IoM Employers And Contractors Tax Returns Due
by Amanda Banks, Lowtax.net, London
24 April, 2017
The Isle of Man has reminded contractor's and employer that the deadline for submitting their tax returns is May 5, 2017.
Employers are required to submit a "T37 Employer's Annual Return", and contractors are required to submit a "C37 Contractors Annual Return", for the year ended April 5, 2017.
A penalty of GBP250 (USD320) will be charged for returns that have not been received by the island's Income Tax Division by the due date of May 5, 2017. Contractors and employers may also be liable to a penalty charge of GBP50 (USD64) per day for each day a return remains outstanding, commencing from the day after that on which the GBP250 (USD320) penalty is charged. Even if penalties are paid, the tax returns must still be submitted and the contractor or employer may be prosecuted for failing to do so.
Employers who have registered to use the Isle Of Man's online services are able to submit their tax return online.
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