Turning tax into investment

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Noel Berry
6 years ago
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1 Turning tax into investment

Message from Managing Director Today s ever challenging business industry requires professionals to constantly develop to meet their clients changing demands and needs.

2 Message from Managing Director Today s ever challenging business industry requires professionals to constantly develop to meet their clients changing demands and needs. The role of the accountant goes far beyond what it traditionally was, acting now as the clients most trusted advisor. We believe that every business and every requirement is unique, thus customizing our services to our clients needs is what our firm is all about. We offer our clients added value services by thinking out of the box. By providing innovative problem solving, proactive business strategies, creative tax planning, tailored corporate finance advice and personalised audits, we contribute to our clients success. Our team consists of dedicated, young professionals who have been trained to high standards. Our approach is personal and our support is constant, enabling ease of communication and accessibility. It s about you. Your needs. Your timescales. Your way of doing things. Depend on us and we will not let you down. Thanks. Philippos Hadjizacharias Managing Director 1

3 We offeraded value services by thinking out of the box 2

About us PHS was founded in 2007 by Philippos Hadjizacharias, following a successful 13 year career in the accountancy and advisory profession.

4 About us PHS was founded in 2007 by Philippos Hadjizacharias, following a successful 13 year career in the accountancy and advisory profession. His experience in the profession was in majority obtained in the United Kingdom where he worked with a wide range of clients providing services such as international tax advice, tax planning and auditing. His experience and training led him to return to Cyprus and set up his own firm, which better matched the culture and values he believed in. PHS has gradually grown to build a strong team of professionals by heavily investing PHS now has a strong presence in a number of industries and markets. We serve a range of clients; from local to international, from large to owner managed businesses and individuals worldwide. PHS is a Gold Awarded Approved Employer of the Association of Chartered Certified Accountants and is a member of the Institute of Certified Public Accountants of Cyprus. A major achievement of our firm is the appointment as external auditor of the Ministry of Education and Culture of Cyprus for the European Commission s Youth in Action Program. Our firm operates from freehold offices situated in the town of Larnaca, just minutes away from Larnaca International Airport. Our aim is to remain at the forefront of the corporate-accountancy-taxation and advisory profession in Cyprus by working together with our clients, responding to their needs constantly and to maintain long term relationships with clients as their most trusted business advisors. PHS is appointed external auditor of the Ministry of Education and Culture of Cyprus 3

why PHS? a firm that is an ACCA Gold Level Award winner for professional development, practicing certificate development and trainee development.

5 why PHS? a firm that is an ACCA Gold Level Award winner for professional development, practicing certificate development and trainee development. PHS professional members of staff are in-house trained and mentored by dedicated and well knowledgeable facilitators. a firm appointed as the independant external auditors of the Cyprus Ministry of Education ad Culture. a firm that has the honor to be congratulated by the Director of Education of the European Union and the General Secretary of Ministry of Education & Culture of Cyprus for its dedicated auditing services and the reopening of the Youth in Action Fund from EU a firm that has the personnel, resources, technology and capabilities to meet VAT and tax and audit compliance requirements and deadlines a firm that cares about the client by concentrating on clients requirements and demands. a firm that has the personal approach, by meeting with the client anywhere in the world. a firm that offers quality and excellence of service due to professional ongoing training, studying, positive thinking and experience. a firm that cares about the employees, community and environment by participating in various charity organizations, organizing social events helping less privileged families. a firm that you can TRUST because we will never let you down. a firm with strong team culture, ensuring all team members are friendly, professional and committed. a firm that provides you with ideas and solutions tailored to you and your business. 4

6 We believe that every business and every requirement is unique, thus customizing our services to our clients needs is what our firm is all about. Our dedicated professional services 5

7 CORPORATE, MANAGEMENT & ADMINISTRATION The challenge: - to succeed in tomorrow s corporate, management & administration market - to comply with the legal and regulatory requirements imposed by Cyprus Companies Act and Law Office of the Republic of Cyprus Unit for Combating Money Laundering (MOKAS) - to advice the correct company structure - to perform the management & administration functions accurately and timely - to meet filing deadlines - to be responsive to clients needs. Our task: Forming a Cyprus company is not simple matter for us. We first advice the correct legal structure and then represent the Ultimate Beneficial Owner (UBO) by appointing professional members that have the know-how and the expertise. The UBO will always be assured that his business ideas/instructions are legal and will be executed on time. PHS Corporate, Management & Administration services: Undertake the incorporation of - Cyprus International Companies - International Companies (other jurisdictions) - Branches - Cyprus Limited Liability Partnerships - Insurance & Reinsurance companies - Cyprus Investment & Financial Services Companies (CySec) - Cyprus International Trusts Management & Administration of Companies - Nominee shareholders and directors services - Nominee secretary - Providing of registered office address - Virtual Office - Fully furnished offices available on request - Opening and management of bank accounts - Management trust assets - Drafting and iegalization of documents - Provision of legal advice 6

8 ACCOUNTING AND VAT MANAGEMENT The challenge: - to succeed in tomorrow s accounting and VAT industry - to comply with the legal and regulatory requirements imposed by the authorities and the EU - to perform the accounting function accurately and timely - to meet filing deadlines - to communicate effectively with both client and authorities - to be more analytical, giving interpretations of data and findings - to deal with VAT compliance issues - to understand and solve every accounting implication, issue and transaction Our task: To maintain our client s financial records and cash flow and track their income, assets and liabilities over time by complying with all legal and regulatory requirements. PHS accounting services: - registering the company to VAT, VIES, Intrastat, EORI - recording, documenting and reconciling accounting transactions on a monthly or quarterly basis - developing, implementing, revising and documenting record-keeping and accounting systems - preparing bank reconciliations and examining each bank transaction carefully - preparing ageing analysis for debtors and creditors - safeguarding and organizing records - arranging for online access to accounting records - filing the VAT forms to Customs & Excise office according to deadlines - dealing with VAT investigations - training 7

9 PAYROLL MANAGEMENT The challenge: - to succeed in tomorrow s payroll industry - to implement the legal and regulatory requirements imposed by authorities and EU - to perform the payroll function accurately and timely - to calculate payroll deductions, contributions and taxes correctly - to meet filing deadlines - to communicate effectively with both client and authorities - to be more analytical, giving interpretations of data - to deal with Social Securities compliance issues Our task: To provide flexible payroll services that improves payroll management for employers of all sizes and handle the employer and employee payroll tax filing on time. We make sure that both employer and employee pay the correct social security taxes. PHS payroll department services: - Social Security company registration - Verification of foreign employee documents - recording payments accurately - reviewing deductions, contributions and taxes - developing, implementing, revising and documenting record-keeping and payroll systems - preparing payslips and ing them to employees - safeguarding and organizing records - arranging for online access to payroll records - filing the relevant forms to Social Security office on time - liaising with the Tax authorities and the Department of Social Security - advising on payroll tax issues affecting expatriate employees - preparing employment contracts - assisting in obtaining work permits and residence visas - preparing, assisting and maintaining provident funds - dealing with Payroll investigations - dealing with employee payroll complaints - training 8

AUDIT & ASSURANCE The challenge: - to succeed in tomorrow s audit & assurance industry - to implement the legal and regulatory requirements - to conduct the audit applying the International Financial

10 AUDIT & ASSURANCE The challenge: - to succeed in tomorrow s audit & assurance industry - to implement the legal and regulatory requirements - to conduct the audit applying the International Financial Reporting Standards (IFRSs) and international Auditing Standards (IAS s) - to communicate effectively with client - to be more analytical, giving interpretations of data and findings - to produce, present and interpret audited financial reports and be able to answer the why and how behind the numbers - to deliver measurable benefits - to extract maximum shareholder value - to identify current opportunities, threats and risks - to diversify - to maximize business wealth - to conduct due diligence Our task: We provide an opportunity to the shareholders and directors to improve their company s efficiency, profitability, credibility and sustainability. We provide an opportunity to the company beneficial owner to understand the ins and outs of all the transactions carried out during the financial period. PHS audit & assurance services: - examining accounting records and other financial related information - preparing annual financial statements in any currency - providing assurance - reporting to company beneficial owner - reporting to management - preparing management accounts on a monthly or quarterly basis - preparing periodic statements that compare budgeted to actual numbers - providing financial advice to management on business structures and operations - designing internal accounting controls to minimize errors - interacting with bankers, brokers, solicitors and other stakeholders - filing audited financial statements to the Registrar of Companies on time 9

11 LOCAL & INTERNATIONAL TAXATION PERSONAL and CORPORATE The challenge: - to succeed in tomorrow s taxation industry - to implement the legal and regulatory taxation requirements imposed by local authorities, the EU and other countries - to prepare the tax returns accurately and timely - to calculate taxation deductions and allowances correctly - to meet filing deadlines - to communicate effectively with both client and authorities - to deal with tax investigations - to minimise tax liability through effective tax planning Our task: Every client is different and has different needs. Our firm s tax specialist team has the experience, knowledge, technicalities and passion to advice and delivers the right and most favourable tax outcome to our clients. By using a tax efficient structure and strategy our tax specialist team makes sure that the client does not pay more than he has to. Working closely with the client, understanding his short and long term objectives, helps our tax team recommend ways to minimise tax liability. PHS Taxation services: - registering tax payer at the Inland Revenue office - preparing tax returns and other required forms - reviewing agreements, contracts and other documentation - complying with Double Tax Treaties - liaising with tax officers and obtaining advanced tax rulings - reviewing of tax returns in line with the audited financial statements - safeguarding and organizing records - arranging for online access to tax returns - advising on tax issues affecting expatriate people - preparing dividends certificates and other tax related documents - dealing with tax investigations and capital statements - advising clients on international tax issues - preparing international tax planning - recommendation concerning money transfer methods - dealing with any tax enquiry 10

ADVISORY The challenge: - to become your Trusted Business Advisors - to see our client be rewarded due to our advice - to negotiate hard on behalf of our client - to introduce new business models and

12 ADVISORY The challenge: - to become your Trusted Business Advisors - to see our client be rewarded due to our advice - to negotiate hard on behalf of our client - to introduce new business models and approaches - to win every business case Our task: Our consulting team can offer professional services and advice suitably for every kind and size of business and individual. It is mandatory to deliver exceptional proactive services to our clients and instantly add value to their businesses. PHS consulting services: - mergers and acquisitions (M&A) - advice on investment opportunities - maximize client s return - strategic planning - setting of targets and goals - selling company shares - selling a business - business valuations - financing services - business due diligence - business forecasting - business structure and reorganization 11

13 The tragedy in life does not lie in not reaching your goal, but in having no goal to reach. 12

Our People In such demanding business environment, we are committed to delivering a quality service that drives the success and performance of our clients.

As a fast growing Firm, we have diversified team, each with different opinions and striving for excellence at all times.

Clients want to know that they are valued and that the individual helping them is experienced when it comes to the service the client is seeking.

14 Our People In such demanding business environment, we are committed to delivering a quality service that drives the success and performance of our clients. Human assets have become the key differentiator between competing firms. The quality and capabilities of the people we bring onto our teams determine the success of our organization. As a fast growing Firm, we have diversified team, each with different opinions and striving for excellence at all times. Our professional members of staff who work directly with the client are courteous, respectful, friendly, knowledgeable and informed but above all, they are professionally qualified and trained. Clients want to know that they are valued and that the individual helping them is experienced when it comes to the service the client is seeking. We always set high goals because we believe that the tragedy in life doesn not lie in not reaching your goal, but in having no goal to reach. Our people are our most valuable asset. The quality and capabilities of the people we bring onto our teams determine the success of our organization. Our people are taught to do things differently and to provide solutions that exceed clients expectations. Contact us Key Firm contacts Philippos Hadjizacharias Managing Director phadjizacharias@phsacca.com It s about you. Your needs. Your timescales. Your way of doing things Savvas Toumazou Head of Tax stoumazou@phsacca.com Here at PHS we take pride in the services offered by our firm. We collaborate as a team and look into the future. Our expert staff offer professional services tailor made to fit your needs and assist you achieve your goals and face your problems. Salome Cosma Head of Audit scosma@phsacca.com At PHS, our people are who matter most. We work within a strong teamwork culture emphasizing communication within our team and with our clients. Our friendly yet highly professional approach is what makes the difference. By paying attention to detail, our dedicated professionals aim to be the clients trusted business advisors. Georgia Danezi Corporate Administrator gdanezi@phsacca.com We always have the best interest of our clients in mind, ensuring we are always available when they need us. 13

15 phsacca.com PHS Hadjizacharias & Co Ltd 2 Argolidos Str., Lyssiotis Τower 11, 1st floor CY7101 Larnaca, Cyprus T , F info@phsacca.com

Kanaris Demetriades & Associates

Kanaris Demetriades & Associates C O M P L I A N C E A U D I T TA X A D V I S O R Y Our Organisation 01 Our Vision and Values 02 Our Commitment to You 03 Why KDA 04 Our Services Compliance Services 05