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 payments tell something important about the company itself, usually that the person responsible for declarations to the Tax Administration and other officials is not up-to-date on what’s going on in the company. Future decisions rely on information that is up-to-date and not having this information can be detrimental to the development of the company.
They key reoccurring monthly dates are as follows:
On the 5th day of every month people who have ordered construction work and self-employed construction practitioners must send a declaration to the Tax Administration. If the contract value is more than 15,000 euros, the data must be declared either as contract-related or as construction site-related for the purchased construction work.
The 12th day of the month is the due date for payment of the tax account (VAT and Employer Performance). Based on the company’s turnover, VAT is to be declared monthly, quarterly or yearly.
On the 14th of every month (or 15th in some accounting companies) accounting data is to be submitted to your accountant either electronically or through traditional methods such as post.
TyEL insurance and VAT recapitulative statement of EU-community sales are to be paid on the 20th of every month. TyEL insurance can also be paid annually. If a company has sales in the EU region, a separate declaration has to be given on the following month of the sales month.
Payment of advance taxes is on the 23rd day of the month. Installments can be imposed every second month or a few times a year depending on the amount of taxable income.
They key reoccurring annual dates are as follows:
31.01 Annual declarations, salaries and dividends
2.03 Tax returns for agriculture and forestry industries
2.04 Financial statements and tax returns for entrepreneurs, limited partnerships, open companies
30.04 Financial statements and tax returns for limited companies (if the financial year ends on 31.12)
Limited companies must give their financial statements and tax returns four months after the end of their financial year.
Attend to and resolve missing receipts and other ambiguities immediately. Don’t wait for things to resolve themselves, this won’t happen. In most cases, things are easier to solve than you may have anticipated, so don’t wait!
