For a Gibraltar company to remain in good standing, it must file annual accounts. It also must file accounts on time, or have to pay fines for late delivery.
As from the beginning of using your company; we will guide you on the accounting records that need to be held.
From your accounting records, we can compile annual accounts.
These are compiled in accordance with Gibraltar Companies Accounts Ordinance of 1999 as modified, and in accordance with international generally accepted accounting practice with
Price quoted before the year end are for a simple company accounts based on a client produced trial balance.
On 1 January 2016, Gibraltar's corporate income tax laws changed and the Income Tax (Amendment) Act 2015 was enacted. These changes now affect all companies, whether or not they are trading in or are managed from Gibraltar.
This legislation amends the Income Tax Act 2010 in a number of areas, most notably the tax filing requirement for companies, which now includes the need for every Gibraltar company to have a Tax Identification Number (TIN).
Previously, a company was only required to file a tax return and accounts if it had income assessable to tax in Gibraltar. The Act now extends the annual filing requirements to every company that is registered in Gibraltar. This includes the filing of accounts, even in cases where the company has no income or assets
The filing of these accounts to the Tax Office must be done within nine months of the company's financial year-end. It is imperative that the tax return and accounts are filed timeously; financial penalties are imposed for late submission and the company will lose its status of good standing.
Our comprehensive accountancy service combines tax compliance with the production of the company’s accounts.
Income earned in or derived from Gibraltar will attract 10% corporation tax. Income from elsewhere will not suffer corporation tax and the tax return will state that no income is taxable.
The CT3 form that needs to be filled in to register for Corporation Tax requires::
Details of shareholders' and directors' names and addresses will also need to be given, as we have to disclose information which shows that parties are not resident in Gibraltar.
The company will then be issued with a Tax Identification Number (TIN), and subsequent correspondence with the Income Tax Office will be referenced to this number.
The TIN is particularly useful for trading companies when opening a bank account, making an investment or demonstrating to trading partners that the company is registered for tax purposes.
As part of the initial work, a company is expected to appoint a professional tax representative.
After the lodging of the accounts, we need lodge the Corporation Tax Return (CT1).
In most cases, we simply have to lodge accounts and prove that the company does not trade in Gibraltar.
This means we need to:
Note that when the tax return is filed, typically we will already have ensured the:
The CT3 form asks for the name and profession of representative. In our case it is a Chartered Accountant in the Institute for England and Wales.
Then lodging a copy of accounts in accordance with Gibraltar Companies Accounts Ordinance of 1999 as modified, and in accordance with international generally accepted accounting practice with: