Help need about my cleaning company

[Rosamunda]

Use the search engine. All these questions have been asked on here before. You will find answers to most of them. It would be a good idea to get yourself a book like this one or to go on a business course, your municipality may run one in English (I know there is one in Espoo). Also there is information on http://www.vero.fi

But yes, if your turnover will be more than 8500 euro per year you need to do VAT accounting. You also need to pay your TEL/YEL contributions. Is your company a TMI or an Oy ?

[sammy]

Please also have a look at

http://www.yrityssuomi.fi/

and maybe this one too...

http://www.expat-finland.com/entrepreneurship/

[mCowboy]

If you're registered at the pretax register, otherwise you'll get taxed at the end of each tax year.

[Rosamunda]

Thank you
My company is TMI
Iam getting everymonth 3500 somthing like that.

Do i need to pay prepayment tax?

I hope you have been invoicing VAT to your customers....

[Hank W.]

Q: what do you call a person who starts a TMI *first* and then starts asking all the pertinent information *afterwards*?

A: The positive thinking foreigner

*sigh* The irresponsible person who told you to start a business ought to be forced to teach you all this. Ok, so if you just started this month then you're under the thresholds. But for 2008, you need to get your bookkeeping fixed before you get slammed with payments you didn't know existed. And if you are asking this kind of questions now you better get an accountant who is well versed in TMI operations. As in *now* which is about 2-3 months *before* "starting a business".... For a TMI it is quite simple to do the bookkeeping, but you need to know how, or you'll be in trouble. The tax office doesn't care if you're clueless or or had a positive thought - they want their money, and usually within 14 days. So yes, there are calculators on how to calculate your contributions and how much you need to charge your customers to then be able to make all your obligatory contributions. Running a TMI once you "know how stuff works" is easy - its only if you jump in blindly like this you really do need to have someone coach you. Thet enterpreneurship course is also an extremely good idea - theres a couple of peculiarities with the invoicing/VAT/contributions that may surprise the uninitiated. And while some positive thinkers here tend to be in the opinion that this is a good educational experience, I'd rather have people get their facts straight on a course and have a successful business than come whine the tax office ripped them a new one.

[exupery]

Do i need to pay prepayment tax?

I think I read somewhere that is you are not on the prepayment register your clients are supposed to withdraw a basic percentage from your invoice and give it directly to the tax office (and of course pay you only the difference...)

Also you can have a look at:
http://www.uusyrityskeskus.fi/Liitetied ... siness.pdf

[Londonchris]

Look before you leap?

Figure out what your profit for the year will be & tell the tax office....
They will figure out what you need to pay and split it into 3or4or5 payments through out the year (which you can change when and how much if needed).
Hopefully you can get this sorted out asap at the beginning of your tax year.

Then charge 22% vat to your customers & keep it so you pay the amount collected in january for example- on the second week of february.
(minus the vat you paid in expenses at the same rate)
Providing you keep receipts that is

Try and over predict your profit slightly so you pay abit too much tax and get a rebate the following year & not get an extra bill

[karel]

I hope you saved some of the money you earned, because depending on how long you've had this TMI with 3500 euros a months, you're up for a big tax after-payment.

You're obligated to pay VAT if you make more than 8500 euros a year and at 3500 euros a month, you well exceed that limit. So like penelope said, I hope you have charged 22% VAT on your invoices to your clients.
With an annual gross income of 42000 you do also have to pay ennakkovero (advance tax payment). Suppose your costs are 17000 (estimate just out of the blue, I have no idea what your costs are) your netto income would be about 25000 euros. In that case you'll have to count with about 1000 euros per 2 months of ennakkovero.

Get yourself an accountant if you don't want to get in big trouble. Finland has no personal bankruptcy.

[Londonchris]

You could go and buy yourself loads of "equipment" to lower your profit
Why you never did your homework first before starting a business is a big

But good luck & much better than sitting in a flat somewhere moaning

[mCowboy]

Look before you leap?

Figure out what your profit for the year will be & tell the tax office....
They will figure out what you need to pay and split it into 3or4or5 payments through out the year (which you can change when and how much if needed).
Hopefully you can get this sorted out asap at the beginning of your tax year.

I get mine monthly.

[Londonchris]

Look before you leap?

Figure out what your profit for the year will be & tell the tax office....
They will figure out what you need to pay and split it into 3or4or5 payments through out the year (which you can change when and how much if needed).
Hopefully you can get this sorted out asap at the beginning of your tax year.

I get mine monthly.

I get mine as it suits me.

[karel]

Look before you leap?

Figure out what your profit for the year will be & tell the tax office....
They will figure out what you need to pay and split it into 3or4or5 payments through out the year (which you can change when and how much if needed).
Hopefully you can get this sorted out asap at the beginning of your tax year.

I get mine monthly.

It depends on how much you get.
The less you get, the less payments you have. So if you pay monthly, it probably means you get a handsome amount of money