Accounting for Consulting Companies in Malta

If you are running a consulting company in Malta but need accounting services, our firm is at your service. You can rely on our accountants in Malta for tailored support in financial matters while you focus on your enterprise.

Accounting services for Maltese consulting companies

If you want to open or are already the owner of a consulting business in Malta and you are looking for accounting services for it, you can rely on our specialists for various services, among which:

1. bookkeeping which will prove essential for your company’s day-to-day activities without you having to worry about invoices;
2. payroll, no matter if your business is a small or large one and it depends on various consultants, thus employees. Every organization’s payroll administrator has a significant amount of responsibility, therefore performing the position effectively calls for a specific set of abilities and credentials. Among these abilities are computer and math skills, as well as a good knowledge of accounting. If you are interested in payroll services in Malta, you can rely on us.
3. various types of audits, not only the mandatory ones imposed by the law but also independent ones that will help you optimize your company’s financial results;
4. reporting and filing services which must respect a specific timetable. There are cases where fraud can target companies in which the financial documents are not in order. This is why one of the measures companies can complete is the internal audit. Our specialists can help you with tailored audit services in Malta, so that you can first of all ensure an accurate financial standing of your business.

Apart from these, if you plan on applying for a specific program enabled by the government through which you can obtain funding or tax deductions, our accounting firm in Malta can verify if you meet the eligibility conditions and draft the documents for your business to successfully obtain the necessary funds.

Regulations associated with accounting and audit in Malta are comparable to those in the United Kingdom. Accounts must be prepared in conformity with the Companies Act of 1995 and the EU Single Accounting Directive. With the implementation of the General Accounting Principles for Small and Medium-Sized Entities, this Directive was implemented into Maltese law (GAPSME). However, directors of small and medium-sized businesses are still permitted to use the IFRS, which the EU has embraced.

Assistance in registration with Maltese authorities

Upon creation, a company must register with various authorities, some of them connected with the payment of various taxes and contributions. VAT registration (under Article 10 or, for small enterprises, Article 11) is mandatory within 30 days of starting taxable activity, and we recommend handling it early to avoid complications once your business must charge VAT.

Registering as an employer is an important step in the payroll setup procedure, and our Malta CPA accountants can handle the entire procedure in just a matter of days. This is by far one of the most important tasks that need attention upon launching a business. 

You can also rely on us for audit services in Malta.

Support in tax and VAT registration for consulting companies

If you plan to open or have recently enabled your own Maltese consulting company, you can rely on our accountants for support in registering it for taxation, which is mandatory, and for VAT, which is also mandatory (small enterprises up to EUR 35,000 turnover can use the exempt Article 11 registration).

Our accounting firm in Malta can also represent consulting businesses that have been operating for a while and were not required to register under Article 10 until reaching the minimum threshold, which in this country is EUR 35,000 (single threshold).

In connection with the value added tax, we also offer other services, among which are filing VAT returns on a quarterly and annual basis.

Such services are extremely useful, no matter if you run a small or large consulting business in Malta, as they are repetitive and require a lot of attention, and in their lack, the company may be subject to various penalties.

Dedicated bookkeeping services in Malta

The regular profile of a consulting company is to deal with multiple clients at a time. This particularity leads to the issuance of a large number of invoices, which must be recorded and kept track of in a very strict manner. With the help of our bookkeeping solutions in Malta, your company is in good hands, as:

• we use dedicated software with cloud storage;
• we review and update invoice information regularly;
• we offer access to any invoice 24/7, so that you can benefit from full transparency.

Another important accounting service that is more and more appreciated in Malta is the possibility of configuring a tailored solution based on the number of monthly invoices issued. So, if this is what you are interested in, you can use the contact form and put in a request for a quotation.

Payroll services availability

Our accounting services for consulting companies in Malta also include payroll computation. This is another service that is usually outsourced by such businesses, as the procedures require a lot of attention not only in terms of salaries and taxation, but also in respecting employment regulations.

Our accounting firm in Malta will adapt its services to your needs, so that you will not have to worry about payroll regulations.

The main taxes you need to consider for your business in Malta

Starting a business in Malta comes with many benefits. From tax incentives that can take the form of deductions or exemptions, to industry-related aids from various agencies, the government has managed to attract many foreign investors interested in opening companies here and contributing to the country’s economy. The large number of overseas entrepreneurs has led to the development of the consulting sector, as these have put their knowledge and expertise to the service of Maltese people and businesses and thus created a well-established sector.

Without a doubt, the most pressing matter when it comes to using the services of an accountant is related to taxation. Knowing the taxes your business must pay and making sure it is up to date with the filing requirements must be of your attention.

Our accounting firm in Malta can help you with all these aspects. Considering there are no special conditions to respect by consulting companies, here are the taxes you need to consider according to the Maltese laws:

• the corporate tax which has a standard rate of 35%, however, we can help you claim the refund available here under strict conditions;
• the value added tax as you are a service provider and you must pay it at the standard rate of 18%;
• the withholding tax on dividends — none applies to dividends paid out of taxed profits (15% applies only to certain distributions of untaxed profits);
• social securities taxes must also be paid for you as an employer, and they represent 10% of each employee’s basic weekly wage (capped), plus 0.3% to the Maternity Leave Trust Fund.

Drafting the necessary documents for the payment of these taxes enters the attention of our Maltese accountants, so you don’t have to worry about them.

Also, at the end of the financial year, when tax returns must be submitted with the Maltese Commissioner for Tax and Customs, you rest assured that our firm will handle all the filing requirements so that you are not subject to any late payment fee.

Consulting companies in Malta

Out of all the developed sectors, consulting is one of the most important as it is linked to some of the most performant industries in Malta. Among these, the financial and IT ones are representative.

Setting up a company with the purpose of offering consulting services in Malta is a great idea as it does not require meeting any special requirements, as long as you have the necessary experience and a proven track record in the field you want to operate. Moreover, you can launch your business as a startup, a case in which our accountants in Malta can help you obtain the tax benefits such enterprises enjoy. We are also at your disposal with employment-related solutions.

Payroll mistakes can lead to various issues for businesses and employees alike, however, these can be prevented. Additionally, correcting such errors requires time-consuming administrative chores, and informing the authorities in charge of changes adds to the compliance burden. In order to avoid them, you can use our payroll services in Malta.

Common types of consulting services offered in Malta

If you are considering starting a consulting business in Malta, it may be useful to know what the most sought-after services are:

• IT and gaming consulting, as these are top industries foreign investors operate in;
• risk compliance consulting for various types of companies;
• consulting for accessing EU funds;
• estate and succession planning consulting services are also popular in Malta.

No matter the types of services you need, you can rely on our Malta tax advisors for tailored support. We can provide you with personalized service packages, so do not hesitate to contact us for details.