Accounting Consultancy and Tax Advisory
● Tax-effective solutions to cases in the field of accounting and tax legislation; labour and social security law;
● Consultations on implementation of the CITA and VATA;
● Consultations on the implementation of the PITA and LTFA;
● Legal tax optimisation;
● Consultations in connection with the application of double taxation conventions;
● Consultations on issues and cases related to the implementation of the Labour Code, Social Insurance Code, Compulsory Social Security Contributions Act, Occupational Health and Safety Act, etc.;
● Effective solutions to case studies in the field of accounting;
● Consultations on the issues and cases related to the year-end closing of books;
● Settlement of employment and non-employment relationships with staff;
● Termination of contractual relationships with the staff;
● Social and health insurance contributions of employees.
– Invoices for service/materials which are directly related to the company’s business activity;
– Advertising, Internet connection, electricity and telephone costs;
– Website development;
– Office supplies;
– Expenditure on staff training, etc., depending on the specifics of the business activity.
No expense invoices are recognised for services/materials/goods which are intended for private purposes.
Corporate cash in hand is the cash available at your company. Cash is accumulated from sales in cash registered at the cash register, cash withdrawals from the bank account, as well as from additional cash contributions or obtaining a loan not greater than BGN 10,000.
The obligation to register under the VAT act can arise in two main cases, namely:
– in case the turnover for compulsory registration is reached – BGN 50,000;
– in case our customer or supplier is registered in a EU Member State.
We recommend that the VAT registration be discussed with a competent accountant!
In the event of registration under the VAT act, a purchase ledger, a sales ledger and a declaration under the VAT Act are submitted on a monthly basis, as well as a VIES declaration in case of EU customers.
– Assets worth up to BGN 700 are accounted for as cost and reduce the profit of the company and respectively the tax due in the year in which it was incurred;
– Assets worth more than BGN 700 take part in the result of the company through the depreciation cost, which depends on the type of the asset.
Example:
The depreciation of a car is 25% per year, i.e. one car’s worth depreciates over 4 years. At a price of BGN 12,000, each year the company will be report a BGN 3,000 expense.