Firms urged to meet corporate tax deadline

The annual deadline for businesses to file their tax returns is approaching

Businesses have been warned they face financial penalties if their tax information is not filed with the government on time.

The deadline for Isle of Man corporate income tax returns for the accounting period which ended 31 December 2023 is 2 January.

The treasury said a late penalty of £250 can be changed for those that fail to submit documents in time.

The reminder comes ahead of a reduction in opening hours of the Income Tax Division's telephone lines and public counters during the Christmas period.

The Treasury said although the official due date is 1 January, because the Income Tax Division is closed on that date, returns submitted any time up to midnight the following day will not be considered late.