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.

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.

• 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 Return Submissions: VAT carries the highest penalty of 10% of the tax due so ensure no VAT stays unsettled

• Corporation Tax: 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%.

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.

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).

This article is written by Finhub. Finhub allows you to find the right lawyers, accountants and immigration experts within your budget, effortlessly for free. Simply select the services you need and let the platform match you with the right vetted and regulated professionals. No commitment or hidden costs, totally free! 

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The author of the article is Mr Kyriakos Tramountanellis founder of CYAUSE Audit Services, an Audit & Assurance firm with offices in Cyprus and the UAE and the Co-Founder of Finhub.