SoloWorks — Bookkeeping
Books closed
every month
Monthly bookkeeping, payroll and pension, GST, green tax and income tax returns, and management accounts, with a one-page view of the month that you can actually read.
Service profile
- Service :
- Bookkeeping
- Clients :
- SMEs, contractors, tourism
- Close :
- Within 10 working days
- Fee :
- Fixed monthly
[01] Services
What we do
Good books are boring: every receipt recorded, every account reconciled, every MIRA return and pension payment in before its deadline. We keep yours that way, work to the MIRA calendar so fines never arrive, and send you a short report on the month you can read in five minutes.
Monthly bookkeeping
Sales, purchases and expenses recorded, and every bank account reconciled each month.
Payroll and pension
Salaries, allowances and overtime; service charge shared equally, after up to 1% kept for administration; 7% employee and 7% employer pension paid by the 15th of the next month.
GST returns
GST at 8%, or 17% Tourism GST for tourism businesses, filed monthly or quarterly through MIRAconnect by the 28th, plus the green tax return in USD for guesthouses and resorts.
Income and withholding tax
Withholding tax on salaries, on rent paid to non-resident landlords and on payments to foreign contractors, the two interim payments in July and January, and the annual return by 30 June.
Management accounts
Profit and loss, balance sheet and cash each month, with a few lines of comment.
Year-end and audit
Annual financial statements, on a cash basis where a small business qualifies or under IFRS for SMEs, ready for a CA Maldives licensed auditor once income passes MVR 10 million or business assets reach MVR 30 million, and filed with the Registrar of Companies.
Systems set-up
Cloud accounting or a shop till set up with your chart of accounts, bank feeds and invoices that show what MIRA requires: your TIN, an invoice number, GST, and totals with and without it.
[02] Sample deliverable
| Line | October | Year to date |
|---|---|---|
| Sales, net of GST | 1,284,600 | 10,912,300 |
| Cost of goods sold | (912,400) | (7,744,800) |
| Freight and clearance | (21,800) | (206,300) |
| Payroll and pension | (118,300) | (1,163,000) |
| Shop rent | (65,000) | (650,000) |
| Utilities | (14,200) | (139,500) |
| Other overheads | (27,400) | (262,900) |
| Net profit | 125,500 | 745,800 |
When you need it
- —Your books are months behind
- —You run a shop, café or contracting business and spend evenings on receipts instead of the work
- —Sales have passed MVR 1 million and you need to register for GST
- —Your auditor keeps finding the same problems
- —You have just registered a business and want it right from day one
Outcome
Reconciled books, MIRA returns and pension filed on time, and a management pack within ten working days of every month end.
[03] Process
From brief to handover
Each stage closes with something you keep and sign off. Hire us for the whole run or for the stage you need.
- 01
Onboarding
Access to banks, MIRAconnect and the pension portal, opening balances and a chart of accounts.
- —Opening balances
- —Chart of accounts
- 02
Capture
Receipts, invoices and bank lines recorded through the month.
- —Receipt capture
- —Bank feeds
- 03
Reconcile
Every bank, card and supplier account agreed at month end.
- —Reconciliations
- 04
Report
Management accounts with a short comment on the month.
- —Management pack
- 05
File
Payroll run, pension paid, and GST, green tax and withholding returns filed before each deadline.
- —MIRA returns
- —Payroll and pension
Which software do you use?
We work in the cloud accounting package you already use, or set one up for you. You always own the file and the data.
Do you file MIRA returns?
Yes. We prepare GST, green tax, withholding and income tax returns from your books and file them through MIRAconnect for you, or hand them over for you to submit, before each deadline. Late filing and late payment both attract fines, so we work to the MIRA calendar, not the last minute.
When do we need to register for GST?
When your taxable sales pass MVR 1 million in twelve months, or are expected to. Importers and tourism businesses such as guesthouses and dive centres must register whatever their turnover, and smaller businesses can register voluntarily. If your sales average MVR 1 million a month or more you file monthly; otherwise you file quarterly, by the 28th of the month after the period ends.
Do you handle pension and service charge?
Yes. Maldivian employees pay 7% of their basic salary into the Maldives Retirement Pension Scheme and the employer pays at least 7%, by the 15th of the following month. In tourism, a service charge of at least 10% is shared equally among all employees by the end of the next month, after the employer keeps up to 1% for administration. Both are worked out in every payroll run.
Does a small business need audited accounts?
Usually not. A business must file audited accounts with MIRA if its income is above MVR 10 million or its business assets cost MVR 30 million or more. Below both limits no audit is needed, and you can keep cash-basis accounts if you meet MIRA's conditions, which since August 2026 include the same MVR 30 million asset cap. We tell you which rules apply and keep the books to match.
How long must we keep records?
At least five years from the end of the tax year, under the Tax Administration Act. We keep them organised and digital, so a MIRA query or an audit can be answered from the file.
Can you catch up on old books?
Yes. We clear the backlog first for a fixed fee, then move you onto the monthly service.
Other services
Start a project
Send us the
shoebox
Tell us about the business, roughly how many transactions a month, and where the books stand today. We reply with a fixed monthly fee.