Guernsey legal and accounting and tax considerations in 2023
- The Companies Law in Guernsey requires that a Guernsey company must keep its accounting records for a period of six years;
- A Guernsey company can be exempted from audit requirements if two of the following requirements are met i) annual turnover does not exceed £6.5 million ii) the net balance sheet does not exceed £3.26 million and iii) the company does not employ more than 50 employees;
- Although companies in Guernsey enjoy a corporate tax rate of 0%, income from rental property or land in Guernsey is taxed at 20%;
- Starting from 2025, large multinational companies operating on the Isle of Man, Jersey and Guernsey will be subject to a 15% tax rate. These three Crown Dependencies have reached a consensus on a “joint approach” to comply with the international tax reforms endorsed by the G20 in 2021.
- It is important our Clients’ are aware of their personal and corporate tax obligations in their country of residence and domicile; and they will fulfill those obligations annually. Let us know if you need Healy Consultants’ help to clarify your annual reporting obligations.