Ensuring your finances are up to date is of paramount importance for all businesses, irrespective of whether being a small, medium or large enterprise. Getting it wrong at the accounting stage means that your business is likely to experience negative impacts due to mismanagement, lacklustre cashflow and late payments. Consultants at 121 are geared to help you avoid such negative scenarios.
Whilst it is quite understandable that you would be too busy managing your business to allocate time for finance related aspects, you do need to ensure that money is being managed appropriately. So why should you worry about your tax returns, when you already have professional number crunchers at your disposal?
With 121, you are guaranteed a professional and personalised service for your accounting needs. Financial requirements change for every business and it is with a certain commitment to understand the nature of the organisation that successful results ensue.
One of the pillars of effective financial management, consultants at 121, allow you to maintain adequate and up to date records, which accurately reflect the position and performance of the company. The details and frequency of the reports prepared can be tailored as per the client’s requirements and expectations.
VAT related services
Consultants at 121 are on the ball to ensure that they are kept abreast of the latest developments related to VAT and can offer services in this regard. Such include VAT registrations and the respective returns required on a periodical basis.
Corporate tax returns
All companies that are registered in Malta need to file an Income Tax Return with the Inland Revenue Department and International Tax Unit. Consultants at 121 can assist in the compilation and submission of the Income Tax Returns on behalf of their clients. Those businesses with a January to June accounting year-end would need to ensure submission of their respective tax return by the 31st of March of the year that follows. Some organisations may have different accounting year-ends and must submit their tax returns within nine months of the specific period. A company may also be eligible for a DDT 10 exemption, where the tax return payment may be processed within a further nine months.
Failure to adhere to such restrictions may lead to penalties, depending on the number of months that the returns and payments were delayed.