Cyprus Accounting. Services and Fees: Cyprus Accounting Standards are the IFRS. Every Cyprus Company has file audited accounts according to the Cyprus laws, for all its operations either in the country or abroad and for its revenues and out payments for the tax year. The corporate tax rate in Cyprus is only 12.5%. Cyprus accounting must be done independently of whether a company is Tax Resident in Cyprus or not. However a non tax resident company does not pay corporate tax in Cyprus.
Cyprus Accounting is of very high standards and it follows international standards recognized worldwide (IFRS). There are private Cyprus Accountants and Accounting Firms in Cyprus offering accounting services to foreign company owners. Our associate accountants are UK trained professionals who will offer you all the services you need including accounting, audit, vat filing, vies services and any financial advise you may need. For more reading on Cyprus Accounting and Audit Services follow this link: Cyprus Accounting-Audit Services Cyprus.
Cyprus Accounting. Services and Fees: Time For Filing Accounts
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 Cyprus Company must keep accounting books and file audited accounts and declare their taxable income for the tax year. A private taxpayer can file his accounts on the 30th of June of the year following the tax year. A Cyprus Company can file its accounts on the end of the next year, of the tax year.
For observing proper Cyprus Accounting the owner of the Cyprus Company must frequently deliver to his Accounting Firm his sales and purchases so that his Cyprus Accounting is kept regularly. This is important, as his Accountants will also have to file his Vat Returns quarterly.
Also through diligent accounting they have 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 estimation of his payable tax amount, for the tax year and pay it. If his Cyprus Accounts fail to do this his Corporate Tax will be penalized by 10% fine.
Accounting Services fees in Cyprus are reasonably priced by most of the Cyprus Accounts. However this is not to be taken for granted. So a little research will not harm you before you employ your Cyprus Accountants.
Our firm offers you Cyprus Accounting services at best fees through by our accounting partners who are highly trained and educated professional accountants and independent Auditors.In fact on the incorporation of your Cyprus Company by our firm, we will offer you full advice about your accounting and audit needs in Cyprus.
Get in touch with us and ask for a quote for accounting fees and costs as soon as the need arises.
It goes without saying that if you incorporate a Cyprus company through our law firm, we will also offer you reasonable Cyprus Accounting fees for your new company. Our basic Cyprus accounting fee package begins at 1800 Euro, for the medium and small company with an average of 20 invoices per month and a turnover of around 1-2 million per year. For operations of a larger scale the Cyprus accounting fees are always discussed and agreed with the client, depending on the number of transactions, the turnover, the complexity of the activities and operations the structure of the operations etc.
Cyprus Audit Services – Fees for Cyprus Audit Services
Cyprus Audit and Cyprus Auditors are again of very high standards. Audit services in Cyprus are freely available and at reasonable fees. Usually Cyprus Accounting Firms offer also Auditing services. An Auditor has to be independent from the Accountant, so the offices for Cyprus Auditing are kept separate from the offices of the Accountants thereby observing the legislation. 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.
All this may sound a little complicated but do not worry, Cyprus Accounting – Audit are of the highest standards and Cyprus Accounting Firms are well trained to handle any situation for your company`s accounts.Our firm will be glad to assist you in any accounting audit matter or problem.