Author: Joe
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Don’t forget your tax payments this October
Paying your tax late can incur surcharges, interest and penalties. Guernsey 15th October is the deadline for the Guernsey 3rd quarter payments of: Payment Information Payment type Deadline How to pay Reference Guernsey personal and company tax payments on account 15 October Online, bank transfer or chequeSee www.gov.gg/rspayments [Tax ref]-2024-EAe.g. 1O 234567 or 2C 345678For… Read more
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Social Security Contributions for Controlling Directors
Background Until now, controlling shareholders of trading companies have been classed as self-employed for Social Security purposes. Contributions are charged, initially, on an estimate of the expected income from earnings and dividends and this sets the level of the quarterly payments on account with a balancing payment or repayment after the end of the year… Read more
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Remote Working and Guernsey Tax
Guernsey Employers of Foreign Workers Non-Guernsey residents are only taxed on their Guernsey source income. For a non-resident employee of a Guernsey business, the employment income they earn whilst physically here is a Guernsey source. The strict interpretation of the tax law is that, if just one day is spent working in Guernsey, this must… Read more
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GEIS – Guernsey Enterprise Investment Scheme
The Scheme The Guernsey Enterprise Investment Scheme (GEIS) is an initiative by the Committee for Economic Development aimed at encouraging investment in high-growth, early-stage businesses within the Bailiwick. The scheme seeks to stimulate economic growth and innovation by encouraging £2 million of investment into Guernsey businesses over the two-year trial period. GEIS provides significant… Read more
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Pension Saving in Guernsey for High Earners
Introduction Since 2017, higher earners in Guernsey have been subject to the Withdrawal of Personal Allowances (“WOPA”) rules and had personal allowances withdrawn. This impacts on how much tax relief is available for pension contributions. Up to 100% of earnings can be contributed to a pension scheme tax-free by the individual subject to a… Read more
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Business Valuation Added to our Suite of Services
If you’re considering selling or buying a whole business or part of one, there will usually be a negotiation, but a key step is to establish a likely range of values to provide a solid basis for the negotiations. It is an interesting area of our work that is a blend of mathematical techniques and… Read more
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Don’t forget your tax payments this July
Paying your tax late can incur surcharges, interest and penalties so make sure you pay on time allowing sufficient time for your chosen payment method. Guernsey 15th July is the deadline for the Guernsey 2nd quarter payments of: UK 31st July is the deadline for the UK payments of: Payment Information Payment type Deadline How… Read more
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UK Capital Gains Tax for Non-UK Residents
Background In April 2015, the charge to UK Capital Gains Tax (“CGT”) was extended to apply to non-UK residents. The rules affect individuals, trustees, offshore companies and non-UK resident partnerships. Initially, it only applied to UK residential property but, in April 2019, the charge was extended to include all direct and indirect disposals of UK… Read more
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New Accountancy Practice Launch: Neptune Tax and Accounts
Today, 2 April 2024, we officially launch our new accountancy practice, Neptune Tax and Accounts. Over the last three months we’ve been busily getting everything in place to enable us to start working for clients straight away on launch day. We have a few clients that have already signed up which is a really positive… Read more
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Guernsey Budget – Calendar Year 2024
Personal Tax Allowances The personal tax allowance is going up by £875 to £13,900, an inflationary increase of 6.7%. Other allowances are also increasing by 6.7% to allow for inflation. Personal tax allowances are withdrawn for high earners and the threshold at which this starts to happen has been reduced from £90,000 to £80,000. However,… Read more