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Sector Focus
We specialise in the investment management industry offering audit, assurance, tax and corporate recovery and liquidation services.
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Personal Tax Services
There are many tax rules that can affect you personally and therefore which will have an impact on your personal wealth.
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QI Compliance
Qualified Intermediaries (QI) have to take action now to perform a Certification to the Internal Revenue Service (IRS).
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The Guernsey tax team at Grant Thornton aim to provide the island with a premier tax advisory service both to private clients and the Guernsey business community including the investment management industry.
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Jersey Tax Return
A page with a link for Jersey Tax Returns
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ESG
ESG can either be seen as a risk management tool or an opportunity, either way it is imperative to your business, whatever your size and whether you are listed or not.
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Professional Services
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Finance Industry
We work with a broad range of clients and their financial stakeholders, from entrepreneurs in the early days to fast growing and established businesses to public companies competing in global markets.
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Local Businesses
Businesses come in many shapes and sizes – from innovative start-ups to long-established local businesses. But however large or small your business, the chances are you face similar challenges.
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Corporate Insolvency
Our corporate investigation, Guernsey liquidation and recovery teams focus on identifying and resolving issues affecting profitability, protecting enterprise value and facilitating a full recovery where possible.
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Corporate Simplification
Redundant corporate entities can over complicate group structures and waste thousands of pounds in unnecessary costs each year. 46% of the c.15,500 companies controlled by the FTSE100 are dormant and it is estimated that the average cost of administering dormant companies is between £3,500 and £5,000 per company, per year.
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Debt Advisory
Our Debt Advisory team provides commercial and financial debt advice to corporate entities and public sector bodies in a range of sectors. Our engagements include advice on stand-alone transactions and solutions or as part of an integrated business plan, in both the project and corporate arenas.
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Exit Strategy Services
We offer a tailored methodology designed to enable a company to be reviewed in a group context to assess ways to maximise its value.
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Financial Restructuring
For companies challenged by under-performance we work with management teams, shareholders, lenders and other stakeholders to implement financial restructuring solutions creating a stable platform for business turnaround.
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Strategic performance reviews
Strategic performance reviews analyse the key drivers of performance improvement. Our specialists utilise a framework to evaluate financial and operational options and to identify solutions for businesses and their stakeholders.
Common Reporting Standard (“CRS”) Audits – Are you ready?
18 Nov 2020As part of their commitment to adhering to the OECD’s requirements under CRS, both the Jersey and Guernsey authorities are required to undertake audit inspections of financial institutions.
The audit is designed to ensure that robust processes exist internally to manage the CRS status of structures, accounts and account holders, and that relevant staff have sufficient knowledge internally to ensure that compliance is being met.
The first audits have already begun in Guernsey and we expect that Jersey shall follow suit shortly, and will continue into 2021.
As a starting point, below is an overview of the matters that other jurisdictions have considered when undertaking CRS audits. We would anticipate a similar approach in the Channel Islands:
Who is responsible for CRS? What oversight is there together with approval of information and reports? Is the function given sufficient resource and on-going support as to how changes in legislation and requirements are captured?
How are the relationship manager requirements met in the business? How are the relationship managers defined and do they have enough knowledge to be able to spot anomalies in reports, and can they question a client’s self-certification?
Many organisations have a CRS policy, but are the underlying processes mapped i.e. is it known that we need to produce a report, but how is that done?
How is this undertaken? Are TIN validations being used? Are the relationship managers signing them off? Are they comparing to due diligence collected etc.?
How are these picked up by the business?
How are they arrived at? What evidence do they have?
How is reportable data processed? Who signs it off? What checks are undertaken before the report is submitted?
Of course under a risk based approach, some elements are more important than others, but this is really the foundation of how tax reporting moves from a once a year project, to business as usual.
Most of the concepts above can also be extrapolated to undertaking a health check of FATCA reporting, which will also be relevant to such financial institutions.
We can support financial institutions in undertaking a ‘health check’ of their internal CRS processes and procedures, and can highlight any areas of particular risk or concern.
Having a document prepared which shows a review has been undertaken will only serve to assist financial institutions if they happen to be audited. Any key findings from our review will allow that financial institution to focus their efforts going forward on any areas where it is felt that additional measures should be put in place.
For more information please contact: |
| Andy Shaw | Senior Manager T: 01534 885 704 E: andy.shaw@gt-ci.com |
| Neil Hoolahan | Director T: 01481 753 419 E: neil.hoolahan@gt-ci.com |
View other 2020 tax measures
The tax landscape is in a period of hyper change. At Grant Thornton Channel Islands, we are constantly looking for ways to support our clients and service providers so they remain ahead of the game with the ever changing tax legislation and practice.