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How to find and choose a good tax accountant

Written by Dimiter Togliatti on . Posted in Articles

It is important that you choose your tax accountant carefully. Here are a few tips to help you.

If you have not used the services of a tax accountant before you should be aware that anyone can call themselves a tax accountant whether or not they are professionally qualified. There are some non-qualified accountants who may have the experience to help you; however, those that are qualified have completed relevant qualifications and will be regulated by their professional body. Furthermore, professionally qualified accountants will have achieved a qualification comprising knowledge, work experience and ethics. They keep their skills and knowledge up to date through continuing professional development and make an annual statement to their professional body that they have done so. They are also required to hold a professional indemnity insurance.

Some of the professional bodies who can help you find an accountant/tax adviser are:

TAXISnet: Taking advantage of electronic tax submission

Written by Veronica Goncharenko on . Posted in Articles

TAXISnet Cyprus

In 2004, the Cyprus authorities launched TAXISnet Service, an electronic system for submission of tax returns. Some of the main advantages of using the service are:

  • Easy - With average computer and internet skills, it is easy to complete, store and print out a copy of your tax return submission
  • Convenience - You can access TAXISnet day or night, so you need not wait on those long cues just to submit your tax return
  • Acknowledgement - Instead of sending your income tax return by post and hoping it does not get lost, filling on TAXISnet will give you an instant acknowledgment of your submission and follow up its progress
  • Completion at your own pace - You can save your data safely and return to it later. This means you can complete your tax return at your own pace, provided you meet the filing deadline
  • Extended deadline - The deadline for filing online returns is later (30 July) than for paper returns (30 April)
  • Safe and secure - The TAXISnet website has 128-bit encryption, so your login details and submission are secured

Strategies for extracting profits from owner-managed companies: Selling assets to your business

Written by Veronica Goncharenko on . Posted in Articles

Selling assets to your business could be an efficient, quick and comparatively easy way of extracting cash from your company. However, before doing that, you need to learn what types of assets you could sell, at what price, and how to protect yourself from common pitfalls which may give rise to tax liability.

In principal, you could sell any type of asset (tangible or intangible) to your company provided that you have full ownership of what you sell and the Memorandum of Association of your business covers such objective. Yacht boat, motor vehicles, computer hardware, software, furniture, logos, trademarks, antiques, real estate and shares are some examples among the many. After you have concluded the sale, you will receive cash payment and the asset will become property of your business.

Austerity measures and changes to the Cyprus tax legislation: What could matter to you

Written by Veronica Goncharenko on . Posted in Articles

In an effort to reduce the fiscal deficit and avoid a third downgrade of the sovereign debt, the Cyprus House of Representatives hastily voted on 26 August 2011, the first package of austerity measures which is expected to shore public finance by €318 million per year. Namely, the following amendments to the legislation were made:
1. The Income Tax Law: impacting personal income
2. The Special Defence Contribution Law: impacting interest and dividend income
3. The Immovable Property Law: related to immovable property tax
4. The Companies Law: fixed annual levy to companies
5. The VAT Law: related to immovable property
6. The Laws relating to the contributions and retirement benefit of government and semi-government employees

Strategies for extracting profits from owner-managed companies: Pension contributions

Written by Veronica Goncharenko on . Posted in Articles

Extracting profits from your own business in the form of pension is one of the most tax-effective ways of remunerating yourself. Regrettably, the vast majority of business owners overlook this tax strategies which if implemented properly could significantly lower their tax bill.

In this article, we shall discuss some of the first questions that may come to your mind: How this tax strategy works? Why I should consider including pension contributions to my remuneration? What are the tax benefits, for me and my business? How much I will save in comparison to, say receiving a salary or dividend? How should I go about structuring a pension plan?

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Recent amendments to the Cyprus Income Tax issued by the IRD, state that as of the tax year 2017, Income Tax Returns for individuals are accepted only electronically. Learn More