Accounting
Services

Every Company registered in Gibraltar. Tax returns must be submitted even if there is no tax liability in a relevant period.

Accounts must be filed on an annual basis, if the filing requirements are not complied with before the end of the relevant period, the Company and every officer of the Company commits an offence and is liable to pay a fixed penalty.

Annual accounts must be drawn up either in accordance with the international accounting standards (IAS) or in accordance with section 243 of the Gibraltar Companies Act 2014.

They must give a true and fair view of the company’s assets, liabilities, financial position and profit or loss.

Accounts must be filed on an annual basis. If the filing requirements are not complied with before the end of the relevant period, the company and every officer of the company commits an offence and is liable to pay a fixed penalty.

If requested, AIX will provide accountancy services to clients tailored to their requirements, and at a very competitive cost.

Bookkeeping Services

AIX provides bookkeeping services for a number of clients. Our services and fees will be based on the level of your activity and the extent of the services you require from us.

As your business develops, we can increase our support to match your needs.

Our bookkeeping services include the following:

• All business transactions will include all income and expenses, receipts and payments, and any other adjustments
• Reconciliation of bank statements and passing any necessary adjustments
• Posting of general ledger and other ledgers as necessary
• Preparing and generating sales invoices
• Recording of all business transactions in accordance with International Financial Reporting Standards (IFRS)

Financial Reporting

A financial statement is a formal record of the financial activities of a business. It shows the financial position (assets, liabilities and shareholders’ equity) and financial performance (profit and loss) of a company.

This assists management to make decisions in forward planning and also assists external partners, such as banks or vendors, in making decisions about the company’s borrowing capacity or credit status.

We can provide clients with a complete set of financial statements that includes the following:

• Income statement (Profit and Loss account)
• Statement of Financial Position (Balance Sheet)
• Statement of cash flows

Audit Assistance

An audit of financial statements is the objective independent verification of the financial statements. This increases the value and credibility of the financial statements produced by the management.

AIX works with various local and international audit firms and will assist in matching a client to an auditor, based on the client’s requirements and budget.

We can also provide full support during audit by liaising with the auditors, preparing the schedules and confirmation letters for auditors and attending to auditor questions.

Management Accounting

Management accounting is the process of preparing management reports and accounts that provide accurate and timely financial and statistical information required by managers to make day-to-day and short-term decisions.

Maintaining Cash Books

A cash book is a financial journal that contains all receipts and payments, including bank deposits and withdrawals. Entries in the cash book are then posted into the general ledger.

Tax Returns

A tax return is the form used to report income and file tax returns with the local tax authorities. Our services include preparation and filing of tax returns and dealing with any enquiries from the tax authorities that may arise.

AIX offers a comprehensive payroll management and processing service that will allow you to maximise the efficiency of your operations and remain in compliance with all local legislation and regulations.

Regardless of the size of a business, the number of employees, or the complexity of the payroll, AIX can look after all aspects of payroll management, making certain that all obligations and responsibilities are met in a timely and efficient manner, leaving you free to focus on running your business.

A variety of other services can also be provided to employers upon request.

AIX payroll service will be tailored to your specific requirements, but our monthly services would typically include:

• Registration of Company and Employees at the ETB
• Registration of Company and Employees at the Income Tax Office
• Registration of Employees at the Social Insurance Department
• Computing employees’ withholdings and net pay
• Producing and issuing employee pay slips
• Depositing net pay directly into employee bank accounts
• Expenses and benefits’ processing and compliance
• Incorporating ad hoc additional payments or deductions
• Arranging documentation for new or departing employees
• Preparing submissions to tax office
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Year-end procedures encompass the preparation of tax returns for both the employer and employees, including the annual tax letter required by the Spanish Hacienda for employees resident in Spain, and compiling payroll accounting records for the employer.

Some clients request our payroll services to save time and money, others to ensure that all their administrative and legal requirements are met, and some prefer an outsourced payroll function in order to keep such information confidential.