What is the difference between a bookkeeper and an accountant in Cyprus?
Bookkeepers handle day-to-day transaction recording, bank reconciliation, payroll, and VAT returns. Accountants (specifically ICPAC members) perform the mandatory annual audit and sign off statutory accounts. Many small businesses use a bookkeeper monthly and an accountant only for year-end.
How often do I need to file VAT returns in Cyprus?
Cyprus VAT returns are filed quarterly for most businesses. Some high-turnover businesses file monthly. Returns are due by the 10th of the second month after the quarter ends. A bookkeeper typically handles this on your behalf.