Accounting

CSB Group is an expert in Accounting, Payroll, VAT, Tax Compliance and Advisory and provides a full range of accountancy-related services to corporate and private clients. Our team of certified public accountants in Malta can assist with key accounting services ensuring compliance with Local Statutory reporting requirements.

Accounting Services in Malta

CSB Group is one of the leading tax and accounting firms in Malta. As corporate accounting specialists in Malta and Independent members of EuraAudit International, our accountants offer professional outsourced accounting services in Malta.

Our accountants are highly professional and offer tailor-made accounting services in Malta depending on the nature and size of the business. Various services fall within the remit of accountancy – Here at CSB Group, having a team of over 14 accountants and accounts personnel, we boast in being able to furnish over 400 clients with bookkeeping and updated management accounts and any other related services including ad hoc advice / service clients require.

Services offered by our team but not limited to:

• Bookkeeping & Management Reporting
• VAT Services
• Audit Co-ordination & Financial Statements
• Corporate Tax Returns
• Payroll Administration
• Dissolution & Liquidations
• Processing of Payments & Invoices
• Malta Enterprise Schemes Application Support

Bookkeeping & Management reporting

This service is the fulcrum as the other services ultimately depend on it. It is one of CSB’s main aims to ensure that the bookkeeping and the management accounts are kept up to date. This is done so that clients’ requirements are always met and so that these management accounts accurately reflect the position & performance of the company.

All key staff are certified by the Institute of Financial Services Practitioners in the Law and Management of Trusts. They take a pro-active and personalised approach towards guiding clients through all trust-related issues.

These include estate planning, transaction-related security trust structures, asset protection and other customised solutions based on client requirements.

VAT Services

VAT is an area which is continually changing so outsourcing to CSB’s indirect tax team gives you the advantage that you don’t need to be kept abreast at all times but can trust this in the hands of the experts

This area is vast and includes assistance with the below, amongst others:

• VAT Registrations
• Preparation, completion & submissions of VAT Returns
• Preparation, completion & submissions of VAT Recapitulative Statements
• Preparation, completion & submissions of MOSS returns
• Preparation, completion & submissions of VAT Adjustment Forms (if necessary)

Audit Co-ordination & Audited financial statements

For each accounting period, every company director shall prepare individual accounts comprising the balance sheet as at the last day of the accounting period to which they refer, the profit and loss account for that period, the notes to the accounts and any other statements which may be required.

The audit of financial statements is to be carried out by a qualified person holding the relevant warrant issued by the Maltese Accountancy Board and needs to be performed in accordance with International Auditing Standards.

Corporate Tax Returns

Every company registered in Malta is also required to prepare and file an Income Tax Return with the International Tax Unit (ITU) / Inland Revenue Department (IRD). At CSB Group, our tax team assist in the completion & submission of the tax returns on behalf of clients.

Companies with a January to June accounting year-end are required to file their tax return by the 31st of March of the following year. Companies with different accounting year-ends must file their income tax returns within 9 months from the accounting year-end. Payment of any corporate tax payable must also be made by this date, unless company is eligible to the DDT 10 exemption, in which case payment could be deferred by a further 9 months.

In the case of late filing of tax returns, penalties will be incurred dependent on the number of months elapsed, as follows:

• Within 6 months € 50
• Later than 6 but within 12 months € 200
• Later than 12 but within 18 months € 400
• Later than 18 but within 24 months € 600
• Later than 24 but within 36 months € 800
• Later than 36 but within 48 months € 1,000
• Later than 48 but within 60 months € 1,200

Payroll Administration

Our payroll team have extensive experience in the provision of payroll processing as well as all other related services, including HR administrative matters.  The payroll team in collaboration with the tax team ensure that clients’ queries are replied to in detail and accurately. This also  includes employees’ tax status/rates.

Dissolution & Liquidations

1. Together with the liquidator, the team can also put your mind to rest that the company will be liquidated as smoothly and efficiently as possible.
2. All the steps included in the liquidation process need to be followed by the team.
3. Through an Extraordinary Resolution of the company, the members decide to liquidate/dissolve the company and determine last trading/operating day.
4. Update company accounting and ledgers up to the date of the dissolution.
5. Reconcile all bank accounts i.e. company bank accounts and clients’ money accounts.
6. File VAT de-registration form (where applicable).
7. File PE de-activation form (where applicable)
8. Liquidation forms: Certain forms including Form B(1), Form B(2), Form L and the Statement of Affairs will need to be submitted to the Malta Business Registry within 14 days from the Dissolution Date.
9. Approval by the Malta Business Registry: The registry will than process the above forms and once approved from their end, the company’s status will be officially changed to ‘In Dissolution’.
10. Audit of the accounts up till liquidation date: The pending audits including the audit of the accounts till the liquidation date will need to be performed and the income tax returns would need to be submitted.
11. Preparation of the final liquidation accounts and scheme of distribution: This is the process performed by the liquidator in order to ensure that all assets have been disposed of/transferred, all remaining liabilities are settled, that any remaining assets are duly distributed to the shareholders, the company is de-registered from all governmental authorities (payroll, VAT, etc.) unless not already done beforehand and no penalties and/or interest are outstanding.
12. Audit and approval of the scheme of distribution: The above accounts would then need to be audited by a separate auditor (as stipulated by law). Once approved, the audited liquidation accounts & scheme of distribution together with the liquidator’s return will need to be submitted to the Malta Business Registry.
13. Once the scheme of distribution and liquidator’s return are submitted to the Malta Business Registry. Once these are vetted and approved by the registry, the latter will publish a notice in the government gazette so that any creditors of the company can file their objections. If no one files any objections, after the expiration of 3 months from the effective date stated on the notice, the company will be officially struck-off by the registry. 

Processing of Payments & Invoices

Another service provided by the team is the processing and approval of transfers/payments on behalf of clients whereby CSB act as signatories or joint signatures on the bank account.

A new service being offered is the issuance of sales invoices for clients to their own customers. This is important to ensure that these follow the Maltese specific requirements.

Malta Enterprise Schemes Application Support

Malta Enterprise supports companies and self-employed workers through various grants and grants. The eligibility criteria differ from one measure to another and our accountants in Malta can assist you by analysing which scheme is applicable and beneficial to your entity and supports throughout the application process.

The role of an Accountant

Accountants speak a language that helps them to comprehend, analyse and report on the entire business operations and culture. As a part of their role, an accountant compiles, analyses, verifies, and reports a company’s financial records, often comprising the profit and loss and balance sheet of the company, among many others reports. Based on their work and the company’s figures, accountants may recommend ways to boost profitability such as cost-saving strategies.

The following are some of an accountant's most common roles and responsibilities:

• Assuring the accuracy and compliance of financial documentation with applicable laws and regulations;
• Creating and keeping track of important financial reports;
• Preparing tax forms and ensuring that taxes are paid on time and correctly;
• Evaluating financial operations to advocate best practices, discover concerns and devise remedies, and assist organizations in running more efficiently;
• Providing cost-cutting, revenue-boosting, and profit-maximizing advice;
• Performing forecasting and risk analysis evaluations.

What financial records do companies need to keep?

Companies incorporated in Malta are required by the Maltese Companies Act, 1995 to keep “proper accounting records” with respect to receipts and payments, assets, liabilities, and inventory (if the company deals in goods).

The accounting records are to be kept at the registered office or any other office as decided by the directors of the company. Such accounting records are deemed to be proper if they allow, at any time, for accurate disclosure of the financial position and accurate presentation of the profit and loss and balance sheet of the company.

Companies often choose to outsource the accounting function and therefore reach out to an accounting firm in Malta, with knowledge of all legal requirements, for assistance with the accounting process.

To maintain the accounting records as mentioned above, the documents required would typically consist of the following:

• Invoices/receipts for fixed assets and expenses purchased
• Invoices for revenue generated
• Bank statements
• Agreements entered into by the company

CSB Group, one of the leading accounting firms in Malta, offers bookkeeping and accounting outsourcing services, ensuring the company is in good standing with the respective authorities.

Reliable accounting services in Malta - How can CSB Group Accounting Firm Help

Our team of professional accountants in Malta will get the job done. They offer tailor-made accounting services in Malta depending on the nature and size of the business. Timely, and accurate management accounts add value to any business and the maintenance of proper books of accounts (for Malta-registered companies) is a statutory requirement. These accounts and audited financial statements are the directors’ responsibility. it is our team’s pleasure to assist office and company directors to keep in line with the statutory deadlines imposed by the various authorities. This includes the Registry of Companies at the Malta Business Registry (MBR), VAT Department and the International Tax Unit/Inland Revenue Department. This is deemed fundamental because if these deadlines are not abided by, interest and penalties will be imposed by these respective authorities for late payment and late submissions respectively.