SELF EMPLOYED PERSONS
Characteristics
- Are taxed on profits, not turnover
- Expenses incurred for the running of the business are tax allowable (deducted for tax purposes)
- Are taxed on the PAYE tax brackets of the employed persons
- When their turnover exceeds Euro 70,000 annually, audited financial statements must be prepared just like companies
- Must be VAT registered and follow VAT rules and regulations
- Can register as employers and be responsible personally for their staff payroll taxes, just like companies
- Are frequently scrutinized by the VAT and Income Tax offices (more often than companies)
- Are personally liable to VAT and Income Tax offices (unlike companies)
Our Advice
- The legal framework should outweigh the minor tax benefits when deciding whether to incorporate a company.
- Avoid been a self-employed person with employees.
- Always consult with an expert before you make any decision
About Us
CYAUSE Audit Services has extensive experience in the insurance industry has helped tens of insurance brokers and agents register and get licensed by the local Cyprus regulator granting them passporting access to the rest of the European Union.
CYAUSE Audit Services is an Audit & Assurance firm with offices in Cyprus and the UAE. During 2015 we have been awarded by I.C.P.A.C and the A.C.C.A (local and international association of Chartered Certified Accountants) for the Quality of our Audit Services and our Office's Procedures.
Being a Truly International Audit & Assurance firm, we have associates from all over the world and we are constantly looking for new associates to expand our network further. At present, CYAUSE Audit Services operates internationally through its membership with BKR International amongst the largest American associations in the world, Accace Circle, a co-created business community of like-minded BPO providers and advisors who deliver outstanding services with elevated customer experience. Our network covers almost 40 jurisdictions with over 2,000 professionals, it supports more than 10,000 customers, mostly mid-size and international Fortune 500 companies from various sectors, and processes at least 170,000 payslips globally.
CYAUSE Audit Services Ltd is also a member of BKR International one of the biggest US Accounting Associations of the word and the 3E Accounting Network, an international accounting network which originates from Hong Kong and has more than 80 members from all over the world.
Learn More about Cyprus Corporate Environment
Information about CYAUSE Audit Services and the Cyprus Corporate & Tax System can be obtained from our Website or our YouTube channel which provides valuable information about the Corporate & Tax Environment of Cyprus.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
