This guide is written for property developers and construction companies. Rules change regularly and individual circumstances vary, so speak to a Tsquared accountant before acting. We regularly help clients with project cost tracking, vat recovery and reverse charge, off-plan sale revenue recognition.
Key points
- Central Holiday Fund contributions
- Site and overtime allowances
- Foreign worker permits
- Monthly SI submissions
Challenges you face, solutions we provide
Challenge: Project cost tracking
Our solution: Per-project cost centres with monthly cost-to-complete and margin reporting
Challenge: VAT recovery and reverse charge
Our solution: Reverse-charge VAT applied to every subcontractor invoice so penalties are avoided
Challenge: Off-plan sale revenue recognition
Our solution: IFRS 15 revenue recognition reviewed contract by contract and aligned with tax
Challenge: Bank and investor reporting
Our solution: Lender and investor reporting packs prepared accurately, every quarter
Challenge: Contractor payments and withholding
Our solution: Subcontractor vetting, retention accounting and Social Insurance compliance handled
Frequently asked questions
- Payroll for construction staff: what's the short answer?
- Construction payroll in Cyprus must handle Social Insurance, GHS, holiday fund contributions and site allowances correctly to avoid labour inspection penalties.
- Can Tsquared help with payroll for construction staff?
- Yes. We advise property developers and construction companies in Cyprus on payroll for construction staff and handle the filings for you.