Servicing local as well as internationally based customers

Accounting

Beacon Finance offers a full range of accounting and support services which are necessary for the maintenance of a company’s accounting records.

These include bookkeeping, preparation of periodic management accounts in accordance with the requirements of our clients and the Malta Financial Services Authority (MFSA).

In Malta, all companies are required to keep proper accounting records and to prepare an annual return in the prescribed format to be made up, upon each anniversary of its registration.

Companies are also required to file a copy of the annual accounts with the MFSA. These must generally be accompanied by a copy of the auditors’ report thereon together with the directors’ report (if applicable).

The annual accounts must be filed within 10 months from the financial year end. Accounting records are to be kept for a minimum period of 10 years at the registered office of the Company or at such other place as the Directors of the company may determine from time to time.

The format of the accounts to be submitted depends on the size of the company and the accounting framework to be adopted by such company.

Tax Compliance

Beacon Finance provides tax compliance services to its clients.

Malta’s status as a member of the European Union, as well as the adoption of the Euro as Malta’s currency in 2008 have made Malta a jurisdiction of choice with many investors, many of whom decide to locate their businesses in Malta due to the advantageous corporate tax system. One of the attractive benefits to persons who choose Malta as the jurisdiction where to set up their companies, is the income tax system available to any business in Malta.

Malta’s tax legislation provides a number of incentives to shareholders of Malta companies deriving income from their investments and/or trading activities, whether derived from Maltese companies or companies outside Malta.

Four forms of relief from double taxation are available including Malta’s far reaching double tax treaty network, so that the Malta company is granted a relief from double taxation in cases where the income of the Malta company would have also suffered tax in a foreign jurisdiction. This ensures that the same income will not be subject to tax twice in two different jurisdictions. When income received from investments and/or trading activities is distributed by companies by way of dividends, a refund of the tax paid by the companies becomes due.

VAT Compliance

Value Added Tax is perhaps the most complicated and often dangerously ignored tax.

We can take the burden of VAT compliance off your business shoulders by completing your quarterly or annual VAT returns and ensuring their timely submission to the VAT Department. Our VAT team is always ready to advise on the right VAT treatment of a particular transaction.

Our VAT team can also assist with the setting up of internal systems and procedures which assist in the generation of VAT returns. They can also conduct reviews of VAT returns and accounting records.

Malta VAT Compliance
Through our Malta VAT experts we provide the following services:

– VAT registration
– Preparation and submission of VAT returns to the Malta VAT Department
– Deregistration process

Auditing & Assurance

Companies registered in Malta, are required to prepare a set of audited financial statements every year under Generally Accepted Accounting Principles and must be submitted at the Malta Business Registry annually. These audited financial statements will also be required for the purpose of the preparation of the income tax return to be filed on an annual basis.

At Beacon Finance we carry out audit and assurance services to local as well as internationally based customers. The wide and diverse sectors in which they operate include wholesale and retail, service providers, property, hospitality and catering, holding and investment companies and shipping.

Our assurance team is highly trained and committed to provide statutory and regulatory audits of the highest standards. We aim to exceed client expectations, by continuously reviewing our own effectiveness and efficiency, and by maintaining close communication with the client throughout the audit process.