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We specialise in the investment management industry offering audit, assurance, tax and corporate recovery and liquidation services.
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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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Qualified Intermediaries (QI) have to take action now to perform a Certification to the Internal Revenue Service (IRS).
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The tax teams at Grant Thornton aim to provide the Channel Islands with a premier tax advisory service both to private clients and the business community including the investment management industry.
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A secure sign in page to file Jersey Tax Returns through the Grant Thornton tax portal.
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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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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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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.
Promote, Prevent, Respond. The everyday impact of Revenue Jersey’s 2024 compliance plan.
But what does this mean for islanders?
While it is the aim of Revenue Jersey to target businesses and individuals that have failed to discharge their income tax obligations, there are often times where islanders who believe they are wholly up to date will be subject to a compliance review and will be required to justify their original income tax declarations to Revenue Jersey.
In these cases, even though there may not be any deliberate non-compliance to uncover, the burden of administration and stress of Revenue’s examination can be overwhelming for the everyday taxpayer, and can sometimes lead to a misrepresentation of the facts, or an oversight of the various legal rights available.
In certain circumstances, such as cases of genuine error or mistake, or technical dispute, the end result of Revenue’s investigations may give rise to a variety of excessive consequences for the taxpayer, such as imposing, and unachievable payment deadlines, disproportionate penalties, or in extreme cases, inaccurate assessments.
Arguably, a broad application of compliance activity is necessary for Revenue Jersey to ensure that no foul play has occurred. However, the legislation underpinning Jersey tax is extremely complex, and without expert support, it is unrealistic to expect taxpayers to be fully aware of the available legislative frameworks in place while under review.
Earlier in the year, Revenue Jersey have published their commitment to focus 2024 compliance efforts on the following taxpayer groups, giving fair warning of the additional scrutiny to come:
- Landlords & property developers;
- High net-worth individuals;
- Estate agents;
- Self employed individuals; and
- New employers.
If you find yourself subject of compliance activity of any kind by Revenue Jersey, and you are unsure of your obligations, or if you just need a steady hand to guide you through the process, please do not hesitate to reach out to a member of the Grant Thornton Channel Islands Tax team. Our dedicated and highly experienced team of local experts would be happy to help.
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Henry Armelin Henry is passionate about Jersey taxation and has extensive experience advising individuals of their Jersey income tax obligations and resolving Jersey income tax disputes.View Profile
Download a pdf version of the 'Promote, Prevent, Respond. The everyday impact of Revenue Jersey’s 2024 compliance plan' article.
