How to avoid penalties and fines for your Cyprus Company
Is not just about tax liabilities. Keeping your penalties and fine bills down for your Cyprus company could also be an issue which really, it is simple to tackle!
We summarise below what we believe are the easiest ways to get rid of penalties and fines for your company!!!
1. Find your self the Right Auditors
It is important to hire up to standard auditors and accountants as the have the fiduciary duty to act in your best interest which translates into taking actions so as to protect your business against statutory penalties and fines.
2. Ensure your business filings are up to date
This should be ensure by point 1 above but if it is not; then
- Registrar of Companies Submissions
Remember that the companies financial statements must be up to date and submitted within the year following the year end. So if you are far behind expect penalties and fines
VAT carries the highest penalty of 10% of the tax due so ensure no VAT stays unsettled
Carries a small (depending on the size of tax) penalty of 10% on the tax due, so if you omit to settle this tax in July and December expect a 10% penalty on the tax due.
- Social Securities / Insurance
Failure to register employees for the social securities could be brutal to your business! Social securities can request your company to go back several months and even years and demand you to registered the undeclared labour since then. Offcourse not only you will have to pay the social securities and NHS which can reach but also the Social Securities penalties which start from 3% - to 27%.
3. Lean about your business obligations. Don’t be passive about it
In business the more you know the better you are protected against penalties, fines and taxes. So don’t just wait for your auditors or accountants to inform you about a statutory filing requirement. Be aware of the deadlines and always, I will repeat always, provide your accountants and auditors with all paperwork well in advance.
In conclusion
The easiest way to avoid paying thousands in penalties and fines is to find the Right Accountants / Auditors who will assist you with your filing requirements and ensure that all of the above areas are tackled in such a manner so that your Company or Business (for self employed persons) will be paying only the Right Taxes (and off course no penalties or fines)
How Can Finhub Assist You
Finhub enables you to find the Right Service Provider for your Business such as Lawyers, Auditors, Immigration Experts and Fiduciary Service Providers.
Finhub uses only regulated audit and assurance firms without negative comments from our users. Feel free to use finhub to find the Right Accountant to your needs.
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