Starting with the company tax return form for 2019, all Jersey companies are now required to submit an electronic copy of their accounts with their tax return. Director Greg Bestwick outlines the requirements and what companies need to do before the end of 2020:
The new requirement for Jersey companies to submit an electronic copy of their accounts with their tax return comes into force at the end of 2020. For company directors and owners, what does this mean for your business and for the process of filing your tax return?
Prepare to the right standard
Firstly, businesses are legally required to be preparing year-end accounts. However, it’s now important for those accounts to be prepared to a standard suitable for the tax office. Businesses have various objectives when preparing their year-end accounts, from reviewing past performance to future aims and inviting new investment. When preparing accounts that will accompany a tax return, the objective is the same for all: the accounts need to comply with statutory obligations and meet the tax office standard.
Work with a professional
If there’s any uncertainty around the standard required, it’s not worth taking a risk. Businesses can ensure a smooth, timely and shock-free year-end by working with a professional accountant who already prepares tax office-ready accounts for clients, year-in, year-out.
Ease the burden
Above all, a professional accountant can ease the burden of accounts preparation and submission for business owners. By producing and submitting accounts in the right format and on time, an accountant removes the headache of extra paperwork and enables owners to focus on what they do best – running their business.
Get in touch
Whether you’re a start-up, small or large business, trading or holding company, we can help ease that burden. A core part of our business is the preparation of annual accounts for sole traders, partnerships and Jersey limited companies, so we’ve worked with businesses of all sizes and understand the unique challenges that each business owner faces.
To find out more about our year-end accounts service and how our other services could support your business, contact Greg Bestwick for an informal chat: