This guide is written for doctors, dentists, specialists and private clinics. Rules change regularly and individual circumstances vary, so speak to a Tsquared accountant before acting. We regularly help clients with gesy (ghs) income reconciliation, self-employed tax and provisional tax, practice payroll.
Key points
- One-fifth of income cap
- Provident funds
- Life insurance premiums
- Plan for retirement income
Challenges you face, solutions we provide
Challenge: GESY (GHS) income reconciliation
Our solution: Monthly reconciliations of HIO statements against your patient records
Challenge: Self-employed tax and provisional tax
Our solution: Provisional tax, Social Insurance and GHS calculated and filed on time
Challenge: Practice payroll
Our solution: Payroll for nurses, receptionists and associate doctors run monthly
Challenge: Medical equipment allowances
Our solution: Capital allowances claimed on scanners, chairs and IT equipment
Challenge: Sole trader vs. company
Our solution: Sole-trader vs. company modelling with real numbers before you incorporate
Frequently asked questions
- Pension planning for doctors: what's the short answer?
- Doctors in Cyprus can deduct contributions to approved provident and pension funds and life insurance, up to one-fifth of income, reducing their tax bill.
- Can Tsquared help with pension planning for doctors?
- Yes. We advise doctors, dentists, specialists and private clinics in Cyprus on pension planning for doctors and handle the filings for you.