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Keeping accounts is a crucial business management tool, moreover, it must comply with the Danish Company Accounts Act and provisions on VAT settlement.
Running a company you must keep annual accounts providing information on all economic activities in your firm.
Accounts must be kept on a regular basis and must be well documented with vouchers (invoices, receipts, pay slips, statements, etc.).
Vouchers must be filed for five years. You do not have to keep the accounts yourself, but you are responsible for the keeping.
As a side effect from this work, you will be able to calculate the annual tax base and currently keep track of your VAT payable.
Annual Accounts
Annual accounts and VAT settlements are the two mandatory SKAT (the Danish Central Customs and Tax Administration) requirements.
Annual accounts must be kept in such a way that it is clear to SKAT how you have reached the profit of your firm. Being a sole trader you obviously have to pay income tax on your profit.
This is how you make the annual accounts:
Total sales of the year / turnover
- less the company’s total expenses
= The company’s profit, which is your wage.
Companies are also liable to tax, although the calculation differes from that of an ordinary taxpayer’s.
VAT
During your first year as a business owner you will receive a giro transfer form every three months on which you have to report how much VAT you have received and how much you have paid. The difference between the two amounts is paid to SKAT.
After the first year in business you make an individual VAT settlement agreement with SKAT.
Who is to keep the accounts?
If you can manage the various economic routines yourself then you have met most of your administrative obligations.
You yourself do not have to keep the books etc. Most let an accountant do the job, others hire a freelance book keeper or have a consultancy take care of it.
- Læs om bogen Få styr på bøvlet - om bogføring og
- Download et bogførings og regnskabs program
- Basic Accountancy - how to take care of your money
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