual has failed to submit their tax return for the year ended 5 April 2020 by 6 April 2021 a penalty of £200 would normally be issued. If the outstanding return is submitted no later than 5 May 2021 no further penalty will be issued.
First penalties will not currently be issued for the non-submission of any company tax returns still outstanding and due to be submitted between 22 March 2021 and 4 May 2021. This measure results in the filing date for these returns being extended to 5 May 2021 in order to prevent the issue of a first penalty.Second penalties will not currently be issued for late submission of any company tax returns still outstanding that would be liable to the second penalty between 22 March 2021 and 4 May 2021. These returns must be submitted no later than 5 May 2021 in order to prevent the issue of a second penalty.
Retirement Pension forecasting
The processing of requests will be suspended until further notice.Although the public counter remains closed we are committed to maintaining an excellent standard of service to our customers and would like to take this opportunity to remind you if you have any enquiries relating to any aspect of your tax affairs please do not hesitate in telephoning or e-mailing the Division who have experienced officers available to assist you.
If you are not already registered as a user of Online Tax Services you can register at www.gov.im/incometax or alternatively contact the Division directly for assistance in this process.
- COVID-19 ONE YEAR ON: COST TO UK SMES TO EXCEED £126.6 BILLION, DOUBLE LAST YEAR’S PROJECTION
- Chamber poll reveals business’ views on IOM Govt’s Covid-19 exit framework