Time running out for those who have not declared all of their income for tax

  

Anyone who has omitted or understated their income and wants to regularise their income tax affairs should contact the Income Tax Division by October 6 at the latest to avoid penalties.

Since April this year over £5.5 million of undeclared income has been identified, on which additional tax, interest and penalties of more than £1.1 million have been collected. 

A further £3.7 million of undeclared income has already been identified which will be the subject of enquiries by the Income Tax Division shortly.

Currently a taxpayer who voluntarily discloses irregularities in their income tax, subject to certain conditions, can have the penalties normally payable on the additional tax due reduced to zero.

This is going to change from 6 October 2016 and the Assessor will begin to charge penalties in such cases. 

Speak to a member of our team this week if you think this might affect you.