The 6 October deadline for submitting 2011/12 personal tax returns is now just over three months away and the Income Tax Division is taking this opportunity to remind everyone about our online services.
Using Online Tax Services enables people to manage their tax affairs from the comfort of their own home and avoid the potentially large queues at the Income Tax Division office, particularly in the final weeks before the deadline.
Online Tax Services users receive their tax returns, assessments and tax codes electronically, can review their balances, pay their tax bills and following a recent enhancement in the service, they can now calculate their tax liability immediately after completing their return.
Over 10% of individual taxpayers already submit their tax returns online; which results in administrative cost savings and reduced environmental impact as the amount of paper forms and notices issued by the Income Tax Division decreases.
If the Division has not received personal tax returns for the year ended 5 April 2012 by 6 October 2012, taxpayers will be charged a £100 penalty. If the return has still not been received by the Division by 6 April 2013, a further £200 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.
People wishing to register should go to www.gov.im/onlineservices and then follow the links to enrol for Tax Services.