For over than 12 years Nominal has provided professional accounting services in the city of Burgas and on the territory of Bulgaria as a "specialized accountancy company" as defined by the Accountancy Act. We provide tax and financial accounting services to a wide range of clients, both local and foreign, in various business areas - production, trade, lending, insurance, services. Nominal was established in 2006 and since then has specialized in accounting and tax consulting. We provide bookkeeping, payroll processing, VAT refund, reports preparation, tax return and company registration services. We continue to provide high quality accounting services for individuals and businesses from all over the world in every district in Bulgaria.
You get quality accounting services to focus entirely on your business without scattering your energy for processing and producing accounting documents and tax reports or solving problems with the revenue agency. Leave it to us! "Nominal" offers complete accounting services, consisting of current company accounting and taxation, social security and health care, payroll and slaries, and mediation between you and the revenue administration.
It contains all necessary accounting, tax, social security and
administrative components to satisfy the information requirements
of NRA and Social security.
The preparation and submission of monthly, quarterly and annual tax returns to companies and individuals - our clients, VAT returns, Intrastat and the compilation of annual financial statements are an integral part of the subscription service and are not charged separately.
Complete accounting service includes the following activities:
• Monthly Tax reporting.
• Monthly VAT reporting.
• Monthly PAYE and Social security.
• Quarter tax reporting.
• Company Annual tax reporting.
• Annual Statistics reporting.
• Annual financial reports and submittion to Commercial register.
Finding a good accountant with experience in the company's practical accounting is difficult, but we have reached a level of organization that allows the highest quality of accounting services and prices in accordance with the specifics of the required work. We act as a team, sharing our knowledge and supporting our clients, so we could find the balance between accounting and tax optimization. You can rely entirely on our combined expertise and you can be sure that all required accounting documents and tax reports are submitted on time. You can use our competent regulatory advices to find optimal, but still legal ways to reduce your tax burden.
Although we are a specialized accounting firm, we focus not only on the short-term needs of our clients, but we also structure our services
in a way that ensures that they are fully secured in terms of current legislation. Besides solving the current accounting and tax cases, we monitor and familiarize, if necessary, the
management bodies of the companies with their current financial status and we provide information on any legislative changes that may have a negative or positive impact on their
economic situation in the future.
All accounting, tax and Social-security services provided by Nominal Accounting Office are guaranteed by Professional Accountant Accountability Policy.
• Declaration of non-activity in NSI (National Statistical Institute) - until March 31;
• Declaration of lack of activity in the Commercial Register - until March 31;
• In some cases, although the company did not carry out business during the financial year, it should prepare and submit an Annual Tax Return to the NRA - by March 31;
• In some cases, although the company did not carry out any business during the financial year, it should also prepare and publish an annual financial report in the Commercial Register by 30 June;
In order to be considered as dormant (non-performing, inactive), the company should not have received revenue and recorded expenses during the financial year under the Accounting Act and applicable accounting standards. Anyway, those companies still have to declare to Statistics Institute and to Commercial register that they hadn't got any economical activity durring previous fiscal year. Nominal Accounting Office can prepare and submit for you all necessary declarations and reports in every district in Bulgaria.
How to get a VAT refund?
To avoid potential language problems, claimants send an electronic refund claim to their own national tax authorities – who then forward it to the EU country where the claimant incurred the VAT (once they have confirmed the claimant's identity and VAT identification number, and the validity of their claim). If the tax authorities in the EU country where they incurred the VAT are late in making the refund, claimants are paid interest.
Procedure to follow
1. Application to be submitted by 30th September of the calendar year following the refund period.
2. The application is only considered submitted when the information is complete.
3. The Member State of establishment (MSE) sends the applicant an electronic confirmation of receipt 'without delay'.
4. The MSE has 15 days in which to forward the application to the Member State(s) of refund MSR.
5. The MSE shall not forward the application if, during the refund period, the applicant is not a taxable person; or he carries out only exempt supplies; or he is under the special scheme for small enterprises; or he is covered by the flat rate scheme for farmers.
6. The MSE shall notify the applicant of the decision taken.
7. The MSR notifies the applicant 'without delay' and by electronic means, of the date on which it received the application.
8. The MSR notifies the applicant within 4 months of its decision to approve or refuse the refund application.
9. However, where the MSR does not consider that it has all the relevant information to make a decision, it may request, by electronic means, additional information within that four month period. Further additional information may be required.
10. The additional information is to be supplied to the MSR within one month of the request for additional information being received.
11. The MSR should make a decision within 2 months of receipt of the additional information, or the expiry of the deadline for the receipt of the additional information.
12. Where further additional information is required, the MSR should make a decision to make a whole or partial payment within eight months of receipt of the original application.
13. The MSR has to make the payment within 10 working days of the deadlines. The payment shall be made in the MSR or, at the applicant's request, in another Member State.
Who can get a VAT refund?
To qualify for a refund under this procedure, during the refund
period a business must NOT have:
• been based in the refunding EU country or
• supplied goods or services there – except: exempted transport & ancillary services or supplies to customers liable for payment of the related VAT under the reverse-charge mechanism.
The claimant's home EU country will not forward the claim to the refunding EU country if the claimant:
• is not a taxable person for VAT purposes
• only makes exempt supplies without right of deduction
• is covered by the special scheme for small businesses
• is covered by the flat-rate scheme for farmers.
What can be refunded?
VAT relating to business activities carried out outside the Member State of Refund if those activities would be subject to tax or exempt with a right to deduct in the Member State of Refund if they had been made there, and VAT relating to supplies on which the reverse charge is applicable in the Member State of Refund, and VAT relating to telecommunications, broadcasting or electronic services to non-VAT taxable persons covered by special MOSS scheme.
What cannot be refunded?
VAT incurred which relates directly to activities which are exempt without the right to deduct.
VAT incurred on expenses on which there are restrictions on the right to deduct in the Member State of Refund.
Restrictions on the right to deduct VAT in Bulgaria for received supplies of goods and services apply when:
• the goods or services are designated for carrying out exempt supplies under Chapter 4 “Exempt supplies and acquisitions” of the VAT Act;
• the goods or services are designate for supplies free of charge or for activities other than the economic activity of the person;
• the goods or services are designated for representative or entertaining purposes;
• a motorcycle or an automobile has been acquired or imported;
• the goods or the services are intended for maintenance, repair, improvement or operation of motorcycles and automobiles, including for spare parts, assembly, fuel and lubrication materials;
• the goods are seized in favour of the state or the building is destroyed as unlawfully constructed.
Please, contact Nominal
in order to apply for EU VAT refund. Assigning the procedure to
us, you get:
• Timely and expeditious documentation processing;
• Reasonable pricing;
• No additional fees and commissions;
• You receive the refund directly into your bank account;
Limited Company Registration• Limited Company with one or more shareholders, Joint-stock company etc.;
• Sole Proprietor;
• Place of activity, branch;
Only Bulgarian and EU citizens (or companies) can purchase land in Bulgaria, therefore to buy a house with a garden a non EU citizen have to setup a company. The minimum required capital is BGN 2.00 or approximately 1 EUR.
REGISTRATION IN BULSTAT REGISTER• Legal entities who are not traders;
• Freelance or craft activity;
• Foreign persons - branches, representation office, owners of real estate;
VAT REGISTRATION• Registration by turnover;
• Voluntary registration;
• Registration for Reverse VAT charge;
• Other types of VAT registration;
REGISTRATIONS IN NRA• Registration of self-employed;
• Registration of a foreign person;
• NRA tax ID number;
• Registering an Online Merchant;