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Payroll Services
Payroll is a vital part for any company which employs staff. Businesses, wherever they are based, must pay the salaries of their employees in a timely manner. They must also ensure their income tax and social security compliance in terms of withholding, calculations and reporting.
Cyprus businesses are required by Income Tax Law to collect personal income tax under the PAYE system and Social Insurance Contributions (SIC). Taxes and SIC contributions must be paid on time to avoid imposition of fines and penalties. Our professional team can take over all the necessary work that must be done by any business in order to maintain proper records of its payroll and to ensure that our clients comply with Law and Regulations regarding submissions of tax returns.
How we assist with your payroll
For our clients that maintain their own offices with staff in Cyprus, our specialist payroll group will undertake with complete confidentiality the entire payroll function which includes:
Assistance with the registration and de-registration of employers and employees to the Tax and Social Insurance Authorities.
Preparation and processing the company’s monthly payroll.
Ensuring monthly payment of salaries, income tax and social insurance contributions.
Administration of payments.
Submission of relevant reports to necessary recipients.
Preparation and submission of monthly and annual tax returns.
Liaison with local tax authorities.
Other payroll related tasks.
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