Revenue Jersey have issued GST Direction 2020/03 which updates the Cash Accounting Scheme, allowing GST-registered businesses with a turnover below £1.25 million to account for GST on a cash basis.
This was one of a number of measures which the Treasury Minister discussed with JSCCA and others to help businesses facing potentially larger stocks of bad debt. Details of the scheme are on the website and remain substantially unaltered – except for the increase in the turnover ceiling from £1 million to £1.25 million and removal of the requirement to make a formal application to join the scheme.
Businesses will continue to be required to be up-to-date with filing and payment requirements across their taxes – that includes having time-to-pay arrangements in force such as the current GST Deferral arrangement.
Please read the following links for more details:
Cash Accounting Scheme Direction
Cash Accounting Scheme information