“Don’t pay more than the tax due!”
That’s the advice of leading Manx accountant, who is warning Manx residents to make filling in their tax return their priority – or risk facing an immediate £100 penalty.
Pauline Smith ACA, a Director of Colby-based Greenwave Chartered Accountants, has already seen an increase in people requiring help to complete their 2012-2013 return, which is due on Sunday 6 October, and believes those who haven’t yet begun theirs should get their paperwork in place before it’s too late.
“With this year’s return being due on a Sunday, people could also consider registering to use the Government’s Online Services facility to give them a little bit of an extra buffer,” commented Pauline. “This will allow them to review previous assessments and give them an immediate calculation of the tax due. Some figures are even completed for you already on the online return where the Tax Office already has the information to hand, such as wages and benefits.”
Pauline is also offering some further advice to people yet to complete their returns, including:
- Research the expenses that can be claimed against taxable income
- Make sure you have a record of all taxable income for the year, as well as relevant expenses that can be reclaimed, as you will need to include both of these
- Business owners will need to submit sole trader accounts or the dividend figures from their company accounts – professional assistance may be needed to do this
- In the case of people who have complex tax affairs which may delay establishment of final income figures, a default assessment can be requested in order to allow more time to finalise the figures
Pauline concluded: “Tax affairs for some people can be relatively straight forward and they can complete their returns within a few minutes, but inevitably for a lot of people it will require more time and paperwork to do this. I would always advocate seeking professional help in cases where tax affairs are likely to be more complicated in order to avoid any expensive mistakes. A little time and effort now will certainly reduce any headaches – or costly financial penalties – in the long run!”
Greenwave Chartered Accountants provides technical, problem-solving solutions for businesses and individuals who require a bespoke, personal service which complements their busy professional or personal lives. Its Directors are highly experienced across all areas of financial practice, including:
- Preparation of personal and company tax returns
- Company incorporation
- Preparation of annual accounts, annual returns and other statutory requirements
- Corporate tax services
- Trust administration
- Manx, UK and international laws
- E-Gaming legislation
Greenwave Chartered Accountants can be contacted on 838434 or firstname.lastname@example.org, as well as via the company’s website, www.greenwave.im and its Facebook page. Personal tax returns can be prepared from £100.
Category: Finance & Business