From corporate tax returns to management accounts, we’re able to provide bespoke solutions to managing your businesses corporate accounting requirements
Corporate accounting solutions for your business
Let us handle your corporate accounting needs, freeing you up to focus on growing your business.
Our team of seasoned corporate accountants possesses extensive expertise in accounting standards, double tax treaties, and tax laws across Cyprus, Malta, Portugal, the UK, and the UAE.
While it may seem overwhelming, enlisting the services of professionals can alleviate the stress involved, allowing business owners to focus on other essential aspects of their operations. Our team of experienced corporate accountants can provide valuable insights into your company’s financial health and offer suggestions for improvement, as well as creating budgets and forecasts to ensure that your business is on the right track financially.
Trust our experts to guide you through the intricacies of corporate accounting, ensuring the precise and timely completion of accounts and related tasks.
It is important for companies – especially those operating in multiple countries – to ensure timely and accurate submission of their annual accounts; a failure to do so may result in large penalties or fines.
Filing annual company accounts is a mandatory financial reporting requirement, which involves preparing financial statements to give an overview of the company’s performance and financial health, promoting transparency and accountability.
In the UK, these accounts must comply with accounting principles and include a balance sheet, profit and loss account, director’s report, and auditor’s report. Accurate financial information helps investors make informed decisions.
The UAE mandates audited financial statements annually under Federal Law No. 2 of 2015 on Commercial Companies, ensuring transparency for shareholders and creditors.
In Cyprus, annual accounts must be filed within specified timelines to determine tax liability and financial stability.
Malta and Portugal also have stringent requirements for filing annual accounts, aiming to enhance corporate governance and compliance with tax laws.
Overall, filing annual company accounts fosters transparency, accountability, and good corporate governance practices, aiding stakeholders in evaluating company performance and making informed decisions.
While you can prepare and file your own company accounts, it is highly recommended for companies to seek professional assistance and advice when preparing their financial statements to ensure compliance with local regulations.
Management accounts refer to financial reports that are specifically prepared for the management team of a company or organisation. These reports provide detailed information on various aspects of the business, such as revenues, expenses, cash flow, and performance against budgets and targets.
One of the main reasons why management accounts are important is that they help managers make informed decisions about the business. By providing timely and accurate financial data, management accounts allow managers to analyse the current financial state of the company and identify areas that need improvement.
This helps them make decisions that will optimise resources and drive growth.
Management accounts also aid in monitoring the financial performance of a company over time. By comparing current figures to previous periods, managers can track progress and identify trends that may require attention. This allows for proactive measures to be taken before any issues become major problems.
Without management accounts, it would be challenging for managers to effectively manage the finances of a company; steering it towards growth and profitability. The accounts are crucial for making strategic decisions such as investments, expansion plans, and understanding the financial status of their organisation to make informed decisions to drive success.
Corporate tax returns are an essential aspect of running a business, as they provide crucial information about the financial status and operations of a company. It is a legal requirement for companies to file their tax returns with the government every year; regardless of their size or profitability.
A crucial reason for filing corporate tax returns is to ensure transparency and accountability in business operations. The information provided in these returns is used by regulatory bodies to assess whether a company’s financial activities comply with laws and regulations. This promotes fairness in competition and prevents fraudulent activities.
If a company operates in multiple jurisdictions, it becomes even more critical to file corporate tax returns. This is because different countries have different tax laws and rates, which can significantly impact a company’s bottom line. By accurately filing tax returns in each jurisdiction where the company operates, they can avoid double taxation or being subject to any unforeseen penalties.
Navigating corporate tax regulations across multiple jurisdictions can be a daunting task for any business. RHJ Accountants are here to provide expert support to companies operating in Cyprus, Malta, Portugal, the UK and the UAE.
Our team of knowledgeable corporate tax professionals are well-versed in the complexities of international tax law and double tax treaties, ensuring that your company remains compliant across all jurisdictions.
With RHJ Accountants, you can trust us to take the headache out of filing your corporate tax returns, leaving you free to focus on growing your business.
VAT Returns are reports that businesses are required to file with the government, typically on a quarterly basis, to report the amount of Value-Added Tax (VAT) they have collected and paid. VAT is a consumption tax that is added to most goods and services in many countries around the world.
Companies should register for VAT when their taxable turnover exceeds a certain threshold, which varies by country. In the UK, for example, companies must register for VAT if their taxable turnover exceeds £85,000. It is important for companies to register for VAT as failure to do so can result in penalties and fines from the government.
It is advisable for companies to use an accountant to file their VAT returns because dealing with VAT can be complex and time-consuming. The team at RHJ Accountants have specialised knowledge and experience in handling VAT returns and can ensure accuracy and compliance with government regulations. We can also provide valuable advice on how to minimise VAT liabilities and maximise potential refunds.
By using our services, companies can save time and resources while avoiding costly mistakes.
Payroll services are an essential aspect of managing a business or being a sole trader. It involves maintaining accurate records of employee wages, taxes, and other deductions. However, this can be a time-consuming and complicated task for business owners and sole traders to handle on their own.
To alleviate this burden, RHJ Accountants provide payroll services specifically designed for businesses and sole traders. These services can help streamline the payroll process and ensure compliance with relevant laws and regulations.
Some key benefits of using payroll services from our international, expert accountancy team include:
- Accurate record-keeping: our expert accountants have the knowledge and skills to maintain accurate records of employee wages, taxes, benefits, and other deductions. This reduces the chances of errors that can result in penalties or legal consequences.
- Timely payments: With payroll services, businesses and sole traders can ensure that their employees’ salaries are paid on time. This helps maintain employee satisfaction and avoids any potential issues with late payments
- Tax compliance: Payroll services from an external source also ensure that all tax obligations are met accurately and on time. This includes filing and paying employment taxes such as federal income tax withholding, Social Security tax, Medicare tax, etc
- Cost-effective: Outsourcing payroll services can also be cost-effective for businesses and sole traders. It eliminates the need to hire dedicated staff for payroll management or invest in expensive software systems
Overall, using payroll services from an expert accountancy firm, such as RHJ Accountants, can save businesses and sole traders valuable time and resources while ensuring accurate record-keeping and compliance with relevant laws. Especially those which may operate within multiple tax jurisdictions.
Great businesses need a great bookkeeper for a variety of reasons. Firstly, bookkeeping is an essential part of running a successful business as it involves keeping track of all financial transactions and ensuring accurate records are maintained. This is important for making informed business decisions, managing cash flow, and meeting legal requirements.
Outsourcing bookkeeping is beneficial for businesses which operate in multiple countries due to the complexity of managing finances across different jurisdictions. Our team of expert bookkeepers have a wealth of knowledge and experience in international accounting standards and can ensure compliance with various tax laws and regulations. They can also handle currency conversions, which can be challenging for businesses operating in different countries; this can be especially helpful as they may require different expertise in each location. Outsourcing allows businesses to tap into the expertise of RHJ Accountants, without having to hire additional staff.
Outsourcing bookkeeping can save time and resources for businesses. As bookkeeping involves tedious tasks such as data entry and reconciliations, outsourcing these tasks allows business owners to focus on other important aspects of their business.
Bookkeepers play a crucial role in managing finances and ensuring compliance with legal requirements. Outsourcing bookkeeping saves time, resources, provides access to advanced technologies and systems, and allows access to a team of experts with diverse skills and knowledge.
Corporate Accounting - UAE specific
A TRC (Tax Registration Certificate) certification in the UAE is a document issued by the Federal Tax Authority (FTA) to businesses that have successfully registered for VAT (Value Added Tax). This certification serves as proof that a business is compliant with the tax laws and regulations of the UAE.
Businesses in the UAE need a TRC certification to legally operate and conduct business activities within the country. It is mandatory for all businesses with an annual turnover of AED 375,000 or more to register for VAT and obtain a TRC certification. Failure to obtain this certification can result in penalties, fines, and potential legal action by the FTA.
Having a TRC certification not only ensures compliance with tax laws, but it also brings several benefits to businesses in the UAE. Firstly, it allows businesses to claim back any input VAT paid on purchases made for their business activities. This helps reduce overall operational costs and improves cash flow for businesses.
Additionally, having a TRC certification instils trust and credibility among customers and partners as it showcases that the business is operating legally and transparently. This can lead to increased customer loyalty and positive brand reputation.
Having an accountant for the process of obtaining a TRC certification can greatly benefit businesses. RHJ Accountants are well-versed in tax laws and regulations, making us the ideal professionals to handle your registration process. They can ensure that all necessary documents are submitted accurately and on time, avoiding any potential delays or penalties from the FTA.
Moreover, our team of accountants can provide guidance on VAT-related matters such as record keeping, filing tax returns, and complying with other tax obligations. This can help businesses avoid any mistakes or errors that could result in penalties from the FTA.
In conclusion, obtaining a TRC certification is crucial for businesses operating in the UAE as it ensures compliance with tax laws and brings various benefits such as cost savings and improved credibility. Having an accountant by your side during this process can help businesses smoothly navigate the complexities of tax regulations and ensure a successful registration.
The Economic Substance Regulation (ESR) was introduced in the United Arab Emirates in response to the Organisation for Economic Co-operation and Development’s (OECD) Base Erosion and Profit Shifting (BEPS) initiative. It is a set of regulations aimed at ensuring that businesses operating in the UAE have a genuine economic presence and do not engage in artificial transactions solely for tax purposes.
Under the ESR, all businesses, including those located in free zones and offshore jurisdictions, are required to demonstrate their economic substance if they carry out certain activities deemed to be relevant by the Ministry of Finance. These activities include (but aren’t limited to):
- Banking
- Insurance
- Fund management
- Lease-finance
- Distribution and service centres
- Investment fund management
Businesses that are required to have economic substance are those that generate income from these relevant activities within the UAE. This means that companies incorporated in the UAE, as well as foreign entities with branches or permanent establishments in the country, must comply with the ESR.
The purpose of the ESR is to ensure that these businesses have a substantial presence in the UAE by conducting real economic activities such as hiring employees, maintaining physical assets and having adequate expenditures. The regulation also aims to combat tax avoidance schemes by requiring businesses to pay taxes on profits derived from their operations in the UAE.
Non-compliance with the ESR can result in penalties ranging from AED 10,000 to AED 50,000 depending on the severity of non-compliance. In addition, failure to meet substance requirements may lead to other consequences such as information exchange with tax authorities of other jurisdictions where a company has operations. Therefore, it is crucial for businesses operating in the UAE to understand and comply with these regulations.
RHJ Accountants are able to enrol businesses into the Economic Substance Regulation; an important step towards increasing transparency and fair competition among businesses operating in the UAE. Our team will ensure businesses are aware of their obligations under the ESR and take the necessary steps to aid clients in remaining compliant with its requirements.
Corporate tax registration is an essential legal requirement for any business operating in the UAE. This process involves registering a company with the Federal Tax Authority (FTA) and obtaining a tax registration number (TRN). This TRN is necessary for businesses to comply with the UAE’s tax laws, including filing tax returns and paying taxes.
One of the main reasons why corporate tax registration is important in the UAE is because it allows businesses to operate legally and avoid any potential penalties or fines for non-compliance. It also ensures that businesses are contributing their fair share towards the development of the country.
Having an accountant can greatly streamline the process of corporate tax registration in the UAE. At RHJ Accountants, our expert corporate tax team are well-versed in local tax laws and regulations, making them experts in handling all aspects of tax compliance. We’re able to assist businesses in understanding their tax obligations, preparing and filing accurate tax returns, as well as ensuring timely payment of taxes within the UAE.
Businesses in the UAE are required to register for corporate tax if they meet the following criteria:
- An annual turnover of AED 375,000 or more
- A business activity that generates income within the UAE
- They are not exempt from corporate tax under any applicable laws or regulations
Foreign companies with a permanent establishment in the UAE are also required to register for corporate tax.
It is important for companies operating in the UAE to ensure compliance with all relevant tax laws and regulations. Seeking professional advice from a reputable tax consultant can help businesses understand their obligations and avoid any potential issues related to corporate tax registration.
With our knowledge and expertise, our accountancy team can help businesses navigate through complex tax procedures, saving valuable time and resources.
In summary, corporate tax registration is crucial for businesses in the UAE to operate legally and meet their financial responsibilities towards the government. Having our team by your side can simplify this process and ensure smooth compliance with all relevant laws and regulations.
Malta
Centris Business Gateway Level 2M, Triq Is-Salib Tal-Imriehel, Central Business District Zone 3, Birkirkara CBD3020
Lisbon, Portugal
+351 217503119
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Porto, Portugal
+351 220280143
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Dubai, UAE
+971 42239633
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London, UK
+44 207 692 7006
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Sheffield, UK
+44 114 227 0070
The Quadrant, 99 Parkway Avenue, Sheffield, S9 4WG