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Insights

Guernsey Budget Response 2021 No more juice in the lemon
“You can’t ask the Guernsey people to squeeze any more out” says Peter Ferbrache in announcing no new taxes and the usual duty hikes also being kept to a small
Capital Gain Tax Tax experts urge people in the Channel Islands to reassess their UK assets
The Office of Tax Simplification recently published its report on the review of Capital Gains Tax. Hear from our expert, Neil Hoolahan, Tax Director at Grant
Income Tax Law Jersey Government approves amendment to Income Tax Law
In August 2020, Jersey’s Treasury and Resource Minister announced a proposal to move all Jersey taxpayers to Current Year Basis (“CYB”).
Human Capital Advisory Put your people first
Employees are the fuel of any organisation, they need to function at their best to enhance future performance.
Mandatory Disclosure Rules Are you fully compliant with the CRS, MDR and DAC6?
In the coming months you will see a lot of activity around the Common Reporting Standard ("CRS"), Mandatory Disclosure Rules ("MDR") and the EU Directive on
CbCr Jersey Country by Country Reporting
Who does this apply to and what are their obligations?
IFRS 16 Lease incentives
Granting lease incentives is a common way to encourage a new lessee to sign up to a new lease contract and fill vacant premises. Lease incentives may take
Tax Tax residence in Guernsey
Guernsey income tax is due by reference to an individual’s residence position. For most people, residence is based on the actual days spent in Guernsey
Corporate Tax Returns Reporting requirements for 2019 corporate tax returns
Revenue Jersey has introduced new and more detailed requirements for those completing the 2019 corporate tax returns.
Insolvency Popular misconceptions of insolvency in Jersey
For those who are involved with, or run struggling businesses with much reduced income, many are unclear what the most important things to consider are and
UK Capital Gains Tax Disposals made by non-UK residents of UK property
Since 6th April 2019, the scopes of UK Capital Gains Tax (“CGT”) and UK Corporation Tax (“UKCT”) have been extended to now include gains realised by non-UK
IFRS Amendments to IFRS 17 and IFRS 4
The International Accounting Standards Board (IASB) has issued ‘Amendments to IFRS 17 ‘Insurance Contracts’’ (the Amendments).
INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS) Five accounting considerations relating to revenue recognition
As a result of COVID-19 entities are generally expecting to experience significant declines in revenue and decreases in progress of delivery of performance
Cross border tax arrangements Mandatory Disclosure Rules on cross border tax arrangements
In July 2020, we will see the implementation of two new tax regimes, which have the purpose of continuing the efforts towards visibility for tax authorities of
Tax Relief Tax relief available for remote workers during COVID-19 lockdown
There have been number of social distanced conversations where people have asked whether they can claim against their tax bill for the additional expenses that
News Ben Rhodes joins Guernsey’s first Insolvency Rules Committee (IRC)
Ben was recently appointed to Guernsey’s first Insolvency Rules Committee by the Committee for Economic Development.
COVID-19 Business Impact Survey - a Guernsey focus
Grant Thornton are pleased to share the results of their Channel Islands COVID-19 Business Impact Survey - A Guernsey focus
COVID-19 COVID-19 Jersey Business Impact Survey Results
Grant Thornton launched a survey in association with the Jersey Chamber of Commerce to measure how local businesses are coping in the face of the COVID-19
Government Bulletin COVID-19 Government Measures Explained
The Government has launched a series of measures to help you and your business navigate these turbulent times.
Webinar Resilience and Cashflow management
Resilience and Cashflow management, critical elements to get right in a crisis
IFRS Reporting the impact of COVID-19
As the impact of a novel strain of coronavirus (COVID-19) continues to unfold around the world, those individuals responsible for preparing financial
Resilience Wheel The Resilience Wheel: where to focus your business in stressed or distressed conditions
With the rising impact of COVID-19 being seen worldwide, all industries will face significant disruption to their supply chain, workforce and cashflow. The
Global news COVID-19 - The precautionary measures we are taking
We are living in unprecedented times right now and remain vigilant and agile to the changes being enforced by our local government and health authority.
UK Budget 2020 The UK Budget – Was it anything to make a song and dance about?
One had to feel a little bit sorry for Rishi Sunak as he stood to deliver his first Budget. He has only been in office 5 minutes, Brexit in reality has only
Tax The UK tax landscape is changing for Non-Resident Landlords
From 6 April 2020, there will be fundamental changes to the UK Tax treatment of non-resident landlord (“NRL”) companies.
INTERNATIONAL BUSINESS REPORT (IBR) Women in Business 2020
Over the last 12 months, our women in business research has drilled down into the gender diversity stats of mid-market organisations around the world, looking
IFRS Navigating the changes to IFRS 2020
Every year the requirements of International Financial Reporting Standards (IFRS) change. New Standards, Interpretations and Amendments are published that will
IFRS Alerts Classification of Liabilities as Current or Non-current
The International Accounting Standards Board (IASB) regularly publishes new International Financial Reporting Standards (IFRS), Interpretations of Standards
Insolvency Law Reform Guernsey Insolvency Law Reform
On 15 January 2020, the States approved the Companies (Guernsey) Law, 2008 (Insolvency) (Amendment) Ordinance, 2020 (“the Ordinance”). It is anticipated that
Tax Guernsey Company Tax Residence
There have been dramatic changes to the previously long standing Guernsey definition to determine which companies are considered Guernsey tax resident from
IFRS IFRS News - Q4 2019
In this edition of IFRS News we begin by considering the latest news from the IASB and conclude with IFRS-related news at Grant Thornton.
Acquisitions Grant Thornton expands in Guernsey with the acquisition of Price Bailey
Grant Thornton expands in Guernsey with the acquisition of Price Bailey
IFRS IFRS 3 - Definition of a Business
In October 2018, the IASB issued ‘Definition of a Business’ making amendments to IFRS 3 ‘Business Combinations’.
Global news Grant Thornton Channel Islands shortlisted for Firm of the Year
Grant Thornton Channel Islands has been shortlisted for Firm of the Year as part of Grant Thornton’s annual Experience Awards taking place at the British
Tax Cloudy with a chance of complacency
The OECD’s latest proposals on taxing digital business pull back from the radical roadmap put forward in May to something much closer to the January policy
IFRS IFRS Alerts
The International Accounting Standards Board (IASB) regularly publishes new International Financial Reporting Standards (IFRS), Interpretations of Standards
IFRS IFRS News - Q3 2019
IFRS News is your quarterly update on all things relating to International Financial Reporting Standards.
Falling economic optimism Mid-market companies lower growth expectations amid falling economic optimism
The world’s leading survey of mid-market companies, Grant Thornton’s IBR, once again provides vital insight into the health of the global mid-market. These
IFRS Example Financial Statements 2019
The preparation of financial statements in accordance with International Financial Reporting Standards (IFRS) is challenging. Each year, new Standards and
Move from NRL to UKCT The move into UK Corporate Tax for owners of UK property investments
Up until 5 April 2020, non-UK resident entities, which owned UK property investments were taxable on their UK rental income under the Non-Resident Landlord
Common Reporting Standard Common Reporting Standard (“CRS”) Audits – Are you ready?
As part of their commitment to adhering to the OECD’s requirements under CRS, both the Jersey and Guernsey authorities are required to undertake audit
Tax 2020 Tax 2020 – What you need to know
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
Jersey Financial Services Commission JFSC launches new approach to collecting company information
Companies of all sizes are facing a change to how they submit their business information to the Jersey Financial Services Commission (“JFSC”).
IFRS Deferral of effective date of amendments to IAS 1
The International Accounting Standards Board (IASB) regularly publishes new International Financial Reporting Standards (IFRS), Interpretations of Standards
INTERNATIONAL FINANCIAL REPORTING STANDARDS (IFRS) Events after the reporting period
If the widespread impact of COVID-19 began during the entity’s reporting period, the impact will be reflected in its financial statements for that period.
Women in the workplace Wellbeing week and women in the workplace
At Grant Thornton we continuously research and survey what is happening in the workplace. Our latest programme included asking over 800 women at work what life
Campaigns Responding to Coronavirus COVID-19
Responding to Coronavirus COVID-19
IFRS Alerts Classification of Liabilities as Current or Non-current
Loan agreements often include covenants that, if breached by the borrower, permit the lender to demand repayment before the loan’s normal maturity date.
IFRS IFRS News - Q2 2019
We begin this second edition of 2019 by considering the IASB Exposure Draft ‘Interest Rate Benchmark Reform’.
Tax alert Channel Islands new Substance rules
At last the Tax Offices have issued the long awaited guidance notes. Unfortunately those expecting much actual substance within them will, we fear, be left
Cyber Security The Peculiarities of mergers, acquisitions and de-mergers
Mergers, acquisitions and de-mergers creates various challenges, risks and responsibilities that the organisation can be held accountable for.
Interim consolidated financial statements 2019 Interim consolidated financial statements 2019
The Interim Financial Statements illustrate a six month accounting period beginning on 1 January 2019.
IFRS 16 Lease payments
At the commencement of a lease, IFRS 16 requires a lessee to measure the lease liability at the present value of the lease payments that are not paid at that
Women in business Building a blueprint for action
Grant Thornton’s Women in business report 2019: building a blueprint for action
INTERNATIONAL BUSINESS REPORT Thriving in 2019’s global economy
The global economic cycle has peaked and businesses face a more downbeat outlook in 2019. With risks increasing, how can businesses continue to achieve growth
IFRS 16 Sale and leaseback accounting
IFRS 16 makes significant changes to sale and leaseback accounting. A sale and leaseback transaction is one where an entity (the seller-lessee) transfers an
IFRS IFRS News - Q1 2019
We begin this first edition of 2019 by considering the potential financial reporting implications of the UK leaving the European Union without a transition
IFRS 16 Transition choices
Many recent accounting standards include significant transition reliefs to make first time application simpler – IFRS 16 is no exception. Appendix C to IFRS 16
Global news Grant Thornton collaborating globally
We asked our leaders around the globe what's special about Grant Thornton and how this benefits our clients. They describe a changing world where the
Restructuring Notice Liquidation of Bellzone Mining plc
Alan Roberts and Ben Rhodes of Grant Thornton Jersey were appointed Joint Liquidators of Bellzone Mining plc