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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.
Reporting requirements for 2019 corporate tax returns
06 Oct 2020Revenue Jersey has introduced new and more detailed requirements for those completing the 2019 corporate tax returns. The requirements are far more complex than before, with many additional and enhanced disclosures required for all types of corporate.
Are you aware of the changes?
The format of the return is very different from previous years and the additional disclosures will vary, depending on the activities and size of the corporate.
The returns must be filed electronically, as the sections that appear on the return are conditional on how previous questions were answered. It is therefore very important to ensure that every question is answered correctly, to ensure that sections are not inadvertently missed out.
Companies that are tax resident in Jersey must file financial statements in PDF format meaning it is imperative to prepare them as soon after year end as possible. They must be prepared in accordance with Companies (Jersey) Law 1991, which states that financial statements must be signed by a director and clearly state under which accounting principles they have been prepared. This amendment even extends to dormant companies, share transfer companies and non-taxpaying companies.
Dormant companies
Revenue Jersey will not accept consolidated financial statements for dormant subsidiary companies, so dormant subsidiary companies must now prepare a full set of single company financial statements from the 2019 year end onwards.
Are you complying with the Jersey Economic Substance Law?
If a company falls into substance, the company will be required to provide further statutory and financial information. Penalties are being charged for failing to provide information, or for providing inaccurate information, as well as failing to meet Economic Substance tests.
Non-filing can incur a penalty up to £900
The deadline for filing 2019 corporate tax returns has recently been extended to 31 January 2021. The original deadline of 31 December 2020 still applies for “High-Risk Intellectual-Property” entities. Late or incomplete filing will incur an immediate £300 penalty for each return. If a complete and correct return is not submitted within three months of the filing deadline, a further monthly penalty of £100 will be incurred up to a maximum of £900 for each return.
Our team are ready to support you
As the deadlines 31 December 2020 and 31 January 2021 fast approach, our team of tax professionals are available to support you in preparing your/your clients’ returns and ensuring you meet the new and enhanced tax rules. Please contact our team members below to enquire how we can help you avoid the penalties and submit complete and correct returns before the deadline.
- Lisa Guy – Director | lisa.guy@gt-ci.com | 01534 885 735
- James Tinnelly – Senior Manager | james.tinnelly@gt-ci.com | 01534 885 780
- Kimberley Godinho – Manager | kimberley.godinho@gt-ci.com | 01534 885 783
- Lucinda Overbury – Senior | lucinda.overbury@gt-ci.com | 01534 885 747
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.