Occupational well-being: Whose responsibility is it?

An employer holds big responsibility over the occupational well-being of their employees, but the maintenance of the ability to work is also an advantage to the employee. Occupational health care is only one aspect of occupational well-being. Occupational well-being is … LUE LISÄÄ

What do I do if a receipt is lost?

  It’s not rare that a receipt goes missing. Receipts might also go missing from mobile applications. It is easy to get a copy of an invoice but for a payment made with cash or credit card, a copy may … LUE LISÄÄ

Work clothing in company taxation

The right for the tax deductions of work clothing depends on the company’s field of business and operations. The general rules for tax deductions lack detail so it can often be difficult to draw the line. The general rule, however, … LUE LISÄÄ

What does the balance sheet tell an entrepreneur?

Although the balance sheet is just as important as the income statement, it is often ignored by entrepreneurs. In order to find out the company’s financial situation, it is extremely important to read and understand the balance sheet. Profit for … LUE LISÄÄ

What does an income statement tell an entrepreneur?

The income statement, which comes with a financial statement, tells an entrepreneur what the result of the company is and how it happened. The income statement shows the income that has come into the company and how money has been … LUE LISÄÄ

What is depreciation?

New machinery can be a very large investment for a company. So that the big investment won’t distort accounting by showing one very large investment for one accounting period and nothing else for the other periods, companies are advised to … LUE LISÄÄ

What should I be keeping on file?

A company should be archiving all bookkeeping material, pay slips, invoices, receipts and memos. It is advisable to attach any relevant documents to all memos which might not have been made in writing. All employment contracts should also be filed. … LUE LISÄÄ

About Credit Loss

The number of registered payment defaults and bankruptcies continue to grow and the risk of a customer’s inability to pay in trade credit is increasing due to this. For this reason, an entrepreneur has to monitor the company’s accounts receivable … LUE LISÄÄ

Why should entrepreneurs draw up a budget?

Budgeting is the best tool for an entrepreneur’s own financial planning and follow-up. Small business owners often think that they shouldn’t waste time in making a budget, but this is not the case at all. Drawing up a budget is … LUE LISÄÄ

How can I manage work stress?

Work stress is a common problem and returning to work from the summer holidays can be challenging. A soft landing back to work by taking time to get back into your daily routines is the best way to avoid post-holiday … LUE LISÄÄ

How do I make a sales receipt?

Any trader who sells products or services has the duty to provide a sales receipt of all sales transactions, which document the details of the transaction. A sales receipt must be made every time a sale occurs; even if payment … LUE LISÄÄ

A checklist of duties for small entrepreneurs

Advance tax An entrepreneur has to make sure that he pays his own income tax from the activities of his company. When the company is being established, the entrepreneur is asked to predict his cash flow for the first year; … LUE LISÄÄ

What material do I have to submit to my accounting company?

By submitting all relevant material to your accounting company, you can be sure that your bookkeeping can be made according to the requirements of law and that your VAT calculations are done correctly. By law, all bookkeeping material can be … LUE LISÄÄ

Does corporate form have an effect on a company car where taxation is concerned?

Yes, it does. A limited liability company has more options than private entrepreneurs when it comes to the handling of taxation of company cars. A private entrepreneur does not have the liberty of choosing whether he will put the actual … LUE LISÄÄ

How can I save on bookkeeping expenses?

Many entrepreneurs want to save on bookkeeping expenses by doing as much as they can on their own even if their skills aren’t sufficient for that. We often meet entrepreneurs in panic who run to our office with fines: It … LUE LISÄÄ

Private entrepreneurs’ home office or work space: When can I make reductions?

A private entrepreneur who runs his company from home or from a home office can make reductions in accounting or tax returns. In fact, we recommend that you do utilize your home offices and work spaces in accounting or tax … LUE LISÄÄ

Are you familiar with the guidelines for online advertising?

Entrepreneurs, online advertising comes with great benefits, but do remember to abide by the guidelines for online advertising. An entrepreneur has to ensure that all online advertising is easily recognizable as advertising and that they are not guilty of covert … LUE LISÄÄ

When do I have to obtain an auditor?

Many entrepreneurs ask us whether we can recommend an auditor to them, even if an auditor is not required. Many entrepreneurs believe that all entrepreneurs must obtain an auditor: However, this is not the case. So-called small companies do not … LUE LISÄÄ

What is the Tax Account Service?

The tax account online service is a web service through which you can give your seasonal tax returns and in which you can inspect the taxes declared and paid to your tax account. In the tax account online service you … LUE LISÄÄ

What should I know about business taxation?

The type of company you have determines business taxation in Finland. The company’s profit and net assets form the amount of tax the company has to pay. If you have incurred losses, it will be deducted from the profit of … LUE LISÄÄ

Is digitalisation a competitive advantage for small business owners?

We strongly believe that it is. According to the OP Bank’s recent study, only a third of small business owners think that digitalisation is a competitive advantage for their company. Many entrepreneurs feel digitalisation is a forced necessity rather than … LUE LISÄÄ

Can YEL-payments be altered?

Yes, absolutely. YEL payments can be changed accordingly when your revenues are growing or shrinking. The pension contributions are not, however, to be delayed in order to maintain balanced finances. Entrepreneurs often postpone YEL payments when their income lowers unexpectedly. … LUE LISÄÄ

What are the key accounting dates?

If an entrepreneur has neglected to send their declarations to the officials, the Tax Administration will send a reminder. This reminder, however, is not as harmless as it would seem; there will be additional costs for delay. Late declarations and … LUE LISÄÄ

Has being an entrepreneur become easier?

The Tax Administration has once again updated their guidelines on the difference between wage income and entrepreneurial wage.  This makes entrepreneurship easier, as the changes will further strengthen the opportunities for small business owners according to the Fiscal Affairs Director … LUE LISÄÄ

What is holiday pay reserve?

Summer holidays are almost here and the first employees will be going on their summer holidays within the next two months. When holiday pay reserves are in order, the entrepreneur himself can also have a relaxing summer holiday. An employee … LUE LISÄÄ

Is changing accounting companies difficult?

Many entrepreneurs believe that changing accounting companies is difficult and delay the process unnecessarily for this reason. Many feel that shifting trust from their current bookkeeper to a new one is scary and for many the thought of changing accounting … LUE LISÄÄ

Is selling about forcing?

The term ’forcing’ comes to the mind of many when they think about sales. Salesmen, at least talented ones, know, however, that this is a misconception. If you could force people to buy then that would be a dream scenario … LUE LISÄÄ

How are tax-free purchases treated for the purposes of bookkeeping and taxation?

According to the Tax Administration, traders are not allowed to buy duty free tax-free products to be sold as buying duty free products for commercial purposes is not allowed. Tax-free sales are sales in which taxes do not need to … LUE LISÄÄ

Bookkeeper or good friend?

A bookkeeper is in many ways like a good friend. A good bookkeeper, like a good friend, is trustworthy and easily approachable. Like a good friend, your bookkeeper will listen to your concerns and sometimes even ends up playing the … LUE LISÄÄ

How do I ensure that I have the best possible relationship with my accountant?

A functional entrepreneur and accountant relationship is a two-way street where both the parties have responsibilities. In order for your accountant to do their job properly, they need all the documents and files that are relevant to your business. In … LUE LISÄÄ

Employers, what should you know in 2016?

Social security fee is 2.12% in 2016 TyEL contribution is 5.70%, except when the employee reaches the age of 53 years, the contribution is 7.20% from the following month onwards. The unemployment insurance contribution is 1.15% A partial owner’s unemployment … LUE LISÄÄ

The Accounting Act has been renewed: Do I still have to make a financial statement?

With the reform, the definition of SMEs has expanded and a separate category was created for micro-enterprises that receive special concessions in respect to financial statements. The new Accounting Act also defines what information companies in each category must present … LUE LISÄÄ

How has taxation changed at the turn of the year?

The high income earner’s tax and excise tax have been tightened. In addition, Yel-payments have declined slightly, but at the same time social security payments and unemployment insurance contributions have risen. Capital income tax for high income classes has risen … LUE LISÄÄ

A New Year; More of the Same and Even More

Wow, what a year! We’ve been very busy this year and have accomplished a lot. This year a lot of good things have happened in our accounting company and we grew in terms of turnover as well as number of … LUE LISÄÄ

Changes in the Entrepreneur’s Accident Insurance Act

An entrepreneur is no longer part of the company’s compulsory work insurance scheme. YEL-insured entrepreneurs are insured with the new work accidents and occupational diseases law during their working hours. The principles of the Pensions Act are followed for the … LUE LISÄÄ

Do I have to pay taxes on a Christmas present from my boss?

A gift card gifted by your boss is considered taxable income. Even a small gift card that allows you to buy whatever you like is income that you have to pay taxes on. A gift card is tax free only … LUE LISÄÄ

How do I apply for a change to my tax rates?

A company or an association may apply for a change in their tax rates once the taxation has been completed. Any complaint concerning income taxes should be made to the Board of Adjustment. This complaint must be made in writing … LUE LISÄÄ

Entrepreneurs, do you master your social media channels?

SOME marketing is very important for all entrepreneurs, because it creates a very good platform for marketing. We strongly believe that if you’re not SOME, your company does not exist. Although you may be advertising your company on other platforms, … LUE LISÄÄ

What should I know about the Tax Debt Register?

Anyone can access ytj.fi’s database to see whether a company has outstanding tax liabilities and negligence in tax return filing. The euro amount of the debt will not be published, but if the company has more than € 10,000 in … LUE LISÄÄ

What defines a good accounting company?

We believe that a good accounting company is one that is professional, customer oriented, as well as one that is up-to-date on the latest accounting software. In a good accounting company employees are professionals in their field and ensure that … LUE LISÄÄ

Can losses be corrected into profit by doing preliminary financial statements?

Preliminary financial statements can help entrepreneurs to plan for the future as well as to correct the loss of the financial statements to be profitable. If a big change has occurred or is about to occur in your company, or … LUE LISÄÄ