Time is marching on and a new tax year is just around the corner.
But when it comes to filing your return on time, are you about to miss the deadline? If so, you won’t be alone. Indeed, you’d be surprised at just how many people do let the date slip by – and rue the day they did.
Should you be one of those who is struggling to complete the necessary paperwork, here are the facts of the matter.
Your personal income tax return for the year ending April 5 2017 SHOULD have been completed and returned by October 6 2017. If you’ve already missed that deadline, then you face a £100 penalty. However, if the return isn’t submitted by April 5 2018 – then you are liable to a further £200 fine. Not a good position to be in, if you can possibly avoid it!
Although it’s getting late in the day, if you need any help with filing your return, or you aren’t even sure which forms are required to do this under your own steam, then we can help you out of a jam.
Our Business Solutions team specialises in accountancy services for small businesses and the self employed in the Isle of Man. This includes everyday bookkeeping, preparing and filing company accounts and a full range of VAT and tax services. Typically, our local clients on the Island either outsource all their accountancy requirements to us, or call on our help when required – the filing of end of year tax returns being a typical example. We can do as much or as little as you require.
What we will always guarantee is that your work is carried out so you don’t miss any important deadlines – and at a cost that won’t blow the bank.
When you are busy at work, it’s often the paperwork that takes a backseat. But it’s not one of those jobs that can be forgotten indefinitely overlooked.
There’s nothing to be ashamed about if your DIY accountancy and bookkeeping is coming under pressure. But what really would be a shame, would be to cop a needless penalty that you could easily avoid.