ITHACA SERVICES
Navigate your journey to Ithaca
while we smooth the waves
Our Story
Ithaca Services Ltd was founded in February 2021 by Rodoula Demetriades. The company has been growing since, through a network of closely affiliated accounting and professional service providers in Cyprus, Greece and the United Kingdom.
Ithaca Services is a boutique accounting firm offering custom service solutions for small and medium sized businesses. Our client base includes both local and international clients. We provide accounting and bookkeeping services, tax advisory and tax compliance services, audit and assurance services, startup business planning and consulting services and business and executive coaching. Through our closely affiliated service firms, we offer company formation and representation services as well as secretarial, administration services and banking support.
Our competitive advantage lies in the unique combination of technical expertise, decades of experience, powerful industry affiliations both locally and abroad and our unmediated personal contact and quick service delivery.
Our Services
- Statutory Audits & Attestation Services
- Accounting & Bookkeeping
- Payroll
- Business Formation
- Entity Selection
- Feasibility Studies
- Budgeting
- Financial Projections
- Tax Management
- VAT Management
- Business Administration & Management
- Business and Executive Coaching
Auditing
Audit
An audit is the examination of the financial report of an organisation – as presented in the organization’s annual report – by someone independent of that organisation. The financial report includes a balance sheet, an income statement, a statement of changes in equity, a cash flow statement, and notes comprising a summary of significant accounting policies and other explanatory notes.
The purpose of an audit is to form a view and provide an opinion on whether the information presented in the financial report, taken as a whole, reflects the financial position of the organisation at a given date.
When examining the financial report, auditors must follow auditing standards which are set by a government body. Once auditors have completed their work, they write an audit report, explaining what they have done and giving an opinion drawn from their work. Generally, all listed companies and limited liability companies are subject to an audit each year. Other organisations may require or request an audit depending on their structure and ownership.
Cyprus Audits and the assigned regulatory bodies
Based on the Companies Law in Cyprus, every company incorporated in the Republic of Cyprus is obliged to submit annually to the Registrar of Companies and to the Inland Revenue its audited financial statements, which must be prepared by licensed auditors eligible to perform statutory audits. Audit licenses are granted, monitored and regulated under the Companies Law and the assigned Regulated Bodies.
Our auditing services
- Statutory audits for companies registered in Cyprus
- Audit of financial statements prepared in accordance with International Financial Reporting Standards (IFRSs)
- Preparation of financial statements and consolidated financial statements in accordance with International Financial Reporting Standards (IFRSs)
- Internal Audit and Internal Control Audit and advice on the internal control systems of the organization
- Specific purpose audit
- Internal Audit
Accounting
Accounting
Accounting is the system of recording and summarizing business and financial transactions and analyzing, verifying, and reporting the results.
We perform the bookkeeping and prepare accounts for all types of business, from sole traders, partnerships, limited companies and limited liability partnerships.
We help to reduce the administrative burden, allowing you to concentrate on running your business, while giving you peace of mind that your accounts and returns are in order.
Our accounting and statutory compliance services
- Preparation of annual accounts
- Preparation of periodic management accounts
- Book-keeping services
- Payroll services
- PAYE and GESY compliance
Tax
Tax Planning
We provide guidance to multinational and local companies in developing their tax strategies that can maximize tax planning benefits and meet all compliance requirements of local tax legislation and their worldwide tax and compliance requirements.
Corporate client tax services
- Advice on local and international tax planning
- Assistance in the setup of a Group Structure
- Registration with the Inland Revenue Department
- Assistance in preparation and submission of tax returns
- Preparation and submission of semi-annual provisional tax declarations
- Liaising with Inland Revenue
- Issuance of Tax Residency Certificates
Individual client tax services
- Assistance in preparation of tax returns
- Submission of the required tax return to the Inland Revenue
- Advice and preparation of capital statements
- Personal tax planning
- Advice on tax issues affecting expatriates
- Contact with the local tax authorities
VAT consulting and compliance services
- Vat registration and compliance
- VAT planning and advice
- Maintaining VAT records
- Submitting VAT returns
- Assistance in investigations made by VAT authorities
- Liaising with VAT authorities
Banking
We assist in the bank account opening procedure and thereafter liaise with the bank to ensure the good standing of the bank account.
Our banking services
- Opening of bank account/s in the currency of your preference
- Liaising with the bank to assist the signatories
- Liaising with the bank in regards to bank transfers
- Assistance with closing all operations of a bank account
Advisory
Business startup services
- Advice and assistance on deciding which is the most suitable structure for your business – sole trader, partnership, or limited company
- Assistance in the preparation of a business plan, cash flow projections, budgets, and forecasts
- Assessment of your finance requirements, advise on the best sources of finance, and drawing up the necessary proposals
- Establishing a good working relationship with your bank
- Registration procedures with the Registrar of Companies, Tax and Vat authorities
- Company secretarial services
- Company management services
Our Partners
What Clients Are Saying
"We have been doing business with Rodoula’s father for over forty years and when Rodoula seamlessly took over we are pleased to experience her own approach and the same values; trust and professional service."
Olga Odysseos
CEO Real Estate Sector Cyprus
SMB LTD Cyprus
The subsidiary was established in 2007, and it has since grown into a successful entity in its own right.
Today, it is held by Dr. Demetriades (Director), and accounts and audit work is supervised by Ms Rodoula Demetriades through her accountancy practice.
"Rodoula looks after our interests in Cyprus and acts as our representation office for a number of companies with UK shareholding. It is a pleasure doing business with her as she combines a pleasant personality with knowledge and expertise."
Christopher Arkell
Financial Services Sector UK, EU, Asia
"I had a successful cooperation with Mr. Andreas I. Demetriades for a number of years. He helped me organize and file my personal taxes and provided audit services to a number of my private companies. Since Rodoula has now digitalized the business, we are cooperating with Ithaca Services on a bigger scale and look forward to keep doing so in the years to come."
Loizos Loizou
CEO Entertainment Sector Greece, Cyprus
"Rodoula combines Big 4 knowledge and professional approach with her own personal relationship touch."
Dr. Evros Demetriades
Director Financial Consultancy Services Cyprus, EU
"We rely on Rodoula to look after the financial statutory reporting needs of UK subsidiaries in Cyprus. We are pleased with her service and that of her team."
Nataliya Pidlubna Fausch
Chartered Tax Advisor UK
Letter from Ithaca
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