Important Dates for Business Owners – Loans for Companies
There are a number of dates for entrepreneurs who are important to keep track of in 2019. As in previous years, VAT (VAT) is paid half-yearly in February and August, while entrepreneurs who employ declare this and pay in deductible preliminary tax monthly just as before. Important to keep in mind is the new qualification deduction and the basis for calculating sick pay. New for the year is also the so-called MOSS declaration for VAT on electronic services that must be made and paid quarterly starting April 20. The Tax Agency’s general advice on how electronic services are taxed, especially those that are also offered to customers abroad, was presented at the beginning of the year and the domicile for the company is crucial from the VAT point of view, while income tax needs to be declared in the country where the service is “reprocessed”, ie where the final consumer is located. The Tax Agency’s guide in the area provides good guidance. Furthermore, companies with tangible fixed assets in the form of land and buildings shall note on November 1 as the final date for submitting their property declaration.
Find out important dates for payment
Generally, it is recommended to plan for important dates for business owners. The fact that tax must have been paid on the 14th of a certain month means that funds must be available on your tax account that day, which means that the last day for the company to administer the payment one banking day before the set deadline. Entrepreneurs who systematically miss this risk being required to pay late payment and interest, which is avoided by planning. Both the Swedish Tax Agency and the Swedish Companies Registration Office have good overviews of important dates and there is a point to familiarize themselves with these at an early stage. As far as the Swedish Companies Act is concerned, it should be added that the seven-month rule for submitting annual accounts continues to apply in 2019. This means that by 31 July this year, the annual report, approved by the AGM and reviewed by the auditors, must be submitted to the Swedish Companies Registration Office. It is possible to submit the report electronically via the service aktt.se. Please note that for companies with a broken fiscal year, a different date applies.
Taxes and VAT
Finally, the importance of analyzing their liquidity should be emphasized. Tax and VAT payments can have a major impact on cash flow and at worst make the company illiquid and insolvent. Building a buffer before the central dates for entrepreneurs is therefore a good idea. One way to secure liquidity is to reduce the customer’s credit period or to increase their indebtedness through a corporate loan. Therefore, it is proposed that all companies already review their credit facilities in order to be able to handle this year’s important milestones.