Wednesday, January 13, 2021
The Jersey Government has announced that islanders can now file their 2020 tax return and has issued advice to Prior Year Basis (PYB) taxpayers that have been moved to the Current Year Basis (CYB) for paying income tax.
The deadline for filing paper returns is May 31, 2021, and the e-filing deadline is July 31, 2021.
Revenue Jersey is encouraging taxpayers who formerly paid their tax on a PYB to file their tax return as early as possible, so that they can understand their tax position. Legislation was passed in November 2020 to move all taxpayers to the CYB system from 2020. Payments made by PYB taxpayers to settle their 2019 tax bill will be used to pay their 2020 tax bill instead.
PYB taxpayers had their 2019 tax bill "frozen" for payment at a later date. Revenue Jersey said that while the 2019 tax bill is frozen, PYB taxpayers will not know whether they have an outstanding debit or credit until their 2020 tax return has been filed and assessed. It added that filing online allows staff to assess returns more easily and will enable PYB taxpayers to determine their tax position sooner.