Companies incorporated in onshore jurisdictions will generally have to prepare and file annual accounts and tax returns. Sometimes these accounts must also be audited. In most offshore jurisdictions it is now an offence for companies to fail to keep financial records sufficient to show and explain the company’s transactions and determine with reasonable accuracy the financial position of the Company.
Our team will provide you with complete accounting services tailored as per your needs at a very competitive rate. Below are the services we can provide:
Bookkeeping Services: Sovereign Gibraltar is currently managing bookkeeping services for a variety of clients ranging from a recent start up to multi-million turning over businesses. We tailor our services and fees based on your current activity and requirement. As you grow, we continue to increase our support to match your requirements. Our bookkeeping services will include the following:
- Recording of all business transactions in accordance with IFRS.
- All business transactions shall include all income & expenses, receipts & payments & all other adjustments.
- Posting of general ledger & other ledgers as necessary.
- Reconciliation of bank statements & passing any necessary adjustments.
- Accounting reconciliations.
- Preparing and generating Sales invoices.
Audit Assistance in Gibraltar: An audit of financial statements is the objective independent verification of the financial statements, which increases the value and credibility of the financial statements produced by the management. Sovereign Gibraltar works with various local and international reputable audit firms and assists in matching you with the audit company based on your requirement and budget. We also provide the full support during the audit of the company by liaising with the Auditors, preparing the schedules and confirmation letters for auditors and attending to the queries of auditors.
Financial Reporting: A financial statement is a formal record of the financial activities of a business. It shows the financial position (Assets, liabilities & Shareholders ‘equity) and financial performance (Profit or loss) of a company. It not only enables the internal users/management in making decisions regarding future planning but also assists external users such as banks or vendors in making decisions about the company’s borrowing capacity. Sovereign Gibraltar provides you with a complete set of financial statements which includes the following:
- Statement of Financial Position (Balance Sheet)
- Income Statement (Profit & Loss account)
- Statement of Cash flows
Management Accounting: Management accounting is the process of preparing management reports and accounts that provide accurate and timely financial and statistical information required by managers to make day-to-day and short-term decisions. Sovereign Gibraltar provides you with management accounts for use in your organization and development of its business.
Maintaining Cash Books: A cash book is a financial journal that contains all cash receipts and payments, including bank deposits and withdrawals.
Tax Returns: A tax return is the tax form used to report income and file tax returns with the local tax authorities. Our services include preparation & filing of tax returns and dealing with any enquiries from the local tax authorities that may arise.
VAT Returns for UK companies: A VAT return is a form that is filed with HM Revenue & Customs (HMRC) in the UK, usually four times a year, to show how much VAT you are due to pay. Sovereign Gibraltar can arrange VAT registration with HMRC and file VAT returns on a quarterly basis.
Benefits of Choosing our Service:
- Cost Effectiveness: Hiring a dedicated accountant in Gibraltar comes with various obligations and costs related to monthly salary, labour contract fees, annual leaves, training costs and overtime costs. Our fixed monthly fees tailored as per your requirement will be far more affordable than the total cost of hiring an in-house accountant.
- Access to Expert Knowledge: Sovereign Gibraltar’s team are either professionally qualified accountants or studying towards qualification with experience in diverse industries. Instead of relying on an individual in-house staff, you will get access to the pool of expert accounting knowledge and experience of our team.
- Flexibility: Based on your preference, the Sovereign Gibraltar team can either visit your premises on a weekly or monthly basis to complete the books or you can email/mail the supporting documents to our office address and we can remotely complete the accounting work for you.
Accounting Services – FAQs
- What are the accounting requirements for a Gibraltar Company?
Annual accounts must be drawn up either in accordance with the international accounting standards (IAS accounts) or in accordance with section 243 of the Gibraltar Companies Act 2014, when they must give a true and fair view of the company’s assets, liabilities, financial position and profit or loss. Accounts must be filed on an annual basis. If the filing requirements are not complied with before the end of the relevant period, the company and every officer of the company who is in default is guilty of an offence and liable to pay a fixed penalty.
- What are the tax reporting requirements for a Gibraltar Company?
Every company that is registered in Gibraltar, or has assessable income in Gibraltar, is required to make a return of its income by the filing date, in accordance with Section 29 of the Gibraltar Income Tax Act 2010. Tax returns must be submitted even if there is no tax liability in respect of the period covered by the return.Any company that fails to comply with its statutory obligations as set out above shall be liable to penalties as laid out in Section 65 of the Gibraltar Income Tax Act 2010.