Offshore Accountancy Services
International Companies have to maintain accounting records, although these accounts are not on the public record, this is to comply with international rules to prevent money laundering and international crime.
Our accountancy service combines compliance with the production of the company’s accounts and these accounts need to be compiled, signed by the directors and approved by the shareholders.
A company needs to keep details of:
- Directors, Shareholders and the Company Secretary
- The results of any shareholder votes and resolutions
- Share transactions and any details where beneficiaries are different to the named owners
- Loans or mortgages secured on the company’s assets
Accounts must show details of:
- All money received and spent by the company
- Price, location and depreciation records of all assets owned by the company
- Details of all debts that the company owes or is owed
- Proper records of all stock that the company owns at the end of the financial year
- Records of how stock is valued for accounts- there are accounting rules on this, and we can advise you
- A record of all goods bought and sold
- The name, residence and physical locations of the people or companies from a to whom the goods were bought from and sold to
Filing Company Accounts for the Gibraltar company
To ensure that your company is kept in Good Standing, we can prepare and submit the company accounts, annual return and tax returns on your behalf.
A chartered accountant on our staff will assist you with all matters related to tax and accountancy.
Estimation of the filing costs:
- Prepare the annual accounts for a company with assets such as property, but no activity: around £400
- Prepare the annual accounts for a company with activity and/or bank account movements: from £600
- Prepare dormant annual accounts £200
- Prepare and file the Annual Return £200
Corporation Tax filing for the Gibraltar company
A company that is incorporated in Gibraltar and has no activity there is not taxed in Gibraltar although it needs to register for Corporation Tax and needs to file an Annual Tax Return together with Accounts.
Appointment as a Tax Agent: annual fee £400
Application for a TIN (tax identification number) fee £250
CT1 filing and submission of the annual accounts (annual tax return): £150 per submission (in addition to preparation of the accounts).
This includes the filing of accounts, even where the company has no income and the accounts will be dormant.
From your accounting records, we can compile your annual accounts in accordance with Gibraltar Companies Accounts Ordinance of 1999 as modified, and in accordance with international generally accepted accounting practice.
Corporation Tax Compliance in Gibraltar
The Income Tax (Amendment) Act 2015 now includes the need for every Gibraltar company to have a Tax Identification Number (TIN).
This is particularly useful for trading companies when opening a bank account, making an investment or demonstrating to trading partners or the authorities that the company is registered for tax purposes.
The filing of these accounts with the Tax Office must be done within nine months of the company’s financial year-end. It is important that the tax return and accounts are filed; financial penalties are imposed for late submission and the company will lose its status of good standing.
Corporation Tax Registration in Gibraltar
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:
- Statutory information about the company
- Trading address
- Details about the activity
- Details about the date to which the company will prepare the accounts
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.
Tax Representative for a Gibraltar company
As part of the initial work, a company is expected to appoint a professional tax representative.
Accounting and Tax
A company incorporated in Gibraltar needs to register for Corporation Tax and submit tax returns, and file company accounts in the format used in the United Kingdom. While no tax is payable in Gibraltar, if the business is elsewhere,
- We advise you on what is needed; and ensure that you keep the correct records for your company from the start of your business
- We obtain the obligatory tax identification number for you
- We keep your company in good standing; by compiling and filing the statutory accounts in the format required and on time
- We ensure that tax returns are lodged on time, and recorded by the tax authorities
Gibraltar Corporation Tax Return
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:
- Obtain proofs of the company trading address
- Obtain proofs of the nature of business undertaken
- Lodge accounts for the period of account chosen on the original CT3
Note that when the tax return is filed, typically we will already have ensured the:
- Appointment of tax representative for the company
- Due diligence related to the appointment
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:
- Balance Sheet
- Profit and Loss for the period
- Report of the Directors
- Notes to the Accounts
Accounting Services for Irish Companies
We can organise the following which can be needed to make the company operative:
- Informing Revenue Commissioners and supplying details of the new company
- Registering for VAT
- Register for PAYE/PRSI
- Register with Revenue Commissioners for Corporation Tax
Our comprehensive accountancy service combines tax compliance with the production of the Irish company’s accounts. We can then organise and lodge periodic and annual accounts as well as corporation tax returns. Therefore, we would be able to
- Compile and lodge the annual accounts with the Company Registration Office in accordance with accounting rules and legislation
- Compile and lodge the accounts and a corporation tax returns with the tax authorities in due time, in accordance with the rules about what needs to be lodged
Registering your Company for VAT
You must register for VAT if the Irish incorporated company is invoicing in the European Union and is not registered for VAT anywhere else, or in the case of a company managed from Ireland: where your annual turnover exceeds or is likely to exceed : €70,000 in respect of the supply of goods or €35,000 in respect of the supply of services.
To register for VAT you must show a trading presence and some infrastructure in Ireland or evidence of trading partners in Ireland.
A registered office address or a virtual office will not suffice.
We can advise you on the steps to take to get a VAT number in Ireland if you have:
- a dedicated work place in Ireland
- an Irish bank account
- employment of at least one person
Registering for PAYE/PRSI/USC
When a company starts employing staff, they must register for payroll taxes.
Advanced Income Tax deductions (PAYE) is taken from employees’ gross pay and Pay Related Social Insurance (PRSI) is payable by employers and employees.
We will draft and send for signature the required registration forms and once the signed documents have been returned we will administer the entire registration process
Every Irish company is obliged to file an annual return each year at the Companies Registration Office. The first annual return is due for filing with the Companies Registration Office 6 months after incorporation.
The date for filing of your annual returns remain the same each year.
The second and all subsequent annual returns require accounts to be annexed when filing.
The following information must be provided for the annual return:
- Date of the return
- Company Name
- Company Registration Number
- Registered office address
- Any address where the statutory documents may be kept
- Name and address of company secretary
- Any political donations made by the company
- Authorised share capital
- Issued share capital
- Details of payment of the shares
- List of shareholders on the date of the return
- List of persons who have ceased to be members since the last return
- Details of shares transferred since the last return
- Directors’ names
- Directors’ dates of birth
- Directors’ nationality
- Directors’ residential address or address for notification
- Directors’ occupations
- Details of directors’ all other directorships of companies
UK Accountancy Services
Companies in the UK have to maintain accounting records, Our comprehensive accountancy service combines compliance with the production of the company’s accounts.
Our experience of accountancy and tax & financial planning means we can provide a fixed fee, limited company Accountancy Services.
Our inclusive low cost fixed fee accountancy packages includes completion of accounts, corporation tax computations, your own dedicated accountant and filing your Confirmation Statement.
We tailor our accountancy packages to suit your business needs, with no hidden fees and no extra charges. Choose from one of our packages, or ask us to quote you.
A UK company needs to keep accounting records that include:
- all money received and spent by the company
- price, location and depreciation records of all assets owned by the company
- details of all debts that the company owes or is owed
- proper records of all stock that the company owns at the end of the financial year
- records of how stock is valued for accounts- there are accounting rules on this, and we can advise you
- who the goods were bought from and sold to- this is very important for VAT purposes
UK Tax Return
All UK companies; whether they are limited companies or limited partnerships need to lodge tax returns.
- A full copy of statutory accounts in UK generally accepted accounting format
- All records of money transactions including bank account records
- All records of money spent on behalf of the company, including petty cash
- All receipts of money: invoices, contracts, sales books and till rolls
Corporation Tax UK
The UK operates a self assessment system for corporation tax. This means that it is up to the taxpayer to state that corporation tax is due, and to register for taxes and to file returns accordingly. It is not the responsibility of HM Revenue & Customs to work out how much corporation tax to pay, so if a company starts, and they do not register for corporation tax, then they will be fined.
The company must
- inform the HMRC that they have started business by registering on-line. This is usually done by the tax agent
- file a company tax return and supporting documents online and in the format iXBRL
Registration for Tax
HMRC encourages a company to register for tax as soon as they are incorporated. Through contracting an accounting and tax service this is taken care of.
- if the company is not intending to trade for the first few month, the company still needs to register and basic details need to be lodged
- when the company starts to trade, a tax period begins, so the date needs to be communicated along with the activity, place where the work takes place
The Tax Return
Companies must file their company tax return within 12 months of the end of their accounting period, and the tax is due to be paid 9 months after the accounting reference date – so a tax agent will ensure that a return is lodged promptly.
If the company is late in filing a return; the company will be charged an automatic penalty, even if it does not owe any corporation tax.
The basic price for accounting services is based on the number of the monthly accounting entries (documents like sales and purchase invoice, receipts, report etc).
The price includes all the following services, as needed:
- Checking and entering of source documents (general ledger)
- Collection of source documents
- Fixed Assets accounting
- Settlements with reporting persons
- Purchase and sales ledgers
- VAT, tax accounting, tax reporting
- Management reports
- Submission of declarations to the Tax and Customs Board
- Getting the digital signature for the company from HMRC
- Appointment as tax agent for the company
- Advice on status for VAT or other schemes related to indirect tax
- Agreeing with the client the format that we will use to register accounting entries.
Quarterly or periodic work
- Periodic accounts where needed, in order to lodge a VAT return
- Lodging VAT returns
- Reconciliation of figures where needed on a quarterly basis
Annual accounts and submission of Tax Return
- Compiling and lodging the annual accounts electronically in iXBRL format to the Registry of Companies in accordance with accounting rules and legislation
- Advice on what sort of accounts and details that should be filed for the Registry
- Compiling and lodging the annual electronically in iXBRL format to lodge with the tax authorities in due time, in accordance with the rules about what needs to be lodged
Accountancy and Tax – LLP
A Limited Liability Partnership never pays tax in its own right, the tax is due on the member of the partnership in their own country of tax residency.
However the following needs to be done in all cases:
- Financial statements need to be lodged for all LLPs with Companies House. The abbreviated accounts that can be lodged with Companies House are specific to an LLP.
- Tax returns need to be lodged for every accounting period for the LLP itself and for all the shareholders
Please note the following:
- The format of the balance sheet is different to that of a Limited Company.
- The members have to lodge tax returns even if the company has not traded
- If the member is a limited company; the tax return lodged for the member needs to be accompanied by company accounts and some information about where the company is considered to be resident for tax purposes.
- If the member is a private individual: details of the income they derive from the LLP needs to go on their personal tax return. If the member is a UK taxpayer, then we can advise. If the member is non-resident, the UK tax return for the private individual will only contain information about the partnership profits, which of course will not be taxed in the UK.
An LLP is often a good model for international business, because it is not taxed in its own right. However, there are strict rules about what needs to be filed. Typically we do:
- Preparation and lodging of accounts for the Partnership
- Preparation and lodging of accounts for any partner which is a limited company
- Preparation and lodging of a tax return for a private individual