Cyprus Accounting-Audit Services. One Stop Shop
Cyprus accounting-audit services are available for your company. Cyprus Accounting-Audit Services can be offered for your company on your request. Just ask for a quote of our Cyprus Accounting-Audit Services and our accounting partners will get in touch with you immediately. We offer very favorable fees for all the Cyprus accounting-audit services you may need, such as bookkeeping, accounting, audit, vat tax filing, vies services and financial advice. We can create a tax optimization scheme for your business, since our firm since 1979 has been offering corporate and legal services. Cyprus Accounting-Audit services, follow the International Financial Reporting Standards (IFRS) so that accounting and audit accords to the standards of the international community. Also in practice this helps for the keeping of proper books as required by article 141 of the Cyprus Company Law Cap 113.
Assessment and Collection of Taxes
The Assessment and Collection of Taxes Law requires that a company must produce if called upon to do so supporting documentation for all its transactions in the form of invoices, receipts, agreements etc Proper accounting services are also required for by the Assessment and Collection of Taxes Law as per it`s amendment of 14th December 2010 whereby bookkeeping records are required to be updated every three months. These accounting and audit books must be kept and be available for inspection by the IRD for 6 years according to the above law and for 7 years according to the provisions of the VAT Law article 43, schedule 10. By article 142 of the Cyprus Company Law companies in Cyprus are expected to prepare financial statements in accordance with the International Financial Reporting Standards: `Article 142.- (1) (a) The directors shall cause to be made, for every company, a complete set of financial statements, as this set is prescribed by the International Accounting Standards.` By article 152A of the same law small sized companies are exempted:
152A.-(1) (a) The following companies shall, in accordance with the provisions of the Auditors and Statutory Audits of Annual and Consolidated Accounts Law 2009, submit their financial statements to an auditor for auditing: (i) every company required by this Law to prepare consolidated financial statements; (ii) every public limited-liability company ; (iii) every private limited-liability company not being a small sized company . (b) The companies mentioned in paragraph (a) shall also submit to the auditor the directors‟ report for the purpose of auditing its compatibility with the submitted financial statements. (2) For the purposes of this section, the term “small sized company” means a company in which at least two of the three sizes below shall not exceed, throughout the financial year, the following prices: (i) total of assets presented in the balance sheet (and without having subtracted the liabilities ) at 34,172.029 euros; (ii) net turnover of 70,052.659 euros; (iii) average number of employees, fifty persons. Article 5 of the Income Tax Law 118(1)/2002 defines the taxable income of private taxpayers and tax resident companies. By the provisions of article 5(1) of the Declaration and Collection of Taxes Law 4/1978, every private taxpayer and every company must file accounts and declare their taxable income for the tax year. Our firm offers all the range of Cyprus Accounting-Audit Services needed by your company.
When To File Accounts
A private taxpayer can file his accounts on the 30th of June of the year following the tax year. A company can file its accounts on the end of the next year of the tax year. For observing proper accounting the owner of the company must frequently deliver his sales and purchases to his Accounting Firm so that his bookkeeping is kept regularly. This is important as his accountants will also file his vat returns quarterly and also through good accounting to estimate as precisely as possible the temporary corporate tax of his company and pay it in time to avoid penalties and fines. By article 24 of the Declaration and Collection of Taxes Law 4/1978 every taxpayer has to submit by the 31st of July of the tax year an estimated corporate tax payable for his tax year and pay it.
Accounting Services and Fees
Every company after it registration must keep books and file audited accounts once a year. If after its registration a company does not register with the Inland Revenue department its directors are liable to criminal charges. We offer accounting in at reasonable fees. Our company will offer you accounting services at low fees through our accounting associates who are highly trained and highly educated accountants and independent auditors. Get in touch with us and ask for a quote for your accounting as soon as the need arises even if you have not incorporated your company through our firm. Of course if you incorporate a company through our law firm, we will also offer you best accounting fees for your new company. A company is easy and fast to register and even easier to operate. Registration procedures for a Cyprus company can been done in your absence and the company registration can be completed in about 4 to 5 days. For the procedure and other information for the Cyprus company registration follow this link: Cyprus CompanyRegistration.Most of the time fees for Cyprus accounting in Cyprus, go together to form a more client friendly package.
Cyprus Audit Services – Fees for Cyprus Audit Services
Cyprus Audit Services are also of very high standards. Audit services in Cyprus are freely available and at reasonable fees. An Auditor has to be independent from the Accountants. The reason for the need of independent auditing in Cyprus is that the law requires the auditor to control and overview the accountants to ensure the proper and truthful accounting services in the country. At the proper time the auditors will audit and file the accounts of the Cyprus company at the Inland Revenue Department and of course appear before the IRD Director and argue a case for his client if there is a dispute as to any of the company`s expenses or the declared taxable income. Our firm will be glad to assist you in any accounting audit matter or problem.