Accounting and Preparation of Financial Statements
Every company registered in Malta must prepare and submit annual accounts and financial statements, in order to comply with the Companies Act. Companies are also required to keep proper accounting records which facilitate the preparation of the financial statements. Financial statements would include an income statements for the year, statement of financial position at year end date and other relevant notes to the accounts.
Management Accounts and Book-Keeping Services
Timely and updated management accounts may be required not only in ad hoc situations but also to assist the directors and the management of the company of base certain strategic decision upon the results presents in the accounts. Management accounts can be prepared according to the company's needs and requirement and this can be done on a monthly, quarterly or annual basis.
Back-office operations has always proved to be an additional burden to the company's management, especially to international clients. Back-office operations may include the management of bank accounts and monthly reconciliations, including bank deposits and payments; chasing of receivables and settlement of payables; secretarial services; mail and post sorting, amongst others.
Hiring and employing staff may involve a number of compliance regulations and additional procedures, including maintaining proper payroll system. Payroll services would mainly include ensuring all relevant compliance with the local authorities, including the submission of monthly forms and documents; ensuring fiscal and tax obligations; and payment of salaries to employees always made on time.
Tax Compliance involves mainly the preparation and submission of the Income Tax Return, both for companies and individuals, preparation of Refund Claims and other statutory documents. Tax related matters are normally regulated by strict deadlines and thus all companies are required to be compliant with such requirements. Other services involve corresponding and liaising with tax authorities.
All companies providing any economic activities are required to be registered for VAT purposes. Companies involved in international and cross-border transactions may be faced with more complicated VAT treatment and require proper management and control over their taxable supplies. VAT compliance will also involve the preparation and submission of quarterly VAT Returns and other additional statements.
Company Dissolutions and Liquidations
When the shareholders of a company agree that there is no further economic reason for the company to remain in existent, this may be placed into liquidation with the registry of companies for dissolution. The liquidation process requires a number of accounting and compliance matters that need to be prepared, including the appointment of a liquidator, statement of affairs and liquidation set of accounts.