Income Tax Office filing requirements

The Income Tax Act imposes Accounts filing requirements for Companies in Gibraltar. An annual Tax Return needs to be filed with the Gibraltar Tax Office within 9 months of their year end. In addition, they are also required to file:

1. Assessable income <£1.25m: Annual accounts together with an Independent Accountant’s Report
2. Assessable income >£1.25m: Audited accounts

Note: Companies with no assessable income are still required to file Accounts as required under the Gibraltar Companies Act 2014 (subject to the 9-month deadline imposed by the Income Tax Act 2010). More information can be seen in the sections below.

As part of the annual tax return, Companies with assessable income in Gibraltar also need to to file a detailed tax computation. Companies with accounting periods not 30th June need to file a P8 reconciliation.

Fines will be incurred in the following circumstances:

Failure to file within nine months: £50
Failure to file within one year (3 months after deadline): £300
Failure to file within fifteen months (6 months after deadline): £500

Total penalties can therefore amount to £850 over a 15-month period.

Companies House Accounts filing Requirements

All companies are required to file their Annual Accounts within 12 months of their year end. Documents to be filed at the Company’s Registry vary according to their classification, being either micro, small, medium-sized or large.

1. Micro Companies: Abridged Balance Sheet only
2. Small Companies: Abridged Balance Sheet only
3. Medium-sized Companies: Filing is as for large companies except that the profit and loss account may be in abridged format.
4. Large Companies: Full accounts including a balance sheet, profit and loss account, notes, directors’ report and auditors’ report.

NB: a public company is a large company for the purposes of the Act.

How to define micro, small, medium-sized & large companies

Schedule 9 of the Gibraltar Companies Act 2014 defines this. See summary below:

A company must fall within two out of three parameters in the financial year in question and the preceding year in order to be classified as a company of a particular size. However, if a company exceeds or ceases to exceed the limits of more than one of the parameters it will continue to qualify for the relevant year unless this occurs in two consecutive years. For a newly incorporated company, the conditions need only be met in its first financial year.

Failure to do so will incur the following:

The company and every officer of the company who is in default is guilty of an offence and liable to pay a fixed penalty as described in sub section (3) by the Minister or on summary conviction to a fine up to level 3 on the standard scale.

Consolidated Accounts

The following types of entities are required to produce consolidated accounts:

1. Large groups; and
2. Groups with either of the following types of subsidiaries:
   (a) Listed Company;
   (b) Bank; or
   (c) Insurance Company

How to define small, medium & large groups

How can TAG Consultancy help you?

TAG Consultancy offers a range of services that can help its clients fulfil their filing requirements. These include:
1. Book keeping
2. Accounts Compilation
3. Form filling and filing for the Income Tax Office and Companies House.

We also offer Payroll & Individual Tax returns services.