News

Tax Return - Submission Deadline Extension - Reminder

Tax

It’s been over a month (31st March 2020) since the Isle of Man Treasury announced extensions to certain tax return filing deadlines as a result of the disruption we are facing globally and as an Island due to Coronavirus.

Here’s a quick guide to help you understand which tax returns can be submitted to the Isle of Man Income Tax Division on or before 5th June 2020 without you receiving a late filing penalty.

  • Individuals – if you are submitting an Isle of Man personal tax return for the year ended 5th April 2019, you can now submit this on or before 5th June 2020. Normally you would receive a second late filing penalty (of £200) if you hadn’t filed your tax return before the year end (deadline 6th April 2019);
  • Companies – Isle of Man companies now have a filing deadline between 1st April 2020 and 5th June 2020, either to avoid a first or second late filing penalty;
  • Employers – if you submit an Isle of Man employers’ tax return which is normally due no later than 5th May 2020, you have an extra month to file your return.

Please get in touch if you are having problems filling in and filing your tax return form/s, we are here to give you any advice. The Isle of Man Treasury have promised they will continue to monitor the situation and we will update you if there are any changes.

Contact James Sayle for more information:

Peregrine Tiagnet ICAEW