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| Small Business To Benefit From Jersey's New GST Accounting Schemes |
by Jason Gorringe, Tax-News.com, London
Friday, January 29, 2010
Two new goods and services tax (GST) accounting schemes, designed to help small
business in Jersey, will come into force on February 1, 2010, the Island's government has
announced.
The Annual Accounting Scheme will ease GST accounting requirements for smaller
businesses. Those accepted will submit one GST return for each calendar year
(instead of four), and make two payments of GST to the Treasury (instead of
four).
It is estimated that up to 700 businesses with a taxable turnover of up to
GBP500,000 could benefit from the scheme and they are urged to submit their
application as soon as possible. The businesses will be asked to make an interim
payment by July 31 each year, based on half the GST due from them the previous
year, with the balance of tax due for payment required by the following January
31, with the Annual GST Return. The first Annual GST Returns will be for 2010.
The second scheme, Cash Accounting, will allow businesses to account for GST
on sales when they are paid. It is open to businesses with a taxable turnover
of GBP1m, and is particularly beneficial to businesses supplying services to
the public, or where the average debtor period is greater than 70 days.
Those accepted on to the scheme will submit GST returns normally, but account
for GST on the basis of payments received and made instead of invoices issued
and received. It is not suitable for retail businesses, which already account
for GST on sales when payment is received.
The Comptroller of Income Tax, Malcolm Campbell commented: "Our aim is
to simplify GST procedures whenever possible, and I am confident that these
measures will greatly assist small businesses. I urge all those who qualify
to apply as soon as possible."
President of the Jersey Chamber of Commerce, Ray Shead, also welcomed the initiative.
He said: "The GST team are a great example of delivering reductions in
red tape and therefore cost for small local businesses."
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