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Now more than ever, Revenue Jersey are carrying out a variety of compliance based activities in an effort to minimise Jersey’s tax gap and raise additional revenue for the island.

Our latest Women in Business report reveals the pace towards parity in mid-market firms isn’t moving fast enough.

The Corporate Sustainability Reporting Directive (CSRD) came into force on 1 January 2024 and the first wave of reporting entities, which includes large publicly listed companies with more than 500 employees (Wave 1), are now preparing their first sustainability reports for the year ended 31 December 2024.

Has your business lost 5% of it revenue to occupational fraud? This is the Association of Certified Fraud Examiner’s (“ACFE”) estimate of losses suffered by each organisation from occupational fraud, with the average loss per case being USD 1.662m.

The 2024 Corporate Tax Return and the 2024 Combined Partnership Notifications are both now live and are due for submission by midnight on Sunday, 30th November 2025.

The deadline for submitting the 2025 annual confirmation to the Jersey Financial Services Commission (JFSC) is fast approaching.

The 2025 edition of this publication has been updated for changes to International Financial Reporting Standards (IFRS) that have been published between 1 January 2024 and 31 December 2024.

Entities should begin preparing for IFRS 18 ‘Presentation and Disclosure in Financial Statements’ sooner rather than later.

According to data in the World Economic Outlook (WEO) report issued by the International Monetary Fund (IMF) in October 2024, and based on economic conditions that currently exist, certain countries are now considered to be hyperinflationary from 31 December 2024.

The dust is continuing to settle on what was an all-encompassing first budget delivered by Rachel Reeves, which saw the most widespread changes ever to the UK taxation of UK resident non-doms (still a current term until 5 April 2025!) and the trust structures they are connected to, many of which you administer.

The Government’s economic objective is to build a strong economy and fair society, where there is opportunity and security for all... as long as you are a working person (which seems not to include employers, entrepreneurs, the middle class, the wealthy or foreigners).

It is less than two weeks now until 30 October 2024 when the UK Chancellor, Rachel Reeves, will outline Labour’s economic and fiscal plans in the 2024 Autumn Budget to Parliament.

Guernsey is a self-governing island located in the English Channel offering an excellent standard of living in addition to favourable tax rates. Guernsey does not levy capital gains tax, inheritance or wealth tax.

“We simply don’t take enough in tax to fund the public services our community demands” says Lyndon Trott, president of the policy and resources committee (‘P&R’).

Over the last three years Channel Island financial services firms are increasingly having to deal with assets "stranded" within structures due to sanctions.

As technology continues to advance at a breakneck pace, so too do the methods employed by fraudsters. In most instances our involvement as forensic accountants unfortunately occur after the fraud has been committed, but prevention strategies to combat fraud happening should not be overlooked.