The 5 May 2016 deadline for submitting contractor's and employer's tax returns is now only two weeks away.
If the Income Tax Division has not received the tax returns for the year ended 5 April 2016 by 5 May 2016, a £250 penalty will be charged. Contractors and employers may also be liable to a penalty charge of £50 per day for each day that the return continues to remain outstanding: commencing from the day after that on which the £250 penalty is charged. Even if the penalties are paid, the tax returns must still be submitted and the contractor or employer may be prosecuted for failing to do so.
Employers are reminded that they can submit their tax return online. Anyone who is interested in doing so should go to www.gov.im/onlineservices in order to register for Government Online Services and then follow the link to enrol for Income Tax Services.