On Air The Morning Show Marc Tyley | 9:30am - Noon

Reminder to employers - tax deadline is 5 May

Firms face fine if return isn't submitted in time

Government has issued a reminder that the 5 May deadline for submitting contractors' and employers' tax returns is now just over two weeks away.

If the Income Tax Division has not received the tax returns by then, a £250 penalty will be charged.

Contractors and employers may also be liable to a penalty charge of £50 a day for each day that the return continues to remain outstanding, starting the day after the £250 penalty is charged.

Even if the penalties are paid, the tax returns must still be submitted and the contractor or employer may be prosecuted for failing to do so.

More from Isle of Man Business