Catering to the financial requirements of businesses, our Gibraltar accountants offer a comprehensive suite of accounting services crafted to suit your specific needs. With a focus on regulatory compliance and financial optimization, we provide expertise in areas ranging from bookkeeping and tax preparation to audit assistance and strategic financial planning.
Leveraging our understanding of Gibraltar’s regulatory framework and business environment, we ensure accuracy, transparency, and efficiency in every aspect of your financial management. For any services, please get in touch with our company formation agents in Gibraltar.
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Our main accounting services in Gibraltar
Accounting plays a key role in the management of a company and our accountants in Gibraltar will first provide you with all the relevant information about the taxation system in this territory and will answer all your questions related to corporate accounting matters. Foreign investors will also benefit from guidance with respect to the double tax treaties Gibraltar concluded in order to minimize the taxes they pay.
It is also important to know that all types of companies in Gibraltar are required to maintain records of all their financial statements and other accounting documents and submit the relevant documentation to the tax authorities. Our accountants in Gibraltar will provide the following services:
- prepare the monthly, quarterly, and annual financial statements,
- submit the financial statements to the tax authorities and the Gibraltar Companies Register as required by the law,
- tax consultancy and minimization,
- registration for taxation purposes.
Our accountants in Gibraltar will provide customized accounting services to clients. You can find out what these services are from the video below:
Audit services in Gibraltar
Almost all companies incorporated in Gibraltar are required to file audited accounts, according to the Income Tax Act within the Companies Law. All audits must be performed according to the International Standards on Auditing. Our accountants in Gibraltar provide audit services tailored to the customer’s needs based on the specific requirements of companies.
Moreover, you can also rely on our company formation experts if you are interested in setting up an offshore company in Gibraltar.
Tax compliance and optimization in Gibraltar with the help of our accountants
As of January 1, 2016, businesses registered in Gibraltar under the Companies Act 2014 or generating assessable income in the territory, as per the Income Tax Act 2010, are mandated to register for taxation purposes. The prevailing Corporation Tax rate stands at 12.5% for the majority of companies. However, utility companies and those holding a dominant market position, such as providers of electricity, fuel, water, and telephony services, are subject to a higher rate of 20%.
According to regulatory stipulations, companies must submit a comprehensive tax return within nine months following the closure of the accounting period. Our accountants in Gibraltar play a pivotal role in ensuring tax compliance and optimization for businesses. They offer expertise in navigating the complexities of tax regulations, aiding in accurate tax calculations, timely submission of returns, and exploring avenues for tax deductions and credits.
By leveraging their proficiency in tax planning and compliance, our accountants enable businesses to fulfill their tax obligations efficiently while strategically managing their tax liabilities and optimizing financial performance within the framework of Gibraltar’s tax laws.
Furthermore, should you be considering the setting up of a company in Gibraltar, we stand ready to offer assistance. Please reach out to our team of company incorporation consultants in Gibraltar, who can guide you in selecting the most suitable company type tailored to your specific requirements.
Regulatory framework and financial reporting obligations in Gibraltar
Under the Companies Act 2014, Companies (Accounts) Act 1999, and Companies (Consolidated Accounts) Act 1999, businesses in Gibraltar are mandated to submit annual financial statements to the Registrar. These statements can be prepared in alignment with International Financial Reporting Standards (IFRS) or Gibraltar’s Generally Accepted Accounting Practice (GAAP), which includes the Financial Reporting Standard FRS102, akin to IFRS for small and medium-sized enterprises. Since 2016, FRS102 has been enforced in Gibraltar.
Companies are categorized as large, medium-sized, micro, or small based on revenue, assets, and employee count, with respective financial statement requirements. Additionally, companies with subsidiaries are obligated to furnish consolidated financial statements, encompassing a consolidated profit and loss statement, consolidated balance sheet, and accompanying notes. Audit mandates for consolidated financial statements mirror those for individual companies, granting exemptions to small groups from consolidated audit requirements.
If you need help with the preparation of financial statements for your company regardless of its size, our Gibraltar accountants can assist you. Also, our specialists can help you open a company in Gibraltar as per your business needs.
Penalties for late submission of corporate tax returns in Gibraltar
Adhering to the designated timelines for tax submission in Gibraltar is of utmost importance. Failure to comply with these deadlines can result in penalties. It is imperative to ensure timely submission to avoid potential repercussions, including financial penalties. You can also consult our accountants in Gibraltar to file your taxes. In case of non-compliance, you can face the following fines:
- Failure to comply: the 1st penalty is £50
- If your failure to comply continues 3 months after 1st penalty: an additional £300 penalty is to be paid
- If failure to comply continues 3 months after 2nd penalty: An additional £500 penalty is to be paid
Should you require company registration in Gibraltar, we can facilitate you. Rest assured, our global reach ensures that your company’s accounting needs are met with precision and expertise, regardless of geographical boundaries.
To obtain tailored accounting and management solutions, we encourage you to contact our team of accountants based in Gibraltar.