The Income Tax Office have recently issued guidance, in the form of a Statement of Practice, on the further extension of the 10% tax rate (“the 10% rate”) to Fund Administration Businesses in Guernsey.

Hidden in the detail of the UK Government’s recent budget announcement were proposals to extend the scope of another UK tax to non-UK owners of UK residential property - this time, Inheritance Tax (IHT).

Capital Gains Tax is now a consideration for Guernsey residents when investing in UK residential property. This article touches on some of the key points local residents might want to bear in mind, the rates of tax applied to capital gains made by individuals and companies, and simple steps that can be taken to protect historic gains from the hands of the UK tax-man.

An audit used to be an annual process that all companies went through. Since 2008, most Guernsey companies have the option of becoming “audit exempt”. However, there are still many situations where a voluntary audit, or some other formal review of financial statements and systems, can be beneficial.

Do you find you spend more time struggling to keep up to date with your accounting and keeping adequate records? If so click on the link below - the solution may be at hand!