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About 600 sole proprietors on the island will soon be surveyed as part of a wider Business VAT Survey.
The system has been designed with the needs of self-employed persons in mind, requiring information on non-refundable VAT or business expenses incurred by their business.
To help sole traders complete the survey, the Treasury and the Chamber of Commerce will host two online support sessions on April 11 and 18, as well as providing telephone support. Details will be communicated to participants in the survey invitation letter.
The Island’s Trust and Corporate Service Providers (TCSPs) will soon be invited to complete a Business VAT Survey. This will measure the non-recoverable VAT incurred by structures managed by our TCSPs.
The Ministry of Finance is working with the Association of Corporate Service Providers (ACSP) to host an online support session for TCSPs on April 4. Again, details of the online session and telephone support line will be provided to participants in the survey invitation letter.
The responses are mandatory as the data collected is used to calculate the island’s share of VAT, customer and certain other duties received from the UK under the Final Expenditure Revenue Sharing Arrangement (FERSA).
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