ACCOUNTING AND VAT

for companies

Overview

All registered Companies in Cyprus have an obligation to keep proper accounting books. The accounting books can be located in the registered office of the Company or at any place the directors of the Company decided. The accounting is a crucial part of the Company since through the accounting record a Company will be able to prepare its financial statements, complete the year compulsory audit and submit its yearly annual return. In addition, at any time tax authorities and Vat authorities can request to be provided with the accounting records for review and examination.

Frequency of update your accounting records

As per the Income Tax Law, the frequency that the accounting records should be updated is 4 months from the date of transaction
For Vat purposes, the frequency that the accounting records should be updated is quarterly
For VIES purposes, the frequency that the accounting records should be updated is monthly

We suggest to update your accounting records on a monthly basis in order to be fully comply with above deadlines.

We offer the following services:

Maintenance of your General Ledger on a daily/monthly/quarterly or any other requested basis (notes 1, 2, 3)
Reconciliation of banks accounts
Reconciliation of debtors and suppliers
Preparation of the Vat records including completion and submission of the quarterly vat returns
Assist on the yearly audit by providing auditors with any requested information and documentation used for the accounting
Review draft Financial Statement before approval by the external auditors
Preparation of the management accounts according to client request (i.e. monthly, quarterly, annually)

Notes:

1. Can be performed on single currency or multicurrency basis

2. Can be performed through your requested accounting software or through our accounting software and prefered method.

3. Can be performed by visiting your office (special arrangement)