The Jersey Financial Services Commission (JFSC) is reminding local companies to submit their annual returns by the end of this month or face increased fees for missing the deadline.
53% of Jersey companies have so far filed their annual returns with the JFSC’s Companies Registry. This is up compared to recent years but the JFSC is urging companies to file this week to avoid the extra penalties.
Fees for submitting late returns have gone up by 10% this year. As these fees are incremental each month, any company that fails to submit their return by 29 February could incur extra charges of between £55 and £550, before being struck off in October.
JFSC Registrar, Julian Lamb commented:
“There is less than a week to go until the deadline for submitting annual returns. We would prefer people to file on time rather than charge late fees. It’s important that we get this information from local companies to ensure that our data is adequate, accurate and timely. This is about ensuring that we meet international standards and that Jersey companies can do their daily business in the knowledge that the information on our register is correct and up-to-date.”
The deadline for submitting annual returns is 29 February 2020 with an online fee of £225 and paper fee of £235.
JFSC News Release.