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All UK incorporated companies must file accounts with the Registrar
of Companies (Companies House) and a tax return with H M
Revenue and Customs (HMRC formerly Inland Revenue). This applies
to dormant (non-trading) or trading companies, tax resident
or non-resident.
A company will fall under one of two categories for accounting
purposes: Trading or Dormant.
Dormant Accounts and a nil tax return can be filed, if the
company was not trading during the accounting year. In
general terms, ‘trading’ refers
to issuing invoices and receiving income in the company’s
name.
For companies which are classed as dormant, you will be
asked to provide a declaration of “Dormant Status” for
the company. We will clarify all such details with you
at the renewal stage of the company.
Trading Accounts and a Corporation Tax Return will need
to be prepared and filed for any company that has had
any trading
activity
during the fiscal year. If the company is trading with
an annual turnover (sales) of less than £1,000,000,
then Small Company accounts will be prepared by a UK
accountant.
If the company is trading with an annual turnover (sales)
of more than £1,000,000, we will need to prepare
more complex accounts. Further details can be obtained
from our offices.
Audited accounts are only required for companies
with sales in excess of £5, 600,000 per annum.
A company which is VAT registered, and showing
activity through its quarterly VAT returns will
need to prepare
trading accounts.
Appleton Company Services Limited will contact
you at the end of each accounting year to remind
you of these
formalities
and assist
you in preparing the necessary filings.
Corporation Tax is payable on company profits.
Profits are defined as income (turnover,
sales) less expenses.
The Corporation Tax Rates for the year ended
April 2008 are:
| Profits |
Tax Rate |
| First £300,000 |
20% |
| Next £1,200,000 |
32.5% |
| Over £1,500,000 |
28% |
The Corporation Tax Rates for the year ended April 2009
are:
| Profits |
Tax Rate |
| First £300,000 |
21% |
| Next £1,200,000 |
29.75% |
| Over £1,500,000 |
28% |
According to Cyprus tax law, companies are obliged to keep
accounting books and records and prepare financial statements complying
with International Financial Reporting Standards. These are then
audited by a qualified auditor and the tax declarations based on
the audited financial statements are then filed with the authorities.
This is done on an annual basis with the accounting/financial year-end
being 31st December. A copy of the financial statements is also
filed with the Registrar of Companies. Failure to do so will result
in the company being struck off.
The statutory corporate income tax rate in Cyprus is 10%.
Appleton Company Services Limited will contact you at the end
of each accounting year to remind you of these formalities
and assist
you in preparing the necessary filings.
In order to prepare the financial statements and tax declarations,
you will be asked to provide a number of items to the accountants.
A full list is available on request.
To be confirmed shortly.
Accounting requirements for Latvian SIA (companies) are required
to be prepared on a monthly basis. Salary tax, state social insurance
payments, personal income tax as well as business risk duty should
also be filed on a monthly basis. Even if a company remains dormant,
the monthly reporting must still be fulfilled from the month of
registration.
Annual reports are submitted to the State Revenue Service. The
deadline for the Annual Reporting is April 30th however there
may be a few exceptions.
Audited accounts are prepared if a
company fulfils 2 out of the 3 following criteria:
i) Company balance sheet total value exceeds 100 000 LVL.
ii) Annual net turnover exceeds 200 000 LVL.
iii) Average number of employees during the financial year
exceeds 25.
The company’s annual reports are available on Public file.
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