What’s the Accounting Routine?
In Estonia, accounting is done monthly, regardless of your sales or revenue, especially when you have VAT. Therefore, our accountants must keep your business's books up to date and submit the appropriate reports to the tax authorities monthly. Still, they cannot do it out of thin air!
At the beginning of the month, they need access to documents from the previous month, namely, the invoices (sales and purchase invoices) and the bank movements (or bank statements) of the business during thatFew readersReports & Taxes
Once we submit your business's VAT and TSD reports, you may be required to pay taxes as a result of the operations performed by your business during the period.
Suppose you collected more VAT from customers than you paid for. You will need to pay the remaining VAT to the authorities after submitting the VAT report.
If you distributed dividends or paid salaries to members of the board or Estonian employees, you will need to pay taxes (the TSD report).
Don't worry! Our accounting team will caFew readersYour TO-DO list
It is helpful to have a TO-DO list to remember the important dates of the accounting routine:
From the 1st to the 5th of the month: upload all invoices (and optionally bank statements of the previous month)
Day 10th: if you have to pay TSD taxes (salaries and dividends), you will be asked to pay for them up to the 10th of the month.
Day 20th: if you have to pay VAT taxes, you will be asked to pay for them up to theFew readers
