Income Tax, Value Added Tax, Corporation Tax, it seems that wherever we live in the world, there’s nothing more inevitable than taxes. Unfortunately, the world of tax is a pretty complicated one. All taxes have their own rates, rules and regulations, and these are liable to change. A lack of knowledge is no defence for an unpaid tax bill or wrongly filed accounts, so the onus is on you to ensure your accounts are in order and your taxes are paid correctly.
The law requires you to have your tax affairs in perfect order
For most business owners, taxes and accounts are a secondary issue. You’re thrust into the role of accountant in order to ensure your business is running legally. As anyone who has ever started up a business will know, there’s a lot to learn, and it’s so important to get it right. When you think of the potential consequences, it can be very daunting and cause a great deal of concern. Fail to keep the right records and you could end up being investigated for tax fraud. Even if this was unintentional, your reputation in the business world, with your clients or customers, will be damaged, and that kind of association is very hard to lose. We don’t wish to scare you, but it is a legal requirement to declare all your earnings and prove your business turnover, and failure to keep your records properly, and to submit the right information to the relevant places at the correct time can result in large fines and even prison sentences. Tax is certainly a serious business.
You could be missing out on tax breaks you’re entitled to
On the flip side of the coin, you could well be paying more tax then you really need to and that’s a huge shame. It’s interesting to consider that hiring a company to help you with tax could actually save you more money than it costs you to hire the tax advisory company! Just as there are many rules regarding the taxes you have to pay, there are also lots of ways in which you can save tax, with a variety of schemes and incentives and a wide range of expense claims options that you may have overlooked.
Global tax implications can be overwhelming
Many businesses struggle on with their taxes alone until they hit a critical point where it just makes sense to outsource the accounting and tax problems and get rid of the headache. This tipping point often arises when a business begins to move outside of the home market and begin trading globally. Nowadays, global trade is increasingly easy and so this is a common occurrence. It makes sense for businesses to set up companies in a variety of countries to establish a presence there, but the tax implications then suddenly become increasingly complicated.
Reduce risk, boost profits
By employing the services of our highly skilled tax advisors you can rest assured that all your tax obligations will be met, but you’ll never pay more than you have to. All the intricacies of the tax systems of different countries and any changes to them are constantly monitored so we’re always on the ball. Get in touch today to find out more.
VAT or Value Added Tax is perhaps one of the most complicated taxes you’ll have to deal with. The rates and rules differ from country to country, and the details of this tax change regularly. For EU businesses, it is important to keep ahead of these changes, as you’ll need to know immediately should there be a rate change in your country, or a country you do business with. For businesses outside of the EU, dealing with businesses within Europe, VAT can seem incredibly complex and hard to fully understand. If your company solely conducts business within your own country, such as within Cyprus, then VAT is enough of a complication, but when you begin to take into account trading across countries, with differing rates of VAT, the complexities massively increase. Yet, however challenging it may be, you always have the option of allowing Globalserve to take the stress away from you and manage all your VAT issues with a comprehensive range of VAT services.
A closer look at VAT in Cyprus
Of course VAT regulation and rates differ from country to country, but as we are based in Cyprus, as are many of our clients, here is some information regarding VAT within this jurisdiction. As part of the EU single market economy, Cyprus is governed by EU VAT rules with directives being issued by the EU. VAT in Cyprus was first introduced in 1992 and the rate is currently 19% except for a few exceptions such as a reduced rate of 9% for some tourism related services such as accommodation and a lower rate of 5% for some items such as food for animals and medication.
The threshold at which you much legally become VAT registered in Cyprus is currently set at €15,600 (annual). Becoming VAT registered can be a little time consuming, but it is necessary if you have reached the threshold. We can help you through the entire process which should be completed within around four to six weeks.
Once VAT registered, you’ll be obliged to keep very specific records with regards to your accounting. This may mean a change in your own methods, additional work for yourselves, or perhaps this would be a good time to hand your accounting over to a third party company such as Globalserve. We can look after your accounts, deal with any VAT issues, leaving you to get on with running your business.
We offer VAT services to businesses worldwide, so don’t hesitate to get in touch if you have any questions or require more information regarding our services. Our expert accounting and VAT team are fully knowledgeable regarding all aspects of VAT and global accounting practices.
Don’t hesitate to get in touch
If you have any questions at all, do get in touch. We can advise you on all aspects of accounts, VAT and other taxes. Call or email us, or find more information regarding the extensive range of services we offer on our website.
You will be responsible to administer our social media accounts, creating original text and content, managing posts and responding to followers. You will manage our company image in a cohesive way to achieve our marketing goals.
As a Social media manager, we expect you to be up-to-date with the latest digital technologies and social media trends. You should have excellent communication skills and be able to express our company’s views creatively.
Ultimately, you should be able to handle our social media presence ensuring high levels of web traffic and customer engagement.
Good to have Social Media Manager skills:
To apply for this position, please email your CV to the following e-mail address This email address is being protected from spambots. You need JavaScript enabled to view it. or call us for further information at 25 206 931
**Due to the high volume of applications we receive only shortlisted candidates will be contacted.
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