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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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Download our tax brochures
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
Business and accounting support for 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.
Changes to Guernsey tax and Social Security
14 Dec 2020Guernsey has always had three categories for social security contributions. Changes are happening for two of them. The basis period for those who are considered self-employed and non-employed is changing from 2021.
This has been planned by the States for some time and seeks to move both groups onto the much more efficient ‘current year’ basis, alongside the third category ‘employees’ that always have been on such a basis.
If you have been in one of these two categories you are no doubt familiar with Guernsey's rather old-fashioned system of charging social security on the basis of income from 2 years ago; for example, 2020 is currently assessed on 2018 income levels.
This had involved initial years being assessed twice alongside complicated ceasing rules, all of which will now thankfully disappear as matters move forward on what we believe is a sensible change that has taken too long to come about.
Meanwhile, the Revenue Service are also allowing these two categories to choose their basis for 2020. You can elect that year's actual income levels or remain based on 2018. Those who are suffering a reduction in income this year will therefore be better off and we recommend contacting the Service to make that election.
You may also be receiving letters from the Service concerning the level of estimated contributions they have made for 2021; which again may need to be appealed if too high. We would be happy to help with these to ensure you are not paying too much.
Independent taxation
Whilst writing, we would also like to make couples aware of the next "far reaching" change in Guernsey taxation. This in our view again furthers the modernisation of our old system - the forthcoming "independent taxation". This was passed by the States this year to go-ahead and is scheduled for 2022, however it may become delayed until 2023. This, together with the above Social Security changes is coincided to help the introduction of a new tax IT system.
2019 Guernsey tax returns deadline
Finally, as you may be aware the deadline for the 2019 Guernsey tax returns has been extended to February 2021. If you have not already provided the information to enable us to complete your return please forward it to us as soon as possible.
