If you are one of the Estonian ID card holders, you will be able to start a Private Limited Company wherever you are in the world. Starting a company is easy but the real work starts in maintaining your company through filing the right amount of taxes as well as complying with the county’s rules and regulations.
Fortunately, about 90% of tax declarations can be filed using your computer and the internet. Depending on your fiscal or financial year, an annual report might be needed that includes your management and financial statuses. All of your financial statements are required to get audited especially if you are a
public limited company. In addition to this, you might need an accountant that is located in Estonia in order to calculate your value added taxes, calculate your wages, and draw out your financial statements so you can get a clearer picture of your company status.
Not all countries are the same when it comes to filing a financial report. These annual reports are usually filed 6 months after the end of your company’s fiscal year. For example, if your fiscal year starts from February 2018 to February 2019, you will be able to file your accounting report within 6 months after February 2019 which will give you until August of 2019.
The good news is that to better understand everything about accounting in Estonia, you can get a bookkeeper who will be able to manage these for you. They have tools such as web-based financial software that can automate your records, files, and receipts in the least amount of time. They will be able to guide you through the comprehensive list of requirements that are needed for your business in order to comply with the state regulations.
Most of the startup companies may say that they can manage without the help of accountants. This can be true for some time. However, as the company grows, it will tend to acquire more assets and hire more employees in the long run. If you are the business owner, you may need some bookkeeping help in order to manage your company well. With accountants, you will have the opportunity to do what you are best at and to do the things that you love the most. You can just leave them all the numbers, details, and reports that are eating most of your time and energy.
If you are on a tight budget, the good news is that there are a lot of bookkeeping services online that you can get just by browsing on your computer. The benefits can outweigh any costs of hiring an online accountant. If your focus is solely pointed toward your business, you will be able to make smarter financial decisions in the future. Your accountant will analyze all the specifics and can provide you an overall picture of whether to hire more employees, increase wages, or get additional assets in your company.
Whether you have a question about Accounting, Tax Compliance, Legal Services in Estonia, or anything else, our team is ready to answer all your questions!
All Rights Reserved | Accounting 24x7 | Tallinn, Estonia