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
- Verify VAT registration
- Social Insurance compliance
- Retention accounting
- Signed payment certificates
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
- Paying subcontractors correctly: what's the short answer?
- Developers must check subcontractor VAT and Social Insurance status, apply reverse charge where relevant and keep signed valuations to support every payment.
- Can Tsquared help with paying subcontractors correctly?
- Yes. We advise property developers and construction companies in Cyprus on paying subcontractors correctly and handle the filings for you.