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Accountability

Keeping accounts is a crucial business management tool and an legal obligation

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.

Kept at regular basis

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.

Positive side effects

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

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.

VAT/moms

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.

Who is to keep the accounts?

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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Registration of business - getting the CVR
Accountability
Authorisations to start
Payroll tax - lønsumsafgift
Entrepreneurial limited company – Iværksætterselskab - IVS
Industry codes (branchekode)
Sole Proprietorship - enkeltmandsvirksomhed
Other subjects:
Sales and marketing
Legalise your business
Administration in a company
Financing startup
Personal consideration
Social enterprise