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IoM Income Tax Deadline Approaches

by Jason Gorringe, Lowtax.net, London
22 September, 2015

The Isle of Man Government is reminding taxpayers that the deadline for 2014/2015 personal income tax returns is October 6, 2015.

If the Income Tax Division has not received returns by October 6, 2015, taxpayers will be charged a GBP100 (USD154.52) penalty, which will increase to GBP200 on April 6, 2016.

The tax office is seeking to remind taxpayers that even after penalties are paid, the tax return must still be submitted and they may be prosecuted for failing to do so.

Taxpayers are reminded that they can also submit their tax return online, as one in every four individuals currently does.

According to the tax office, the wide range of existing online services allows people to receive tax returns, assessments, tax codes and letters electronically and calculate their tax liability immediately after completing their online return. Users can also review their balances, pay their tax bills and have any refunds of income tax overpayments paid directly into their bank account.

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