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Tax Return Deadline Nears 14 July 2008 The deadline for submitting 2007/08 personal tax returns is now less than three months away. Tax return penalties were first introduced in 2005. Whilst the number of returns submitted before the deadline has increased as a result, there were still over 4,500 people who incurred penalties last year. If the Income Tax Division has not received personal returns for the tax year ended 5 April 2008 by 6 October 2008, taxpayers will incur a £50 penalty. If the return has still not been received by the Division by 6 April 2009, a further £50 penalty will be charged. Even if the penalties are paid, the tax return must still be submitted, and people may be prosecuted for failing to do so. Sending in tax returns early is a good idea because: • returns are reviewed in order of receipt, so the earlier the return is received, the sooner the tax assessment will be dealt with; • if you are due a tax refund, it will be paid earlier; • if you need to pay any tax you will have a longer period in which to pay it; and • if you visit us you won’t need to worry about queuing up, as often happens close to the deadline date. Anyone who moved to the Isle of Man before 6 April 2008 and hasn’t yet informed the Income Tax Division should do so as soon as possible. They are likely to need to complete a tax return for the period from their arrival to 5 April 2008 and may, therefore, be liable to a penalty if the return is not submitted before 6 October 2008. Anyone who has moved home during the last twelve months and has not informed the Division of their new address should contact us as soon as possible to ensure that they receive a tax return form before the submission date. Not receiving a return form may not be a sufficient reason to avoid the penalties. To contact us: • phone our General Enquiries Section on 685400; • visit our General Enquiries Office on 2nd floor, Government Office, Buck’s Road, Douglas - opening hours are Mon - Thurs 9.15am - 5pm Fri 9.15am - 4.30pm; or • email incometax@itd.treasury.gov.im; or • write to us at Income Tax Division, Government Office, Douglas, IM1 3TX. Malcolm Couch Assessor of Income Tax More stories >>>
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