Accounting Services
Accounting services encompass the systematic recording, analysis, and reporting of financial transactions to ensure accuracy, transparency, and compliance with applicable financial reporting standards and regulatory requirements. These services are critical to supporting effective financial management and informed decision-making within an organisation.
In line with recognised accounting principles and national tax regulations, accounting services typically include the preparation of statutory financial statements, management accounts, bookkeeping, and the maintenance of general ledgers. In addition, key services such as the preparation and submission of tax returns, VAT returns, and reconciliation of accounts are integral to ensuring timely compliance and efficient financial operations.
These services provide stakeholders with a clear and reliable view of the organisation’s financial position and performance. Furthermore, accounting professionals assist in implementing robust internal controls, support budgeting and forecasting processes, and ensure that organisations meet their fiscal responsibilities in a compliant and efficient manner. By delivering accurate and timely financial information, accounting services contribute to sound governance, enhance operational efficiency, and help mitigate financial risks.
As part of a holistic service offering, we also provide Regulatory Support Services including assistance with:
- Identity Malta: Support with employment-related registrations, residence documentation, and other administrative formalities required by Identity Malta.
- Housing Authority: Registration of private lease agreements in line with current regulations and submission through the official Housing Authority platform.
These additional services are particularly valuable for self-employed individuals and small business owners, helping to ensure full compliance with local administrative and legal obligations.
This involves compiling and presenting the official annual financial reports of an organisation in accordance with applicable accounting standards and legal requirements. Statutory financial statements typically include the balance sheet, income statement, cash flow statement, and accompanying notes. These statements provide an accurate and compliant overview of the organisation’s financial position for stakeholders, regulatory bodies, and tax authorities. Having well-prepared statutory financial statements ensures compliance with legal obligations, builds trust with investors and creditors, supports strategic decision-making, and provides a clear picture of the organisation’s financial health.
Management accounts are regular financial reports prepared for internal use, often monthly or quarterly. They summarise key financial data such as profit and loss, cash flow, and balance sheets, enabling management to monitor performance, control costs, and make informed business decisions. Unlike statutory accounts, management accounts are tailored to internal needs and may include customised analysis and forecasts. Timely management accounts enable proactive business management, help identify financial trends early, improve budgeting accuracy, and support better resource allocation to drive growth.
Bookkeeping is the systematic recording of all financial transactions, including sales, purchases, receipts, and payments. It forms the foundation of the accounting process by ensuring accurate, up-to-date records. Proper bookkeeping facilitates compliance, financial analysis, and reporting, and supports audit readiness. Accurate bookkeeping reduces errors, ensures regulatory compliance, improves cash flow monitoring, and provides a reliable basis for financial decision-making.
Ledger maintenance involves updating and managing the general ledger and subsidiary ledgers, which categorise and summarise all financial transactions recorded in the bookkeeping process. This ensures accurate tracking of accounts such as assets, liabilities, equity, income, and expenses, enabling the production of reliable financial reports. Maintaining ledgers accurately supports financial transparency, ensures data integrity, facilitates efficient reporting, and aids in the early detection of discrepancies.
Preparation and submission of tax returns involve compiling accurate financial information to comply with tax regulations. This includes income tax returns for individuals and corporate tax returns for businesses, ensuring that all taxable income, allowable expenses, and credits are properly reported. Timely submission helps avoid penalties and ensures compliance with tax authorities.
For individual income tax returns, the deadline for manual submission is by 30th of June of the year following the tax year, while online submissions have an extended deadline until 31 July. Timely filing prevents the accumulation of late fees and penalties, ensures any tax refunds are processed promptly, and provides a clear overview of personal tax obligations to support financial planning.
For corporate income tax returns, companies with a financial year ending between 1st of January and 30th of June must submit their tax return by 31st of March of the following year. Companies with a financial year ending between 1st of July and 31st of December must file within nine months from the end of their financial year. Meeting these deadlines ensures compliance with Maltese corporate tax laws, helps with accurate financial forecasting and budgeting, and maintains good standing with tax authorities and stakeholders.
Proper tax return management minimises the risk of fines and audits, optimises tax liabilities, and ensures full adherence to applicable tax laws.
VAT (Value Added Tax) returns require calculating and reporting the VAT charged on sales and paid on purchases within a specified period. This service includes preparing and filing VAT returns with the relevant tax authority, ensuring compliance with VAT legislation and accurate payment or reclaim of VAT amounts. VAT returns are generally due by the 15th day of the second month following the end of each VAT period whether quarterly or monthly. When submitted online, businesses benefit from an additional 7-day extension for both submission and payment, allowing some flexibility while maintaining compliance. Timely submission of VAT returns is essential to avoid penalties and interest charges associated with late filing or payment. It also supports accurate cash flow management by enabling better financial planning and forecasting. Moreover, consistent compliance demonstrates professionalism and enhances the credibility of the business with clients, partners, and tax authorities alike.
Account reconciliation is the process of comparing and verifying financial records against external documents such as bank statements, supplier invoices, and customer payments. This ensures accuracy, identifies discrepancies or errors, and maintains the integrity of financial data. Regular reconciliations improve financial accuracy, reduce fraud risk, detect errors promptly, and enhance overall financial control.
Regulatory support services assist clients in complying with legal and administrative obligations beyond core accounting functions. This includes support with regulatory registrations, submissions, and ongoing compliance related to government bodies such as Identity Malta and the Housing Authority. Specific services cover employment registrations, residence documentation, and contract registrations, including the mandatory registration of rental contracts with the Housing Authority’s Rent Registration Office as required by Maltese law.
By ensuring timely and accurate submission of contracts for rent registration and other statutory requirements, clients can avoid penalties and ensure full compliance with housing regulations. Similarly, compliance with Identity Malta’s requirements for residency permits and related documentation helps streamline immigration processes and maintain legal status.
Having expert regulatory support minimises compliance risks, reduces administrative burdens, accelerates approval processes, and ensures timely fulfilment of all statutory obligations, allowing clients to focus on their core activities with confidence.