Accounting Services Cyprus Companies Rely On: Keep Your Books Audit-Ready

Bookkeeping to IFRS, maintained monthly rather than reconstructed annually

Purchase orders, sales invoices, credit notes and debtor statements

Bank reconciliations across multiple currencies

Payroll for staff and directors, with Social Insurance registration where needed

VAT registration and quarterly returns

Management accounts to whatever cut you require

Year-end preparation and liaison with your auditor

Coordination with banks, notaries, the Tax Department and other authorities

Bookkeeping and Management Accounts

Ledgers stay current, not caught up in March. Management accounts arrive on an agreed cycle, monthly or quarterly, showing the position rather than describing it. Directors who see numbers late make decisions late.

Payroll and Social Insurance

Payroll runs for employees and executives alike, with employer and employee contributions calculated, registrations handled where a business is hiring for the first time, and payslips issued on schedule.

VAT Compliance

Registration becomes compulsory once taxable turnover passes €15,600 across any rolling twelve months, which is not a calendar-year test and catches people out. Returns are filed quarterly. Intra-EU acquisitions above €10,251.61 in a calendar year trigger registration independently, as does receiving business-to-business services from abroad, where no threshold applies at all.

Year-End and Audit

We prepare the file, reconcile the ledgers, and work directly with your auditors through to signature. Where no auditor is appointed, we introduce one.

Corporate tax rose to 15%, up from 12.5%

Corporate returns are now due by 31 January of the second year following the tax year, with payment on the same date.

The gross income threshold for individuals requiring audited accounts rose from €70,000 to €120,000

Special Defence Contribution on dividends fell to 5%

Loss carry-forward extended from five to seven years

Smaller entities may qualify for a review engagement rather than a full audit, subject to turnover and asset limits

Handled by C. Savva & Associates

• Ledger maintenance, reconciliations and management reporting
• Payroll processing and statutory registrations
• VAT returns and correspondence with the Tax Department
• Year-end file preparation and auditor liaison
• Deadline tracking, so nothing depends on your diary

Retained by You

• Supplying source documents on an agreed cycle
• Approving payroll before it runs
• Commercial decisions and authorisation of payments
• Appointing your auditor, where you prefer your own

Working With Our Partner Law Firm

C. Savva & Associates is not a law firm. For matters requiring legal expertise, the firm works alongside its partner law firm Nicholas Ktenas & Co., LLC, which provides legal counsel on corporate and commercial law, banking and finance, data protection, intellectual property, employment law, and trusts.

Fees track transaction volume, payroll headcount and complexity rather than company size. A dormant entity might cost under a hundred euros monthly for statutory filings alone. A small trading business with quarterly VAT and a handful of employees typically sits in the low hundreds. Groups needing consolidation and controller-level input are quoted individually. Beware quotes that exclude VAT returns, payroll or year-end preparation, since those exclusions are where surprisingly large bills tend to appear later.

No single package suits everyone, so judge candidates against four criteria instead. It must handle Cyprus VAT rates and produce returns in the required format. It should support IFRS reporting, since foreign owners and lenders expect that basis. Multi-currency handling matters for any business trading outside the euro. Finally, it should let your accountant access records directly rather than forcing exports back and forth. We work with whichever platform a client already uses.

Salaries vary widely by qualification, sector and seniority, and published averages tend to mislead. The more useful comparison for a business owner is total cost. An in-house hire carries salary, employer social insurance contributions, holiday cover, software licensing, training and recruitment risk, plus the exposure that arises when that person leaves mid-year. Outsourced arrangements convert all of that into a predictable monthly figure with continuity built in.

Exempt categories include most financial and insurance activity, hospital and medical care, certain educational provision, postal services, lotteries and betting, and the letting of immovable property. However, commercial landlords may opt to be taxed. Exempt supplies produce no output VAT and generally block recovery of related input VAT, which is the part businesses overlook. They also fall outside the registration threshold calculation, so a business trading mainly in exempt categories may never need to register.

Yes, and it happens constantly. We write to your outgoing provider under professional clearance procedures, obtain the ledgers and supporting records, agree opening balances, and continue from there. Most transitions complete within a fortnight. The main practical constraint is your existing provider’s cooperation, and where records prove incomplete we reconstruct the position rather than leaving gaps. Timing around a VAT quarter or year-end can simplify matters, though neither is essential.

Cyprus companies generally require a statutory audit regardless of trading activity, including dormant entities. A limited assurance review is available as an alternative for smaller companies falling under both a turnover ceiling and an asset ceiling. The turnover figure changed during 2026, so confirm the current position before assuming eligibility. Where the review route applies, it reduces annual cost meaningfully, and we advise on which applies during scoping.