Keeping accounts must comply with the Danish Company Accounts Act and provisions on VAT/moms 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/moms payable.
Annual accounts and VAT moms 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 differs from that of an ordinary taxpayer´s.
Every three months you have to settle your collected moms. You go online to
SKATs website and write the amount you have received in moms and how much moms
you have paid.
The difference between the two amounts is paid to SKAT.
If you can manage the various economic routines yourself in your own accountancy program then you have met most of your administrative obligations.
You do not have to keep the books etc. yourself.
Most let an accountant do the job, others hire a freelance book keeper or have a
family member do it.
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