Nobody enjoys settling their tax, but there is something satisfying when you know you are totally up-to-date. Here are some of the most important dates in relation to the Guernsey Revenue Service tax and social security calendars.

May/June – Estimated (interim) assessment. This is an assessment issued by the Revenue Service in relation to the current year. It will be based on the latest information supplied to them, which, if you haven’t yet submitted your prior year’s return will be the year before that. It’s important you check this when it comes through for things like income and your allowances. You can lodge an appeal, but to do this make sure you’ve had relevant advice as it can open you up to penalties if incorrectly submitted.

30th June – First payment on account. Your estimated assessment received in May (or early June) will have an amount that you are due to pay to the Revenue Service by June. Make sure you settle this or you may be liable to a 5% surcharge being added to your bill every 6 months.

30th November – this is the deadline for submitting your personal tax return to the Revenue Service for the prior calendar year (ie if it is 30th November 2023, it would be for your tax return up to 31 December 2022). Failure to submit your return by this could result in you receiving penalties and/or surcharges.

31st December – Second payment on account of any tax demanded. If you have tax to pay, other than that settled through ETI (Employer’s Tax Instalment scheme), you will need to make your second payment on account by the end of December. Don’t worry if you have slightly overpaid, upon submission of your return, and it being assessed, any repayment will be issued promptly.

Anytime during the year, up to 3 months after you’ve submitted your prior year’s return – You should receive your finalised assessment with either a demand for tax or a repayment. Sometimes, if you only settle your tax through ETI you may not have either a repayment nor a payment.

Top Tip: The earlier you submit, the earlier any over payment will be credit to your account. You should strive to get your return in before the June Estimated (Interim) assessments are issued. 

We regularly hold small lunchtime sessions for Guernsey residents to discuss any tax matters they may have. Normally it is compliance matters, how to file online, or where to record certain income. 

Add your name to our database to be the first to know about our next Go Online Tax Lunch.