→NB! The choice of your company structure afflicts the type of accountancy services you will need.
Accounting Services Bulgaria – starting procedure
It will be good to answer the following question in order to be able to received an offer for you specific needs:
- – what will be the activity of the company
- – will the company work only in Bulgaria or in EU or outside EU
- – will it be registered on VAT
- – will be there a hired personnel and if yes how much people
- – what do you expect from your accountants – just a regular book-keeping and standard reports or you will need some specific reports on a regular basis
NOTE: Аnnual financial reports for 2023 can be declared in the period between 1st March 2024 and not later then 30 June 2024) What else you need to report as of 30 Jun 2024.
- Preparation and submission for sole traders and farmers of the GDS under Article 50 of the Income Tax Act for 2023. Payment of tax.
- Preparation and submission of the annual declaration Form No 6 “Data on contributions and tax due under Article 42 of the Income Tax Act” for 2023 by self-employed persons and persons referred to in Art. 9 of the CSR who are sole traders. Payment of the obligations thereunder.
- Preparation and submission of the AAR for 2023 to the NSI or a declaration for enterprises with income and expenses below BGN 500 during the year.
- Publication in the Commercial Register of a declaration of the Companies Act which did not carry on business in 2023 this fact shall be declared once for the first accounting period in which no business was carried on.
Accounting Services Bulgaria – Basic Services 2024
1. Initial accountancy services covering:
- – set-up if the individual chart of accounts of the Company into our accounting software .
- – set-up of the reporting templates in accordance with the specifics of the Company`s activities and the statutory requirements.
– Outgoing accountancy services covering:
- – monthly processing of the accounting documentation into the accounting system
- – calculation of the monthly taxes due, if any.
- – preparation and submission of reports and schedules in accordance with Bulgarian legislation ( accounting report and tax compliance ), including preparation and submission of monthly VAT return.
- – preparation of reports for management purposes the format of which will be subject additional agreement between the parties.
2. SAP accountancy services reports:
- – Report processing of the accounting documentation.
- – Adapt calculation of the taxes and reporting to SAP standards .
- – SAP ( accounting report and tax compliance ), including preparation and submission of reports.
- – Coordination of all details when necessary .
3. Audit accountancy services :
- – Report annual processing of the accounting documentation into the accounting system
- – Adapt calculation of the annual taxes and reporting to AUDIT requests
- – AUDIT ( accounting report and tax compliance ), including preparation and submission of annual taxes
- – preparation of reports for management purposes the format of which will be subject additional agreement between the parties
- – coordination of all details when necessary
4. Preparation of Labor documentation :
- -Labor contract
- -Civil contracts
- -Job Description
- -All supported declaration ( 6 – up to BG law)
5. Register for employees / other nationals / at the Bureau of Labor and Labor Inspectorate:
- – Preparation of registration documents
- – Submission of documents to the Bureau of Labor
- – Submission of documents in the Labor Section
6. Payroll Services
- – Calculation of the staff’s wages
- – Preparation of payrolls and payment documents in connection with social security contributions and taxes
- – Filling out details in employment record and social security contributions books, certification of lengths of service
- – Provide reports to management
- – Keeping comprehensive files on all employees
- – Handling forms 1 and 6 – Presentation of information on the persons paying social security before the National Social Security Institute (NSSI) and NRA .. see more about Payroll Services in Bulgaria
- – Calculation of sick leave and annual leave
Annual Accounting closing services covering:
- – the annual closing of accounts
- – preparation an submission of the annual statutory financial statements
- – preparation and submission of the forums submitted annually to the National Statistics
- – preparation and submission of the annual corporate income tax.
Preparing for the 2023 Annual Tax Closing
- Tax permanent differences (non-operating expenses, unrecognised VAT expenses; donation expenses; shortages and defects of assets, other)
- Tax temporary differences (revaluation of assets and liabilities; provision for liabilities; unused leave; unpaid personal income; thin capitalisation adjustment; capitalisation of tax temporary differences)
- Other amounts by which the financial result is restated for tax purposes (unpaid liabilities; revaluation reserve; VAT on VAT registration, transactions on a regulated market)
- Specific cases of restatement of the accounting result for tax purposes:
expenses and income related to operating lease contracts for lessees applying IAS
expenditure on the construction or improvement of elements of technical infrastructure which are public state/municipal property
- Tax loss carry forward
- Tax depreciation plan (recording, depreciation and derecognition of assets from the DAP; discontinuation of depreciation; subsequent costs related to depreciable assets – repair or improvement)
- Tax treatment of dividends received and distributed
- Tax on expenses
Our Accounting Team can also help with:
- Chronological keeping of the documents;
- Book-keeping and settling of the year accountancy;
- Analytical reading and keeping of the commodity valuables;
- Calculation of the prime cost;
- Calculation of Income Tax and Profit Tax;
- Reading of fixed assets and obsolescence, preparation of tax amortization plan;
- Issuing of a payroll sheet;
- Determination of insurance and income taxes;
- Issuing of payment orders towards the budget and pay-sheets;
- Issuing and representation in front of the income tax office of VAT tax declarations and data on diskette;
- Defining the amount and the operating costs of the tax duties;
- Preparation and presentation of the annual accountancy reports;
- Preparation of annual tax declarations concerning the Taxation of the Income of Natural Persons Act and the Law for the Corporate Income Tax Levying;
- Preparation and presentation of the annual statistical documents of the National Statistics Institute.
- Preparation of annual Income Tax and Profit Tax declarations.
- Keeping of registrars and pay-roll ledgers for the personal and the owners, periodical issuing of notifications for the National Social Security Institute according to the Social Insurance Codex and the Health Insurance Law;
- Representation of the client in front of various institutions;
- Review of the accountancy documentation for the certain financial year;
- Making of corrections;
- Completion of income and expenditure documents;
- Preparation of annual finance reports (book-keeping balance, income and expenditure report, report for the money flow, report for the personal capital);
- Preparation of a general circulating register, register for an analytical bill, chronology of bills and arrangement of accountancy documentation;
Requirements for Companies Without Activities in 2023
A newly applied modification of the Accountancy Act helps for the reduction of the burdens that all registered companies without any activities in 2023 face. According to the changes, all businesses that have no operating activities in 2021 are not required to publish an annual statement and annual financial statements.
Despite the changes, all owners of registered companies without activities in 2023 still have obligations to the institutions.
Here is what they need to do:
- 1. The owners of non-operating companies do not need to submit an annual tax declaration, but until March, 31st they have to fill in a Declaration of Inactivity and submit it to the Business Statistics Information System. Submission should be done by e-mail or on paper in the appropriate Statistical Survey Department of the Territorial Statistical Offices.
- 2. The declaration of the financial statements demanded by the Registry Agency falls out but by 31. March a Declaration of Inactivity shall be presented to the Registry Agency.
To get professional advice for the accounting services and taxes related to your business, send us a request through our contact form.