Acquarius Accounting & Payroll Services Ltd is a wholly owned subsidiary of Acquarius Trust Company Limited.
We have a team of qualified and part qualified accounts who can assist from the most basic of statutory accounts through to fully managed back offices, bookkeeping and management information.
Our comprehensive accounting service including:
- Book keeping and management accounting
- Statutory accounting
- Tax returns
- Audit preparation work
- Personalised accounting services to individuals enjoying special tax status in Gibraltar
Financial Accounts, Audit Requirements and Tax Returns
Under the EU 4th & 7th directive on company accounts, Gibraltar companies are required to file accounts at the Gibraltar Companies Registry relating to their chosen year-long fiscal period within 13 months from the chosen financial year end.
Companies in Gibraltar are only tax on profits generated from Assessable Income. Assessable Income is income that accrues and derives from activities that take place within Gibraltar.
All Companies are required to file a tax return with the Income Tax Office within 9 months from the chosen financial year end.
Companies with no Assessable Income are still required to file a tax return, however the accounting and audit requirements differ.
Companies with Assessable Income
Assessable income < £1,250,000 – Accounts must be accompanied by an accountant’s report
Assessable income> £1,250,000 – Accounts must be accompanied by a statutory auditor’s report.
For companies with assessable income, corporation tax is charged on taxable profits at 12.5%.
Companies with no Assessable Income
Small Companies (see table below) are not required to file audited accounts, and are able to file Balance Sheets signed by the Directors of the Company.
Medium and Large Companies must file accounts accompanied by a statutory auditor’s report.
|(2 out of 3)||Small||Medium||Large|
|Turnover||< £10.2m||< £36m||> £36m|
|Gross Assets||< £5.1m||< £18m||> £18m|
|Average Employees||< 50||< 250||> 250|
We ensure that all companies under management comply with Gibraltar legislation by preparing and filing the appropriate returns with Companies House or with the Income Tax Office.
Additionally, we can assist with all aspects of employee registration for income tax and social insurance purposes.