All businesses at some point in time, in their quest on how to save money,and avoid potential trouble with the Cyprus Tax Department, search for the ideal tax accountant, who will not only save them money, but also provide helpful advice for their business.
When trying to figure out which one is the best for you and your business, these 10 key questions will help you make the right decision and find now the most professional tax accountant:
1. What kinds of clients you’ve worked for?
You want to be certain that your accountant fully understands your type of business and knows the hidden details, since different rules and regulations apply for each type of business. For example, a restaurant or tavern has specific rules and regulations to follow as far as wages or tips are concerned, compared to a construction company that is concerned with issues related to contract workers, or a real estate development company which has specific standards concerned about how income is reported.
2. Are you available all year round?
When you are running a small business, you need expert advice all year round, especially since Cyprus tax year coincides with the calendar and runs from January 1st to December 31st. It is not just the deadlines that you are interested in. You don’t want to work with an accounting firm that isn’t around whenever you need it, since one never knows when certain issues will rise – and they definitely will.
3. What’s your experience with the Cyprus Tax Department?
When it comes to hiring a professional accountant, you might face the dilemma of choosing professionals in Public practice certified by the ICPAC or Chartered Accountants, who cover all types of finance work, or certified accountants who work for major firms. Of utmost importance is paying attention to the accountant’s experience which is related to your business – not just his or her certification.
4. Who does the work?
Occasionally, when you need to speak directly to the accountant familiar with your case and there is a third party involved because of outsourcing, this will not be always possible. Services aren’t necessarily bad when work is outsourced, but knowing beforehand who does the bookkeeping will help – especially in an emergency.
5. Do you favor a conservative or more aggressive accounting approach?
In accounting, there are those who have the tendency to write off whatever possible, while others prefer a more conservative approach. That’s why it’s important to find beforehand an accountant who agrees with your way of doing things. Some accountants are experts in finding red flags that could set off an audit, but may act in an indecisive way when it comes to maximizing your deductions.
6. How do you charge for your services?
Some accountants charge by the hour, while others charge a flat rate. In some cases, an hourly rate might be better if you won’t have a continuous amount of work for your accountant. It is also important that you get an estimate of the accountant’s possible fees. Something that can familiarize your accountant with your business and help him in giving a quote is providing him with a copy of last year’s tax returns.
7. How do you manage working with multiple entities?
If more than one entity is under your name, make certain your accountant can manage them at the same time – a skill not all accountants boast. You might have a LTD and a general partnership in Cyprus or a Cyprus Limited Partnership as well. Your accountant will need to coordinate and track money moving between these entities.
8. What can you tell me about medical, social insurance, or Defense contributions?
Your accountant should be familiar with such contributions, and be well versed concerning deductions that could save your business money.
9. What type of tax program do you favor?
This question is of interest, because, if material has to be transferred between different accountants, and certain more obscure software is used, this can create problems when the time comes to switch accountants.
10. How frequent will we be able to communicate about tax issues?
You should feel comfortable calling your accountant when it comes to issues related to your taxes – that is why knowing about the degree and frequency of communication especially for tax planning reasons are important.
If you want to work with professionals who provide exceptional quality standards of services in Cyprus, the simplest way is to fill in this contact form.
We will analyze your case and advice you on:
- What company structure suits you best,
- What is the best Tax solution(s) for your business,
- What Banking and cash flows arrangements available.
We will take you through a step by step process from A to Z in creating the perfect business in Cyprus.
Can’t wait any longer? Fill in the form and submit your inquiries make your first step and we will deal with the rest.
Become even more successful by working with accountants you can count on and be among the thousands that already did.
If you want to work with professionals who provide exceptional quality standards of services in Cyprus, the simplest way is to fill in the contact form below.
We will take you through a step by step process from A to Z in creating the perfect business structure in Cyprus.
Can’t wait any longer? Become even more successful by working with accountants you can count on and be among the thousands business that already did.