Accountants and Lawyers Fees Notice 2024 (Supervisory Bodies Law)

Summary

This notice sets out the fees payable by firms of accountants and firms of lawyers registered under the Supervisory Bodies Law for the 2024 fee year (1 January to 31 December 2024). It covers annual fees, application fees, amendment fees, and penalties for late payment or late filing, and explains how to calculate the number of relevant employees used in the annual fee formula.

• Annual fee: Sole traders pay a base fee of £530; all other firms pay a base fee of £2,258 plus £249 per average relevant employee, subject to an overall cap of £48,930. Payment is due four weeks from receipt of invoice.
• Relevant employee calculation: Employees are counted using hourly bandings (0.25 to 1 person depending on weekly hours) averaged across the last five relevant dates, including partners, self-employed individuals, overseas-based staff of Jersey firms, and vacant posts normally filled by a relevant employee.
• Late payment fee: An additional 5 percent of the unpaid principal is charged if the annual fee is not paid by the due date, applied on the day after the due date and on the first day of each subsequent month.
• Administration fee for missing information: If a firm fails to supply information needed to calculate its fee by 24 May 2024, a £100 administration fee is charged on the day after the due date and monthly thereafter until the information is provided, in addition to any late payment fee.
• Application fee: £217 for a sole trader applying to carry on business within scope, or £583 for any other applicant; due at the time of application and non-refundable.
• Amendment fee: £217 for a sole trader, or £583 for any other registered person, applying to alter their name or add/alter/remove conditions.
• Late filing fee: A registered person who fails to file or deliver a required document by its due date is liable for £100 per complete month or part thereof the document remains outstanding, unless the JFSC has agreed in writing to a later filing date.

This notice has since been superseded by a later year's fee notice, but it remains relevant for understanding fee obligations that applied during the 2024 period.

Key obligations

• Firms of accountants and firms of lawyers must pay an annual fee (base fee plus, for non sole traders, £249 per average relevant employee, capped at £48,930) within four weeks of receiving their invoice.
• Firms must supply the information required to calculate their annual fee by 24 May 2024 or incur a £100 monthly administration fee.
• A sole trader or other person intending to carry on business within scope must pay a non-refundable application fee (£217 or £583) at the time of application.
• A registered person applying to change its name or alter conditions must pay an amendment fee (£217 for sole traders, £583 for others).
• A registered person that fails to file or deliver a required document by its due date must pay £100 for each complete month or part thereof it remains unfiled, unless the JFSC has agreed in writing to a later date.
• Firms must calculate the number of relevant employees using the prescribed hourly bandings and averaging methodology set out in the notice.

Applies to

firms of accountants, firms of lawyers, sole traders (accountants and lawyers)

Deadlines

• 1 January 2024 to 31 December 2024: Period for which the fees set out in this notice are effective
• four weeks from receipt of invoice: Due date for payment of the annual fee
• 24 May 2024: Deadline for firms to supply information needed to calculate their annual fee, after which a £100 monthly administration fee applies

Related documents

• Accountants and Lawyers Fees Notice 2025 (Supervisory Bodies Law) replaces this document