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Taxation of the foreign individuals in Bulgaria

   

Accountacy services Bulgaria

NOMINAL LTD - Accountancy & Taxation

Nominal Ltd - Bulgaria, Burgas is an accounting company, specialized in outsource services in the field of accounting and tax consulting. Nominal Ltd provides bookkeeping, payroll processing, VAT services, accounts preparation, completion of tax returns, company secretarial and company registration services.We offer high quality express accountancy services for individuals and companies from all over the world in every district in Bulgaria.

ACCOUNTANCY, PAYROLL AND TAXATION

Every business - company or individual (not only in Bulgaria, but almost everywhere in civilized world), no matter how large or small it is, have to submit annual accounts for the tax authorities, which accounts are the information core for completing the tax return. It is therefore important to be sure that you provide to the Bulgarian National Revenue Agency proper information in order to minimise the risk of unnecessary enquiries and to meet the requirements of Bulgarian and EU applicable legislation. We can provide you our complete acountancy service not only to comply with the statutory obligations, but to to deliver them efficiently and on time to assure a total peace of mind to businesses owners as they do not have to worry about the late filing penalty for delay in submitting of VAT returns, Tax returns, company accounts, Payroll and PAYE forms and Social security declarations and contributions. The service inludes accounting, payroll and taxation aspects of your business.

 

Accountancy ACCOUNTANCY

Let us look after the financial and tax affairs of your business completely. We offer a full range of accountancy services for all businesses:
The complete accountancy service includes the following activities:
• Monthly reports and declarations preparation and submission to National revenue agency, and National Social Security Institute.
• Completion of monthly VAT returns.
• Completion of corporation tax return including filing with National Revenue Agency and National Statistics Institute
• Yearend statutory accounts preparation and Commercial register submittion

Dormant Accounts Service
All companies, along with their tax return, are legally required to file their accounts to Bulgarian Commercial Register by the end of June on the subsequent year. This includes dormant and non-trading companies, too. Failed to file accounts on time, you will have to pay late filing penalty of more than 1000 Euro for even one day delay. If you already know that your company will be dormant and it will not or has not been traded since its incorporation or last accounting period you can submit your company to our non-trading clients database. It is our obligation from that moment on to remind you of your obligations on time. We provide complete service for inactive companies including all necessary operations for completion of your annual tax return and accounts. For details about non-trading companies services see the
Dormant Accounts page.

 

Payroll PAYROLL & EMPLOYMENTS

We offer payroll and Pay As You Earn (PAYE) processing services to all kind of businesses. We will process your payroll including payslips for your employees, complete the relevant forms for payroll purposes and submit to NRA and National Social Security Institute. If you employ staff you will have statutory filing deadlines to meet for filing forms and making payments to National Revenue Agency (NRA). Unfortunately, if you ignore these obligations, penalties and interest will soon be added to your costs automatically. We are trained to advise our clients in all aspects of payroll preparation and compliance if you would like to outsource this time consuming process. If you are thinking of employing people or your company has employees, please don't hesitate to contact us.
 

Taxation TAXATION

Sole Proprietors (self employed)
If you are in business as a sole trader, you will pay tax on your business profits for the accounting year ending not later than 30 April on the subsequent year.
You must file your self assessment return to NRA before or on 30 April. Any tax overpaid for the accounting year will be refunded by NRA. The flat tax rate for sole traders is 15%

Limited Company (Ltd, Llc)
The company is obliged to pay tax on its profits and submit their corporation tax return three months after the accounting year end to NRA confirming the final amount of tax liability not later than 31 March on the subsequent year. There is a flat tax rate for companies of 10%. There is additional 5% tax on dividends if the shareholders deduct the company profit.

VAT compliance services
VAT rate in Bulgaria is 20%. Businesses in the Bulgaria are obliged to register for VAT if their sales or turnover exceeded the VAT registration threshold which is currently set at 25 565 Euro (50 000 bgn). The registration is to be filed with National Revenue Agency within 14 days after the month of sales exceeding the registration threshold. There are other options and many conditions under Bulgarian and EU regulations which require VAT registration too. Once registered, your business must file monthly VAT returns to the tax office within 14 days after the end of each month. Feel free to discuss your VAT requirements with us and we will be able to offer you the best VAT solutions for your business

Interest penalty will be levied on unpaid tax.

For additional inofrmation about taxation in Bulgaria see the article "Taxation of the foreign individuals in Bulgaria" .
Nominal Ltd provides taxation solutions for all businesses and individuals. Contact us for additional information please
.

 
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