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Introducing TaxApp.cy

Introducing TaxApp.cy
  • How did the idea of ​​creating the innovative TaxApp platform come about?

TaxApp is indeed an innovative online 'tax tool', which helps users prepare and submit their Cyprus tax form. Using TaxApp anyone can easily prepare their tax form, following simple instructions in the form of short questions. At the same time, it gives a sense of ‘comfort’ and safety to the user, since the tax form is reviewed by real tax experts prior to its submission, ensuring its correctness. The idea has been around for quite some time. Its implementation emerged during the ‘lockdown’ due to the pandemic, when the team had plenty of time to devote in such an endeavor. We found a 'gap' in the Cyprus market in relation to ‘tax tools’ - which help people prepare their tax form. The aim was to fill that gap, transforming an admittedly stressful process into an easy, yet educational one, requiring just a few minutes. We believe that we have achieved exactly that. The so far response from the public, in basically just one year of being operational, has been quite encouraging. We have already submitted more than 500 tax forms and have approximately 2,500 registered users. This year our goal is to help more than 2.000 users prepare and submit their tax form.

  • How exactly does TaxApp work?

TaxApp works like a simple questionnaire. We ask simple questions about the user's tax situation, for example if they have a job, if they are retired, if they have donated money, if they have life insurance, if any taxes have been paid abroad, etc., all while certified tax experts are completing their tax form and tax calculations from ‘behind the scenes’. User's answers guide us on what to look for and what to ask next. If the user is unsure on how to answer a question, our team is ready to help. As a result, users are guided as they answer the relevant questions and get the help they need, when they need it. In the end, we submit the tax form (on behalf of the user) to TAXISnet, just like any other accountant would.

  • TaxApp’s team consists of professionals in the field. Tell us about the team and also about you personally as co-founder and CEO of TaxApp

The team is comprised mainly by tax advisors, lawyers, and developers. In addition to the rest of the team, I personally have extensive experience in the field of taxation. I started my career in the tax advisory department of PwC, before joining EY as a Tax Manager. I then took on a role as Senior Tax Manager in a multinational investment bank. I am also a member of the 'Institute of Chartered Accountants in England and Wales' (ACA) and hold a Bachelors’ degree in Economics from the University of Manchester.

  • Are there any "restrictions" as to who can use the services offered by TaxApp? 

Via TaxApp we undertake the preparation and submission of tax forms for employees (and pensioners). ‘Outside’ TaxApp, we also help users submit tax forms for the 'self-employed'. TaxApp is for all people, regardless of their tax-knowledge, income type or computer experience. The aim is for everyone to be able to file their Cyprus tax form using our app!

  • How secure is the personal data and information of those who decide to use your services?

The entity behind the platform has been approved by ICPAC (ΣΕΛΚ), the only recognized body of accountants in Cyprus, and is GDPR compliant. TaxApp’s team is also in frequent communication with the Cyprus Tax Department, which we take this opportunity to thank for their so far support. Furthermore, TaxApp ensures that its users’ data remains secure, as we use the latest technology and practices, protecting the privacy and safety of such sensitive information.

  • What is the cost for those who choose to contact you to complete and submit their tax form?

If the user chooses to prepare and submit the tax form themselves (via TaxApp) the final cost is €19.50 (+VAT). The process is extremely simple. It requires: 1. a tax ID number (TIC), 2. registration in TAXISnet, and 3. registration in TaxApp. In case the user decides to let us take care of the whole process, without any of his or her involvement, the cost is €79.50 (+VAT). He only needs to provide us with all the necessary documents regarding his / her taxes.

  • What else should people know about TaxApp and the benefits for users of the service?  

People that use TaxApp have a personal 'online' tax advisor at their disposal, reviewing their tax form prior to its submission, ensuring its correctness. Users get help and guidance during every step of the process. Furthermore, most of the users’ information is only submitted once, making it easier to file the form in the following tax year. Now, every user can easily and quickly prepare their own tax form, avoiding mistakes and unnecessary fines (e.g., €100 for late submission). Finally, it’s worth mentioning that people can use TaxApp to submit their tax form via their mobile phone!

  • Who is obligated to submit a tax form for the year 2021?

Individuals with gross (i.e. before tax) income exceeding €19,500, are obliged to file a tax form for the year 2021. The relatively recent amendment in the Cyprus tax legislation, which makes it mandatory for all taxpayers (besides certain groups) to annually submit a tax form, regardless of the amount of income earned, is practically not applicable yet (due to a decree from the relevant Ministry). It is very likely that the change in the legislation will apply as of next year, i.e. for the 2022 tax form.

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