Accounting and booking may seem a simple process, however, if no proper books and records are kept, your business may suffer adverse implications.

If you are considering to outsource your accounting and bookkeeping, our team is glad to assure you that all accounting entries will be made in compliance with Cyprus Companies Law, International Financial Reporting Standards and International Standards of Auditing.

Accounting & Bookkeeping

Our team of experienced accounting professionals can provide the full range of accounting and bookkeeping services to meet the specific requirements of any business.

Our primary aim is to provide our clients with the highest-quality services, while at all times maintaining our professional and business ethical standards and striving to add extra value to the offered services and solutions.

According to the laws of the Republic of Cyprus every Cypriot company is required to keep a record of its accounting and book-keeping that must fairly and fully reflect the state of affairs of the company.

Books and records should be updated within four (4) months from the date of each and any transaction and the records should be saved for a period of at least six (6) years. 

The Accounting & Bookkeeping services include the following:

  • Bookkeeping data entry (on the monthly, quarterly or annual basis)
  • Preparation of monthly, quarterly and yearly management accounts and other management reports
  • Reconciliation of receivables and payables
  • Reconciliation of bank balances to bank statements
  • General Ledger preparation and maintenance
  • Trial balance preparation

VAT compliance is often a complex affair, especially when doing business in countries with different rules and regulations. Depending on the nature and extent of your business, many issues may arise during the VAT process. Our experienced team takes care of your VAT processes and gladly helps you address further issues.

Value Added Tax (VAT)

The VAT services include the following:

  • Registration / De-registration with Cyprus VAT authorities as well as with the VAT authorities in other EU Member States
  • Group registration with Cyprus VAT authorities and other EU Member States
  • Assistance with the preparation and submission of various VAT returns
  • Consultation regarding Cyprus and EU VAT legislation
  • Negotiations with national and international VAT Authorities
  • Assistance in obtaining VAT rulings from the VAT Departments

VAT information exchange system (VIES)

VIES declarations are required for the supplies of goods and services between EU Member States.

VIES statements must be submitted electronically through the TaxisNet system by the 15th of every month, for the previous month.

The VIES services include the following:

  • Registration, preparation and submission of VIES declarations
  • Advising on the regulations and obligations for VIES within the EU
Our Payroll Services are becoming more and more in-demand as companies seek to outsource payroll functions due to the confidential nature of the work involved.

Whether you pay weekly, monthly, or otherwise, we will help you deal with your payroll quickly, effectively and at a competitive price.

PAYROLL

The Payroll services include the following:

  • Issuing & posting of pay slips, with breakdowns of salary details
  • Tax services
  • Registration of the company (as an employer) to the authorities
  • Processing payments to employees and Government Authorities
  • Advising on employment contracts and employment law issues
  • Calculation of social insurance contributions
  •   Submission and payment of the social insurance forms
  • Preparation of annual IR63 for employees
  • Preparation and submission to the income tax office of the employers IR7

Social Insurance

Every employee in Cyprus is compulsorily insured under the Social Insurance Scheme.
The compulsory insurance falls into two categories: employees and self-employed

  • Every person who is employed in the service of an employer, such as workers, employees in the private sector, public employees, semi-public employees and apprentices fall under the category of employed persons.
  • Every person who is employed in a business of their own or perform any activities for their own account, such as traders, industrialists, farmers etc., fall under the category of self-employed persons.

Employers pay their contributions (including the employee’s share), by the end of the calendar month which follows the month for which contributions are due. For example, for May 2019 contributions must be paid by the 30th of June 2019.

Self-employed persons pay their contributions quarterly within one month and ten days from the end of each quarter. For example, January-March 2019 contributions must be paid by 10th of May 2019.

The Social Insurance services include the following:

  • Assistance in registering and de-registering employers and employees with the Social Insurance Department.
  • Assistance with performing the payments of the Social Insurance Contributions for employers, employees and self-employed individuals.
  • Obtaining a tax clearance certificate from the Social Insurance Department.
From 1 January 2015, supplies of telecommunications, broadcasting and electronically supplied services made by EU suppliers to private individuals and non-business customers will be taxable in the Member State of the customer.

Mini One-Stop-Shop (MOSS)

MOSS is a scheme to allow taxable persons supplying telecommunications, broadcasting and electronic services to non-taxable persons, in Member States of the European Union in which they do not have an establishment, to account for the VAT due on those sales, via a web-portal in the Member State in which they are identified.

The MOSS services include the following:

  • Assistance in registering and de-registering with the Mini One-Stop-Shop (MOSS)
  • Assistance in preparing and submitting the applicable return form

INTRASTAT

In January 1993, frontier controls on the movement of goods between EU member states were abolished and importers and exporters in EU trade no longer were required to complete customs documentation.

Therefore, in order to fill the gap that was created concerning the collection of statistics information, the EU introduced a system known as INTRASTAT.

The system was designed to ensure that statistics of internal EU trade could be collected in a way which would maintain the quality of the statistics and the timeliness of their collection.
  • As from May 1st 2004, each VAT-registered person who supplies goods to and/or receives goods from other member states (the value of which is exceeding the statistical threshold), is obliged to submit the INTRASTAT return for arrivals as well as dispatches to the VAT Service each month.
  • According to the EU regulation, the Cyprus government defines each year thresholds expressed in annual values of intra-Community trade, below which parties are exempted from providing any INTRASTAT information. The thresholds are defined separately for arrivals and dispatches and they may change each year.

The INTRASTAT services include the following:

  • Assistance in registering and de-registering with the INTRASTAT system
  • Assistance in preparing and submitting the applicable return form

CONTACT US

Contact us for a personalized proposal

Complete this simple online form to allow our specialists to get back to you ASAP