Once your income tax return and accounts are received, the assessment will be revised to include the actual business profit. A request for suspension of tax form can be found here. If you later decide your estimate is too high, then you can ask for collection of some of the tax to be suspended, until your income tax return and accounts have been submitted the following year.The assessment will show what tax you need to pay, based on this estimate, and the dates the payments are needed. If the first accounts are prepared for a period ending in the first calendar year of the business, we will need to issue an assessment to you for that year, which will include the estimate of business profit you have provided.You will be charged income tax on the profits you make.What happens once I have told you I have started a business?.You can tell us all of the above by completing our 'Commencing Self-Employment Form', which can be found in the downloads section.If you will be claiming expenses or not.An estimate of the profit you expect to make in the first accounting year.The first accounts can end on any date so long as they don't cover more than 18 months, or more than 2 calendar years) What date you will be preparing the first set of accounts to, will this be for the first 12 months of trading, or to the end of the calendar year? (Even though the Guernsey tax year is 1 January - 31 December, accounts don't have to be done to 31 December.What you are doing for example, builder, consultant, photographer etc.The first thing you need to do is tell us that you have started a business.If you were employed before you started your business, then the tax and contributions would, up to now, have been taken from your wages and sent in to us, but now you are working for yourself, you are responsible for making the payments needed. If you start a business in Guernsey, you need to tell us so that your income tax assessment and contribution payments can be amended. If you are setting up a limited company this information isn't relevant to you, please click here for tax information for companies. This information is designed to give individuals who are starting up in business an overview of the position for tax (which goes to General Revenue) and contributions (which goes to the Social Insurance fund), and to help them understand what they need to do.
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