Accounting services for business customers
Cooperation between a customer and accountant has to be specified in the contract. As a rule, activities are divided as follows:
- Client - forwards electronically (or on paper) all the necessary initial documents to the accountant. Keeps up to date 24/7 with the information entered by his/her accountant via self-service.
- Accountant- enters purchase and sales invoices, prepares payment orders in the Internet bank, makes accounting entries on the basis of the original documents provided by the client, makes payroll and tax accounting, adds entries to ensure the integrity of the accounts, prepares and submits reports to the tax office, prepares the annual report and prepares it for submission to the Business Register and provides the client with advice and information on accounting.
Business customer self-service - for companies using accounting Merit Aktiva or Ellrex DigiDoc.
Frequently asked questions
Why do we need internal accounting policies and procedures?
First of all, it’s required by the law. Secondly, in RSKE you can describe how the work processed should be performed and define yours and accountant responsibilities.
When annual report has to be presented?
An annual report has to be presented for a submission to the Estonian Business Register no later than six months after the end of the fiscal year.
Is it necessary to report to Statistics Finland?
Yes, otherwise you might receive a fine from Statistics’ department.
What is a TSD and why does it have to be submitted by the deadline?
TSD - is a declaration of income and social tax, compulsory funded pension contributions and unemployment insurance contributions. These taxes cover, for example, wages paid, royalties, licence fees, royalties, rental payments, private gifts, dividends paid, gifts made, and reception expenses over the tax-free threshold. You are obliged to submit a TSD by the 10th of each month. The TSD must always be submitted on time. Late TSDs will automatically be subject to interest on late payments by EMTA.
When should I register tax-liable?
Company- as soon as your sales revenue from the beginning of the year has exceeded 40,000 euros, you have to register as a tax-liable company immediately. You can also reregister your company as a taxable for VAT if you have not reached the sum of 40 000 euros yet.
FIE- as soon as your sales revenue from the beginning of the year has exceeded 16,000 euros, you have to register as a tax-liable company immediately. You can also reregister your company as a taxable for VAT if you have not reached the sum of 16 000 euros yet.
When and what taxes do I have to pay as a self-employed person during the year?
16.March- advance payments of social tax for FIE.
31 March- a resident natural person is required to submit an income tax return concerning the income of the previous tax year. Submission of form E.
15 June- advance payments of social tax and income tax for FIE.
15 September- advance payments of social tax and income tax for FIE.
1.October- payment and refund of income tax derived from the transfer of property or from business. Payment and refund of social tax and funded pension payments to a sole proprietor.
15 December- advance payments of social tax and income tax for FIE.
What is a KMD and why is it important to submit it by the deadline?
KMD is value added tax declaration. Declaration must be submitted to the Tax Department by the 20th of each month, if your company is taxable. KMD must be submitted on time; otherwise the Tax and Customs Board will charge you a penalty.
Can I use my private house/apartment as an office?
Of course, you can. Usually the cost of the house is not completely paid by the company, and in the percentage ratio - depending on the actual area, which is used by your company for its operations. Example: you have a two-bedroom apartment; you use the living room as an office, then you can consider the cost of the company 50% of the total invoice for the utility invoice.
Can I use my private car for company business?
Yes, you can. The best way is to do this under the lease free of charge, as in this case, all car-related expenses are borne by the company. However, keep a diary of travel is still required.
How long must documents be kept?
The documents related to the company activities must be kept for 7 years.
Can I do my own accounting for my company?
Yes, of course, you can keep accounting yourself, however, lack of knowledge in accounting may negatively affect your business. Therefore, we recommend to delegate accounting keeping to the professionals, such as accounting company.