Accounting Services for an Estonian company

There are 2 types of accounting services based on the company VAT ID status

Monthly Bases accounting: – A company with a VAT ID must give tax returns on a monthly basis, even if no transactions are done.

Yearly Bases accounting: – Company without a VAT ID and taxable costs (salaries, dividends, fringe benefit costs, etc.) has no obligation to give any monthly tax returns.

 

Monthly or quarterly accounting in routine

  1. Income and social tax returns – latest on the 10th day of the next month.
  2. VAT returns – latest on the 20th day of the next month.
  3. Taxes (if there are any) must be paid at the latest by above-mentioned dates.
  4. If the company has had business transactions with other EU companies (with VAT ID), than corresponding VIES declarations and Intrastate declarations must be submitted as well.
  5. Some companies (selected randomly) must also give statistics reports.

After the end of the company’s fiscal year (which usually ends on 31st Dec), the company must give an annual report to the Estonian Business Registry within 6 months (usually latest on 30th June).

In case the company is established in the second half of the year, there is no need for a separate annual report for that relevant year (it can be included in the annual report of the next year). The first financial year may last for 12 months or a period no longer than 18 months.

 

Requirements for Monthly based accounting:-

  • Company’s bank account statement for the previous month
  • All purchase invoices and receipts from previous month
  • All sales invoices and receipts from previous month (if you are using our online accounting system, then they are available to us automatically)
  • If some business transactions are not covered with sales or buy invoices, then please give other supporting documents (contracts etc.)
  • Purchase and sales contracts of real estate (if there are any)
  • Purchase and sales contracts of shares of other companies (if there are any)

 

Yearly accounting in routine

After the end of the company’s fiscal year (which usually ends on 31st Dec), it is necessary to give an annual report to the Estonian Tax and Customs Board within 6 months (usually latest on 30th June).

However, if your company has many business transactions, it is advisable to take care of the company’s accounting more often than once a year.

In case your company has some taxable payments (salaries, dividends, fringe benefit costs, etc.), then related tax returns and taxes must be taken care of based on these payments. If this happens on a monthly basis, the reports must be submitted every month. If these payments occur irregularly (one-time basis), there is no need for monthly reports, only relevant tax returns must be submitted at the right time.

 

Requirements for Yearly accounting

  1. Company bank account statement for full fiscal year
  2. All purchase invoices and receipts for full fiscal year
  3. All sales invoices and receipts for full fiscal year
  4. If some business transactions are not covered with sales or buy invoices then please give other supporting documents (contracts etc.)
  5. Purchase and sales contracts of real estate (if there are any)
  6. Purchase and sales contracts of shares of other companies (if there are any)
  7. Company securities account statement for full period (if company has one)
  8. If company has subsidiaries with ownership 50% or more then the subsidiary company annual report must be provided.

 

Contact Us to discuss your profile and eligibility.