Wednesday, January 13, 2021
The Isle of Man has issued a reminder of the deadlines for 2019 corporate tax returns and for certain personal tax payments.
The Government said that the effective final deadline for the submission of income tax returns for accounting periods ended December 31, 2019, is midnight on January 4, 2021. The due date is January 1, 2021, but as the Income Tax Division will be closed on that date and the subsequent weekend, returns will not be considered late if the fully completed form is submitted on January 4, 2021. If a corporate taxpayer is late in submitting their income tax return, they may be liable to a GBP250 (USD337) penalty.
The Government also advised individual taxpayers that if they have received their 2019-20 personal tax assessments and 2020-21 payment on account notices, payments of any outstanding balances are due by January 6, 2021. It added that a taxpayer who receives a personal tax assessment or payment on account notice any time after December 6, 2020, will have 30 days from the date of the notice to make payment.
The Government advised that the processing of assessments is likely to take longer than in previous years due to the impact of the COVID-19 pandemic.