Preparing for a financial statement audit involves ensuring that all aspects of a company’s tax position are accurately recorded and compliant with relevant laws and accounting standards. Tax is a critical aspect of financial reporting, and errors or misstatements can lead to compliance risks and restatements. This article highlights key considerations for structures with underlying investments in UK commercial real estate.

Baker Tilly Channel Islands is delighted to announce the appointment of Phil Irvine as a Director to lead the Tax service offering, a role designed to expand the firm's tax practice in the Channel Islands.

Jersey’s 2021 - 2024 Government Plan was approved by the States Assembly on 18 December 2020. The purpose of the Government Plan is to bring together income and expenditure decisions to improve transparency of government finances. This year’s plan reflects actions taken in response to Covid-19 and the comprehensive plans being put in place to protect the Island’s future. This update, however, aims only to set out key tax measures.

Persons who registered for tax in Jersey before 2006 will be on a prior year basis (PYB) instead of a current year basis (CYB) of tax. This means these persons pay their tax each year in respect of the previous year’s liability and not the current year.

The key highlights of the Budget 2020 measures and some reminders of changes already in place for this year are set out below: