Cyprus Accounting and VAT services

Cyprus as a member of EU, adopted the International Financial Reporting Standards (IFRSs) for the financial accounting and reporting. As a result of this, all Cyprus entities should comply with these IFRSs despite the complicated measurement issues, presentation and heavily disclosure requirements.

It is also well known that all companies should develop the corporate governance principles and regulations hence companies are forced to meet their financial reporting obligations in an independent and ethical manner.

Reporting deadlines and timelines are becoming tighter, particularly with VAT and Tax Authorities. We, here at PHS, say that accounting preparation is not as easy as many people might think. Shareholders and stakeholders are demanding more quality and different financial information, hence we at PHS make sure that the reporting entity meets these obligations and requirements in a timely manner and fulfil the purposes of both shareholders and stakeholders.

Our professional accountants are coming across with significant transactions that need to be reassessed in line with accounting and financial reporting regulations. If you have a company that deals with intercommunity transactions and/or international services, then you should be always alert not only of the local legislation but the EU VAT legislation as amended.

PHS has the expertise, technical knowledge and know-how to help all entities that require high quality and dedicated accounting advice and service. PHS has a separate Accounting/VAT department led by VAT and IFRS specialists who can provide advice and technical guidance to all of our clients.

Our goal is to provide value for money services to all of our clients and dedicated solutions that exceed our clients' expectations. Our solutions are tailored to each particular case, issue and need of the particular company and we provide ongoing support for even better results.

PHS Accounting / VAT services:
  • VAT preparation on monthly or quarterly basis
  • VAT registration / deregistration
  • Assistance with the selection of appropriate accounting policies
  • Design of accounting procedures and processes
  • Accounting guidance and structuring
  • Accounting advice
  • VAT advice
  • EU VAT advice
  • Preparation of periodical management reports
  • Analysis of financial information
  • Preparation of consolidated financial statement
  • Safeguarding and organising your accounting records
  • Submission of VAT returns to the Authorities
  • VAT investigations

Payroll services

You should not be spending time on your company's payroll processing function, simply because your priority should always be finding ways to increase your revenue and profits. Hence, PHS can be appointed as your reliable payroll service provider where you will be able to receive dedicated payroll services that are in line with the current Social Insurance legislation.

We offer extensive experience in the operation of the payroll function and a track record of delivering accurate cost effective web-based payroll services. All our services are strictly confidential and reliable.

PHS Payroll services:
  • Social Insurance registration / deregistration
  • Preparation of weekly or monthly payroll
  • Preparation of Social Insurance and other levies
  • Submission of SI returns to the Authorities
  • Submission of PAYE to the Authorities
  • Issuance and maintenance of electronic payslips and payroll reports
  • Preparation of Employer's Return
  • Preparation of Employee's Annual Statement
  • Payroll investigations





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