18 February 2008
The second phase of business registration, aimed at businesses with a 12-monthly taxable turnover of between £1 million and £10 million has started today.
The first phase asked businesses with taxable turnover in excess of £10 million to register, but people are free to register at any time. The first registration was by Foreshore Limited on 25 January and to-date over 250 businesses have registered for GST.
GST Director, Steve Lowthorpe commented: “We decided to adopt a phased approach to registration so that we could test our systems and processes with a smaller number of applications. This seems to have been a good strategy and although we expect many more applications in this second, and third phases, we’ve got a good feel for the variety of businesses we will be registering.”
The third phase, for all businesses over the £300,000 taxable turnover and those requesting voluntary registration, starts on Tuesday 18 March.
All businesses with a turnover of taxable goods and services (i.e. goods and services that are subject to GST at the standard, or zero, rate of tax) of more than £300,000, in any period of 12 months, must register before 1st May 2008. Businesses that have a turnover of less than £300,000 are not obliged by law to register but may apply to register voluntarily. Non-registered business will not be allowed to charge GST.
All applications should be accompanied (where possible) by an estimate of the most recent annual taxable turnover and a preferred choice of dates for submitting the quarterly tax returns.
You can register online. GST registration forms are also available from the Customer Services Centre in Cyril Le Marquand House. Completed forms should be sent to the Income Tax Office, PO Box 56, The Parade, St Helier, JE4 8PF .
Notes to Editors:
1. For further information, contact the Director of GST, Steve Lowthorpe on 440393
2. Because of the high £300,000 registration threshold it is estimated that many smaller businesses (about 70-80 per cent of all Jersey businesses) will not be forced to register and will therefore not be required to add the tax to their sales.
3. A series of information booklets on GST is being produced, and will be available from the Income Tax office or at www.gov.je/gst