Selecting Accounting and Payroll Services

Most of the small and medium sized businesses that are not able to handle their accounts and payroll rely on companies that offer accounting and payroll services. Olsen and Partners is such a firm that offers efficient, cost-effective, and reliable accounting and payroll services to all sorts of businesses. The company charges fee depending upon the specific needs of your business. With the support of our team of accountants, you need not need to handle involved paperwork and calculations. We are a trustworthy team, so you can confide in us regarding your financial details.

Olsen and Partners have carved a niche for itself due to its reliable, satisfactory customer services. We offer highly professional accounting and payrollservices that make your business run smoothly and help you focus on other core issues of your business. We offer the services at the most competitive prices and focus on the needs of the clients. This makes us have a cutting edge. Besides accounting and payroll services, we also handle your taxes and help you in creating companies in Bulgaria. To know more about what our clients feel about us, you can go through the testimonials on our website.

Whether you have limited work or you have plans to expand your business in the future, we have the potential to help you with your growth plans and accommodate your needs like a reliable business partner. We have experienced accountants who keep on updating their knowledge and offering the best services. We prefer to work in long-term relationships with our clients and our services include monthly accounting and payroll; quarterly and annual financial statements; banking assistance; tax returns preparation; routine tax consulting; etc. You can rely on us for efficient tax saving strategies.

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How to maintain property taxes in Bulgaria

Many outsiders who wish to buy property in Bulgaria should intimate a limited firm to buy land to enable them to be subjected to corporation tax. Buying a property in Bulgaria should be done through a limited company and you should pay corporation tax. 

 

Corporation taxesin Bulgaria have been being deducted many times by Bulgarian government to increase the internal investment which presently lies at 15%. It means while selling a property to extent of profit made will be counted as profit for your limited company and you will be liable for 15% tax deduction. The profits made from the rental income are taxed 15%, however you may report for specific deduction such as depreciation, expenses that include repairs, maintenance, renovation and loan interests that are utilized for property acquirement. 

 

For even having no business activity in any year, you should file zero tax return. An accountant will file your return in your unavailability if you assign a power of attorney to him, additionally several real estate agents also provide tax return service. 

 

In Bulgaria 20% VAT is applied which is payable on whole products and services and imports. Each business with annual income above 25,000 euros is liable to VAT. Buying a personal property, you can relieve from VAT but if you purchase it by a limited company, VAT will be added to the cost. If you are buying for the first time, you may not be interested to file for VAT because your company definitely will have lower annual income, so can avoid VAT registration in the first year only if selling price is less than 50,000 lev. 

 

When you file for selling second property, you should add 20% VAT to your selling price and then add VAT to rental cost as well. You also open a special bank account for VAT payment.

The property taxes are usually of two types: 0.15 % tax on given buying cost and small levy for garbage management however in some villages, this is service is not available hence no liability for tax. You have to pay these taxes at the municipal council office. The agents and accountants provide property tax payment service.

In Bulgaria there is negligible or no capital gain tax however in specific conditions, it is applied by 15%. You should carefully deal with the sales price of an understating property mentioned in a contract because it may show small vendor’s tax bill and reduce your fees but when you file for property sale, it will show as you have earned a considerable capital gain than made in reality so you will be liable for tax consequently. Your tax cost may vary on the base of factors and as per the property such as if you are a resident or non-resident. 

 

If you are not a resident of Bulgaria and buy a second property, then you need to pay 15% on the sale price. So read the sale, buy and tax instructions carefully on your contract before sign-up to avoid unnecessary expenses.

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Have company accounts managed by professionals only

Running a company is a big deal and even bigger deal is taking care of finances and keeping all the related records perfectly in one file. As long as a startup is small, it may be possible to not follow any standard accounting systems, but as soon as a company is registered it has to follow standard accounting principles for maintaining accounts and books. That is when companies turn to financial accounting firms. There are standard rules that are set for how to record transactions and how to debit and credit the accounts. 

 

It is mandatory to adhere to those standard and specific rules or else a company may be in big trouble. Every single penny spent and earned has to be recorded down with utmost accuracy. Only financial accounting firms can take care of that; not amateurs. Every year companies have to go through auditing process which is conducted by government bodies. The purpose of audit is to find out whether the company’s accounting system is flawed as well as whether all the assets are being properly taken care of. If any errors are found, it could lead to the company facing huge penalties.

Penalty can be a nightmare for any corporate entity and every single enterprise wants to avoid facing it. This is why even though accounting and payroll services sometimes cost a lot; businesses feel they are better off with it rather than having any legal complications on its way. Any legal complication can turn out to be an extremely costly affair for a company when it comes to accounting and financial management. This is the last thing any business entity would want. But the assurance for accuracy of accounts comes from employing experts only.

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Bookkeeping and Accountancy in a Business

Be it any genre of business, accounting, payroll, and tax form the backbone of a business, and so, it is highly...highly important for a new business to have an efficient and a sound accountancy system. To assist new and growing businesses, there are some of the most professional accountants in Bulgaria which not only offer accounting services, payroll services, and tax services, but also provide complete support in creating a new company in Bulgaria.

Many businesses feel that if they have a reliable bookkeeper, there is no need for an accountant; but, most of the times, it is not so. A bookkeeper might be doing a great job, but, quite possibly, he doesn't have the experience to address any complex issues arising in a business. An efficient bookkeeper would be involved in recording transactions timely and properly, but he wouldn't be aware of the implications associated. It is only a professional accountant that would provide the necessary guidance and management, in addition to making the right decisions, even if the issues tend to emerge at the most inopportune times. Also, a proficient and an experienced accountant would inevitably deliver services like bookkeeping, VAT and VIET returns, Business tax returns, Tax compliance, Tax strategies, Advice on new projects, Payroll compliance, Legal assistance, and many more.

All in all, an accountant could deliver the work of a bookkeeper as well, but a bookkeeper isn't capable enough to deliver a range of services as an accountant could do...

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Why do business in Bulgaria?

When someone thinks of launching a start up overseas or expanding an existing business unit in another country, Bulgaria may not be the first option to come to your mind. It is because it wasn't until a few years ago that this economy started attracting the attention of businessmen. But now people are realizing that this country has such a huge set of advantages to offer to companies.

The procedure of company formation Bulgaria happens to be less tedious and cumbersome than any other European site. It is one of the low risk countries in terms of conducting business.  It has an extremely stable political environment and the overall risk is lower than anywhere else. Politically speaking this country has NATO membership as well as EU membership. It doesn’t end here. One of the most attractive features why people are drawn to this country for starting a corporate entity is because of the extremely favorable tax routines here.

The rate for corporate income tax is ten percent. Areas where level of unemployment is higher there are no corporate taxes at all. The person has to pay a personal income tax of flat ten percent. There is a five percent tax on liquidation quotas and dividends and zero percent taxation policy on dividends for EU tax residents.
The cost of company creation in Bulgaria and operating it is relatively lower. The workforce here speaks multiple languages which removes communication barrier. Workforce here happens to be highly skilled too. If yours is going to be a priority investment project you may get great financial aid and support from government. Bulgaria is a country that is seen as one of the best destinations for outsourcing business activities.

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How Can a Professional Financial Accounting Firm Help Your Business

The primary concern of a professional financial accounting firm in Bulgaria is to fully understand the accountancy needs of the client and his business. Such a firm is highly experienced in delivering tailored business solutions in accounting and book keeping, corporate services and tax in Bulgaria. The firm provides real time professional financial and accounting services that are in full compliance with the demand of the business. Such consultancy and accounting firms provide an array of services:

• Annual Tax Returns for Corporate Tax
• Bank and Cash Reconciliation
• Accountancy maintenance and Book keeping
• Accounting for Payroll
• Management of Accounting/Financial reports to the concerned authorities outside the business, as well to shareholders
•  Preparation of VAT returns on monthly basis

A business needs to look into a few parameters before deciding whether to outsource accounting/tax/financial services or handle them within the organization; However, for an organization that has branches, subsidiaries, sister-concerns, it is recommendable to go in for outsourced services by a specialized firm in Bulgaria.
Many of these firms also offer assistance in incorporation of a Bulgarian company, payroll, tax, and consulting services; this allows the employer and the management to focus on other important issues within the organization, with absolutely no burden of handling any of the outsourced tasks.

The best part is that an efficient firm has an in-depth sector knowledge, business advisory skills and business networks. Al in all, such a firm delivers advice on improving systems and processes, with intent of creating an appropriate balance between performance, risk and control. Click Here

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A Basic Overview on Bulgarian Taxation System!

Bulgaria is known to be a country in EU that offers the best taxation opportunities and schemes for both businesses as well as individuals. The taxes in Bulgaria follow a flat system in which the residents are taxable on their worldwide income. The Bulgarian companies, unlike companies in other parts of the EU, are subject to a flat tax rate of 10%; Also, the personal income tax follows a flat rate of 10%. 

However, the main sources of taxes in Bulgaria are the Corporate Tax, the Withholding Tax, the Alternative taxes, the Personal Income tax, and the Value Added Tax. Like the Taxation, payroll Bulgaria is also known to be simpler than what it is in other parts of the EU. And the best part is that there are professional services available in Bulgaria that help new and existing businesses to handle taxation, payroll, accounting, finance, company registration, legal and likewise. 

If you too wish to set up a business in Bulgaria, then you need to know more about Corporate tax; the following entities are required to pay the Corporate tax;

• Bulgarian legal entities- commercial enterprises
• Bulgarian unincorporated companies;
•  Foreign entities trading in Bulgaria via a branch;
• Foreign unincorporated entities trading in Bulgaria through a branch;

In addition, there are the local taxes that are collected by the municipalities and include- Immovable property tax, Vehicle tax, and Inheritance tax.

A useful advice to entrepreneurs is that by hiring a professional accounting service and outsourcing relevant tasks to the professional team, things can certainly work out in a more streamlined, efficient and fruitful manner.

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