Important Reminder | Employer’s Annual Tax Declaration (Form TD7) Submission Deadline

Fairfax would like to remind all employers that the deadline for submitting the Employer’s Annual Tax Declaration (Form TD7) for the year 2023 is on the 31st of May 2024. Ensuring timely submission is crucial to avoid any penalties.

 

Key Points to Remember

 

Submission Deadline:

  • The final date to submit Form TD7 for the year 2023 is May 31, 2024.

Penalties for Non-Compliance:

  • Employers who fail to submit the relevant tax declaration by the deadline will incur a penalty of €100. This fine is imposed to encourage timely compliance.

Valid Tax Identification Codes (TIC):

  • The Employer’s Tax Declaration cannot be processed unless all employees listed on the form have valid Cyprus tax identification codes. Ensure that all employee details are up-to-date and correct to avoid delays or rejections.

 

It is essential for employers to make the appropriate preparations in advance to meet this critical deadline. Ensuring all employees have valid TICs and gathering the necessary information for Form TD7 submission will help in avoiding last-minute issues and penalties.

Fairfax is here to assist you with any questions or concerns you may have regarding the submission process. Don’t hesitate to reach out to us for further clarification or support. Compliance with tax regulations is vital for smooth business operations, and we are committed to helping you meet all necessary requirements.

For further information speak to our team of specialists regarding your outsourcing of payroll, bookkeeping and accounting needs. Call today on +357 2555 8025 or email accounts@fairfaxyeamen.com

Streamlining Success | Top 5 Reasons Companies Outsource Payroll in Cyprus

In the fast-paced business landscape of Cyprus, where efficiency and compliance are paramount, outsourcing payroll has emerged as a strategic move for many companies. From startups to established enterprises, businesses are increasingly turning to third-party payroll providers to handle their payroll functions. Let’s delve into the top five reasons why companies in Cyprus are outsourcing their payroll.

Expertise and Compliance Assurance

Cyprus’s payroll regulations are intricate and subject to frequent changes. Navigating these regulations demands expertise and continuous monitoring to ensure compliance. Outsourcing payroll to specialised service providers equips businesses with access to professionals who possess in-depth knowledge of local tax laws, social security contributions, and labor regulations. The experts at Fairfax stay abreast of updates and changes, mitigating the risk of non-compliance penalties and ensuring payroll accuracy.

Cost Efficiency and Time Savings

Managing payroll in-house entails significant costs associated with hiring and training staff, investing in payroll software, and dedicating valuable time to administrative tasks. Outsourcing payroll allows companies to streamline operations and reduce overhead costs. By delegating payroll responsibilities to external providers, businesses can redirect resources towards core activities, driving innovation, and growth. Moreover, outsourcing eliminates the need for ongoing software updates and maintenance, further reducing operational expenses.

Enhanced Data Security and Confidentiality

Payroll processing involves handling sensitive employee information, including salaries, tax details, and personal data. Maintaining the confidentiality and security of this information is crucial to safeguarding employee trust and complying with data protection regulations. Fairfax adhere to stringent data security protocols and utilise advanced encryption technologies to protect sensitive data from cyber threats and unauthorized access. By entrusting payroll to our team of professionals, businesses ensure data integrity and minimise the risk of breaches or data loss.

Scalability and Flexibility

Businesses in Cyprus often experience fluctuations in workforce size, especially in sectors such as retail and hospitality. Outsourcing payroll offers scalability and flexibility to adapt to changing staffing requirements without incurring additional administrative burdens. Whether scaling up during peak seasons or downsizing during economic downturns, outsourcing providers can accommodate fluctuations in payroll processing seamlessly. This scalability enables businesses to maintain agility and respond swiftly to market dynamics without compromising payroll efficiency or accuracy.

Focus on Core Business Objectives

Ultimately, outsourcing payroll enables companies to prioritise their core business objectives and strategic initiatives. By offloading payroll responsibilities to Fairfax, business leaders can redirect their attention towards revenue-generating activities, innovation, and client relationships. Outsourcing fosters a more streamlined and agile organisational structure, allowing businesses to allocate resources where they are most needed to drive sustainable growth and competitive advantage in the dynamic Cyprus market.

Outsourcing payroll in Cyprus offers a myriad of benefits, ranging from regulatory compliance and cost efficiency to data security and strategic focus. By partnering with trusted payroll service such as Fairfax, companies can streamline operations, mitigate risks, and unlock new opportunities for success in the ever-evolving business landscape of Cyprus.

For further information speak to our team of specialists regarding your outsourcing of payroll, bookkeeping and accounting needs. Call today on +357 2555 8025 or email accounts@fairfaxyeamen.com

Celebrating a Decade of Excellence | Fairfax and Its Founders Nicoletta Demetriou and Steve Slocombe

As Fairfax marks its 10th year anniversary, it’s not just a milestone; it’s a testament to the vision, dedication, and unwavering commitment of its founders, Nicoletta Demetriou, Steve Slocombe and the entire Fairfax team. What began as a humble endeavor has blossomed into a leading outsourced payroll provider, shaping the landscape of business solutions in Cyprus.

Steve Slocombe, with his profound understanding of the Cypriot market, and Nicoletta Demetriou, with her extensive expertise in payroll services, joined forces a decade ago with a shared vision – to revolutionise the payroll outsourcing industry in Cyprus. Their journey wasn’t without challenges, but their determination and innovative approach propelled Fairfax to remarkable success.

One of the key factors behind Fairfax’s ascent to prominence is its unwavering commitment to excellence. Nicoletta and Steve instilled a culture of quality and reliability within the company from its inception. The Fairfax team understood that payroll is the lifeblood of any organisation, and entrusted with this responsibility, Fairfax set out to deliver unparalleled accuracy, efficiency, and compliance in every aspect of its services.

The success of Fairfax can also be attributed to its ability to adapt and evolve with the ever-changing business landscape. Nicoletta and Steve recognised early on the importance of staying ahead of technological advancements and regulatory changes. By investing in cutting-edge technology and continuously updating their knowledge base, Fairfax remained at the forefront of innovation, offering clients state-of-the-art solutions tailored to their unique needs.

Furthermore, Nicoletta and Steve’s commitment to building strong relationships with clients and employees alike has been instrumental in Fairfax’s success. They fostered a culture of trust, transparency, and open communication, ensuring that every client interaction is characterised by professionalism and integrity. This client-centric approach not only earned the Fairfax team a loyal clientele but also cemented its reputation as a trusted partner in the business community.

Beyond their professional achievements, the Fairfax team have also made significant contributions to the local community. Through various philanthropic initiatives and corporate social responsibility programs, Fairfax has demonstrated its commitment to making a positive impact beyond the boardroom.

As Fairfax celebrates its 10th year anniversary, Nicoletta and Steve can look back with pride on their journey thus far. What began as a shared vision has blossomed into a legacy of excellence, innovation, and integrity. The Fairfax team’s dedication, perseverance, and entrepreneurial spirit have not only transformed Fairfax into a leading outsourced payroll provider but have also inspired countless others in the business community.

Looking ahead, Nicoletta, Steve, and the entire Fairfax team are poised to build on their past successes and continue to set new benchmarks of excellence in the years to come.

For further information speak to our team of specialists regarding your outsourcing of payroll, bookkeeping and accounting needs. Call today on +357 2555 8025 or email accounts@fairfaxyeamen.com

Social Insurance contribution rates will be increased in 2024

Fairfax wishes to inform all employers about the changes that will be put in effect in 2024.

SIF Contribution Rates Increase

According to the provisions of the Social Insurance Law of 2010 a rate of social insurance
contribution is applied to the insurable earnings. At the moment, the rate applicable is 8.3%
deducted by the employee and 8.3% contributed by the employer.

However, the contribution rate will be increased by 0.60% from 01/01/2024

There will be no further change to the contribution rates of the other social insurance funds currently in effect.

You may refer to the chart below for your ease of reference:
How Fairfax can help?

Explore the benefits of engaging the Fairfax team to assist you by outsourcing your payroll function.

Contact us on +357 25558025 or accounts@fairfaxyeaman.com for more information.

 

The Cyprus “Tax For All” (TFA) Portal is Underway

On 17 January 2023, the Commissioner of Taxation informed the public of the commencement of the gradual release of the new platform Tax For All (TFA), which will replace the existing TAXISnet.

The Commissioner states that an important element for the transition to the Tax for All platform is is the User’s email as this will be used for all updates and communication.   All users are therefore requested and encouraged to update their emails as soon as possible via the TAXISnet portal as the correct email is essential for the transition of the User’s account from the old platform to the new TFA platform.

Changing the e-mail address can be done by following the instructions posted on the Tax Department’s website:

www.mof.gov.cy/tax

e-Services → TAXISnet → Information Material → Income Tax-Defense e-Services

e-Services → TAXISnet → Information Material → Value Added Tax Procedure for changing the electronic address in the TAXISnet system e-Services

The first stage of the gradual release concerns Indirect Tax and it will include the following:
  • Submission of VAT Returns (Under the current format. New Vat Return format expected to be available towards the end of 2023)
  • Submission of VIES Returns
  • Payments (will introduce functionality for VAT payments (payment to be performed via JCC))
  • Refunds
  • Certificates
  • VAT statements
  • Complaints
  • Communication/Q&A

The Team at Fairfax are experts in All payroll and Tax related matters,  if you are looking for an outsourced provider in Cyprus to assit either your company or yourself as an individual for and of the above related Tax isues then contact one of our team today accounts@fairfaxyeaman.com or call + 357 25558025