Standard Admin / Friday, May 24, 2024 / Categories: Cyprus Company Governance, Cyprus Taxation on Individuals, TAX ADVICE / CONSULTATION Cyprus Self Employed Person - Quick Summary SELF EMPLOYED PERSONS SELF EMPLOYED PERSONS Characteristics Are taxed on profits, not turnover Expenses incurred for the running of the business are tax allowable (deducted for tax purposes) Are taxed on the PAYE tax brackets of the employed persons When their turnover exceeds Euro 70,000 annually, audited financial statements must be prepared just like companies Must be VAT registered and follow VAT rules and regulations Can register as employers and be responsible personally for their staff payroll taxes, just like companies Are frequently scrutinized by the VAT and Income Tax offices (more often than companies) Are personally liable to VAT and Income Tax offices (unlike companies) Our Advice The legal framework should outweigh the minor tax benefits when deciding whether to incorporate a company. Avoid been a self-employed person with employees. Always consult with an expert before you make any decision Previous Article Cyprus Funds - Applicable Taxes (Company and Investors) Next Article MIDDLE EAST COMPANY FORMATION - WELCOME TO NEW OPPORTUNITIES Print 19 Rate this article: No rating Tags: cyprusComplianceSelf-employedSelf-employed personSole trader Please login or register to post comments.
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