Streaming Now
Facebook

Treasury Minister issues important message to all taxpayers

Wed, 01 Apr 2020


A number of statutory deadlines for the submission of tax returns are scheduled for the forthcoming weeks, while the issue of tax returns to all individual taxpayers normally takes place in early April each year.

The Manx Goverment have announced a series of measures which are intended to ease any concerns people may have regarding the completion and submission of tax returns during the coronavirus pandemic.

Treasury Minister Alfred Cannan MHK said: ‘These are worrying times for all of us and it is vital that we take the appropriate steps so that no one is put under any unnecessary pressure to submit their tax returns in the forthcoming weeks.

Full details of the measures being announced are as follows:

Individuals

  • Individual taxpayers or their agents who are registered users of Online Tax Services will receive their returns for the year ending 5 April 2020 as normal on or around 6 April 2020.
  • Paper tax returns for the year ending 5 April 2020 issued by post to individual taxpayers on or around 6 April 2020 will be delayed. The Division will review this postponement no later than 30 April 2020 and recognises that consideration may need to be given to extending the current deadline for their submission on 6 October 2020 (which would also apply to the returns made available online too for the same period).
  • Anyone who receives a return by this method and wishes to receive their return during April should either register for Online Tax Services or contact the Income Tax Division on 685400 to request a paper copy but should only do so if it is absolutely necessary for them to complete the return early.
  • Where an individual has failed to submit their tax return for the year ended 5 April 2019 by 6 April 2020 a penalty of £200 would normally be issued. If the outstanding return is submitted no later than 5 June 2020 no further penalty will be issued.
  • The Division requests that anyone who submits their 2019/20 tax returns in the forthcoming weeks or who has not received their 2018/19 assessment must appreciate that there will be delays in the processing of your returns given the availability of officers during this challenging period. You should only contact the Division to request the urgent processing of your tax return where you are expecting a refund and suffering financial hardship as a result of the current crisis.

Employers

  • The deadline for employers’ tax returns for the year ended 5 April 2020 is extended from 5 May 2020 to 5 June 2020.

Companies

  • First penalties will not currently be issued for the non-submission of any company tax returns still outstanding and due to be submitted between 1 April 2020 and 5 June 2020. This measure results in the filing date for these returns being extended to 5 June 2020 in order to prevent the issue of a first penalty.
  • Second penalties will not currently be issued for late submission of any company tax returns still outstanding that would be liable to the second penalty between 1 April 2020 and 5 June 2020. If the returns are still outstanding at 5 June 2020 the second penalty will then be issued.

Retirement Pension forecasting

  • The processing of requests will be suspended until further notice.

 


 

Subscribe to get Energy FM News direct to your mobile device

You can get Energy FM News delivered direct to your mobile device using one of the following methods.

  • In the Apple News App on iOS search for Energy FM IOM and then just add it to your favourites
  • In the Google News & Weather App just search for Energy FM and then add us as a customised section
  • If you use an RSS Reader then just add our feed to your app, click here for our news RSS feed