Do not waste time and money on in-house bookkeeping. An accountant will take care of your VAT returns, tax returns and payroll.
Reverse Charge
Your accountant may tell you that certain goods, services or property can be bought without VAT. They may also explain that you can buy, for example, cars, goods or services from other countries, or from other domestic VAT payers (such as building materials and construction work), without VAT. In more detail, the purchase is 20% cheaper, but you must declare and account for the VAT yourself while at the same time deducting it, so in the end you pay nothing. You only pay VAT once you sell the goods or services to an end consumer or a non-VAT payer.
How an Accountant Supports Your Business
For many entrepreneurs, accounting is the part of running a business they enjoy least. Yet accurate bookkeeping and timely filings are essential, not only to meet legal obligations but also to understand how the business is really performing. Outsourcing your accounting to an experienced accountant frees up time and reduces the risk of costly mistakes.
More Than Bookkeeping
A good accountant does much more than record transactions. They help you understand your obligations, remind you of deadlines and point out opportunities you may have missed, such as expenses that can be claimed or more efficient ways of structuring payments. Regular contact with your accountant means fewer surprises at the end of the year.
Typical Services
- Single-entry or double-entry bookkeeping
- VAT returns, control statements and EC sales lists
- Corporate and personal income tax returns
- Payroll, including employee contributions and reports
- Annual financial statements
- Communication with tax offices and other authorities
VAT Registration: Pros and Cons
Whether your business is registered for VAT affects your administration and your prices. A VAT-registered business must charge VAT and file regular returns, but it can usually deduct VAT on its purchases. A business that is not registered has less paperwork but cannot reclaim VAT it pays. Your accountant can help you assess when registration becomes compulsory and whether voluntary registration would make sense for you.
Understanding the Reverse Charge
In certain transactions, such as some purchases from other EU countries or particular domestic supplies, the customer rather than the supplier accounts for VAT. This is known as the reverse charge. Applied correctly, it usually has a neutral effect for a fully taxable business, but mistakes can lead to penalties. An accountant will make sure these transactions are recorded properly.
Working Together Efficiently
Sending documents regularly, keeping business and private expenses separate and informing your accountant about unusual transactions all help ensure accurate results.
If you are looking for a reliable accountant in Slovakia or for your company abroad, contact eTuls. We will tailor our services to the size and needs of your business.