The 5th May 2015 deadline for submitting contractor’s and employer’s tax returns is now just over two weeks away.
 
If the Income Tax Division has not received the tax returns for the year ended 5th April 2015 by 5th May 2015, 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 register for Government Online Services and then follow the link to enrol for Income Tax Services. To register they should go to www.gov.im/onlineservices and select ‘Income Tax’ where video guides to assist in completion of the registration and enrolment process and completion of the return can also be viewed.