At Reportability, we believe it is beneficial to have a solid foundation of knowledge when running a business. We also know that many people lack deep insight into things like tax regulations.
Company or sole proprietorship?
When running a company or a business, you are required to keep track of your income and expenses related to operations. This is necessary to prepare your final annual accounts, which must ultimately be filed with the Danish Tax Agency (SKAT) and/or the Danish Business Authority.
But what are the actual differences between, for example, having a limited company versus a sole proprietorship? Does the size of your business matter? Why do you actually need to keep accounts, and isn't a balance just something that's good to have when walking a tightrope?
Tax return?
You might also be puzzled by the term "Oplysningsskema" (tax return). It is what has replaced the "Extended Tax Return" at the Danish Tax Agency. And perhaps it is not enough to just fill out the tax return (even though that can be complicated enough); you might also need to file an annual report with the Danish Business Authority.
A blog series for you!
For the sake of clarity, we have divided everything into three different topics, with one version for those of you with a sole proprietorship and another for those with a limited company!
Through these three blog posts, we guide you through the entire process, from bookkeeping to filing! You can read them in order or jump straight to what interests you!
Click here to find out more about what YOU need to know:
For limited companies:
- Bookkeeping
- The annual report – limited companies
- Filing with the Danish Business Authority / tax return to the Danish Tax Agency – limited companies
For sole proprietorships:
Enjoy.
