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Accounting Services in Bulgaria
Updated on Friday 29th July 2022 Rate this article
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When registering a company, one must take into consideration an accounting department or can hire accountants in Bulgaria to observe and control the financial activities. Our company formation specialists in Bulgaria are at your disposal with complete information and support in order for you to properly run your business. You can rely on our Bulgarian accountant if interested in such services.
| Quick Facts | |
|---|---|
| Who requires accounting services in Bulgaria | If you want to register a company in Bulgaria and have economic activities, you need to respect the accounting rules. |
| Applicable accounting legislation | - Bulgarian Accountancy Act, - International Financial Reporting Standards (IFRS) |
| Types of accounting services we offer | - bookkeeping, - payroll, - annual financial statements, - tax returns, - debt monitoring |
| Tax advice and compliance (YES/NO) | Yes |
| We offer support for tax registration | Yes |
| Financial planning for company owners | On request |
| Risk assessment and evaluation | If solicited |
| Types of audit services | - internal, - external, - financial, - compliance, - operational |
| Tax minimization methods available | - tax credit planning, - charities, - retirement plans, - selling investments that lost their value |
| Personalized financial consultancy services | On request, for company formation in Bulgaria |
| Investment consultancy for high-net-worth individuals | On request |
| Financial and analysis reports for companies | If solicited |
| Human resources services available (YES/NO) | Yes |
| Expertise provided by certified accountants (YES/NO) | Yes |
| Free case evaluation for companies (YES/NO) | Yes |
Accounting services we can provide for you in Bulgaria
All companies in Bulgaria must work in complete agreement with the Accounting Law and its provisions and in respect with the IFRS (International Financial Reporting Standards). Because our team of accountants in Bulgaria has a vast experience in creating companies from scratch, foreign entrepreneurs can choose us for accounting in Bulgaria at any time. The following accounting services in Bulgaria are at your disposal at any time:
- • payroll;
- • bookkeeping;
- • VAT registration;
- • tax filings;
- • preparation of annual financial statements of the company;
- • tax planning when running your business in Bulgaria;
- • tax minimization methods and optimization if it is the case.
For the above-mentioned services, you can rely on our accountants in Bulgaria. As for the company formation in Bulgaria, this is an easy procedure with fewer formalities with the authorities in charge for which we can offer in-depth support.
Bookkeeping and payroll in Bulgaria
According to imposed standards and local laws, all the financial operations must be recorded in an accurate manner with the help of bookkeeping. Recording the sales and expenditures, raising invoices, keeping the inventory records and processing the payment orders to suppliers enter in our field of activities from an accounting point of view for companies in Bulgaria. As for payroll services in Bulgaria, these will ensure that the employment matters are clean and clear through correct documents related to the payment of workers in your company. In the same area, the work contracts, the employee leaves, and the insurance can be handled by our Bulgarian accountant.
What are the taxes covered by the USA-Bulgaria double tax treaty?
Bulgaria and USA signed a double taxation agreement in 2007 with the purpose of avoiding the taxation of incomes twice. The business collaboration between Bulgaria and the USA was bolstered with the help of this important arrangement signed at the right time. Our company formation agents in Bulgaria are here to offer support to foreign investors wanting to start a business in Bulgaria. Moreover, they can help entrepreneurs register for taxation. Ask us about accounting services in Bulgaria.
The corporate income tax and the personal income tax are protected by the double taxation treaty signed between the two countries, with the mention that in the case of USA, the federal income tax enters the discussion. Here are important details to know about the double taxation agreements signed by USA and Bulgaria:
- Both natural persons and companies in Bulgaria and USA are protected by the agreement.
- Subsidiaries are permanent establishments. The incomes generated are protected against double taxation, whether in Bulgaria or in USA.
- Social security taxes do not enter the protection of this double taxation treaty.
- Specific tax rates apply to dividends, interests, and royalties. A Bulgarian accountant can tell you more.
The double taxation treaty signed by Bulgaria and USA comprises a series of important provisions under which companies and natural persons generating incomes in both states are protected against fiscal evasion and double taxation. One of our company formation specialists in Bulgaria can tell you more about taxation in this country. We are also at your disposal if you would like to register a company in Bulgaria and need accounting in Sofia.
VAT registration in Bulgaria
Companies with economic activities in Bulgaria are subject to taxation, and VAT is also mentioned here. Registration for this fee can be done with the help of our experts, so you can ask for information about accounting in Sofia. Let's review some of the formalities involved:
- • A Trade Register extract, the Articles of Association, and the declaration of taxable income are the most important documents you need to submit to the authorities.
- • BGN 50,000 or approximately EUR 25,500 is the VAT threshold for companies in Bulgaria.
- • Registration for VAT payment must be done within 14 days from the date on which this threshold was exceeded.
- • The actual registration of the company for VAT payment is done in about 2 weeks if all the documents are accepted.
- • VAT returns are made every month in Bulgaria, according to local legislation. A Bulgarian accountant can give you all the useful information.
Considering this information and if you want to register your company for VAT payment in Bulgaria, we advise you to contact our local agents. They can prepare the necessary documents and represent you before the competent authorities. Also, if you want an accounting in Sofia, don't hesitate to talk to us.
What payroll services can we offer - Accounting in Sofia
Payroll services come under the attention of a Bulgarian accountant and involve a series of tasks. Among them, we mention:
- • Calculating, preparing, and delivering salaries to employees' accounts, after paying the related taxes.
- • Working hours, days off, maternity or sick leave will be taken into account.
- • Salaries can be delivered weekly, monthly, or bimonthly, depending on the employment contract.
- • Important to mention is the fact that the company's management must review the payslips and come up with an agreement for the payment of the respective salaries. Discuss more about accounting in Bulgaria with our team. They can tell you more about payroll in Bulgaria.
Outsourcing accounting in Sofia
There are many companies that prefer accounting firms in exchange for a department to deal with such tasks. The costs for accounting services in Bulgaria, if you hire a company in this regard, are advantageous compared to those of an accounting department. A Bulgarian accountant can have access to the company's data and can deal with tax advice and compliance, tax registration, tax minimization methods as well as detailed and timely financial reports.
These are some of the advantages of accounting in Sofia if you establish your company here. Those interested in outsourcing accounting in Bulgaria can contact our specialists for a personalized offer.
How are the costs for accounting Bulgaria calculated?
Companies that prefer accounting in Bulgaria and more precisely the services of a specialized firm can receive plans dedicated to business needs. The costs can be established depending on the size of the company, the number of employees, activities, and other financial aspects. As soon as you provide such information, the collaboration offers, and related costs can be sent. Accounting Bulgaria is addressed to companies that want accuracy from a financial point of view.
Feel free to contact our team and ask for accounting services in Bulgaria. We can manage all the requirements imposed by the law. You can benefit from accounting in Sofia.
If you need accounting services in Croatia or other countries, we can put you in touch with our local partners.
Meet us in Sofia
Call us now at +359 888 350 643 to set up an appointment with our specialists in company formation in Sofia, Bulgaria. Alternatively you can incorporate your company without traveling to Bulgaria.
As a client of Sofia Offices, you will benefit from the joint expertize of local lawyers and international consultants. Together we will be able to offer you the specialized help you require for your business start-up in Bulgaria.
Contact usTestimonials
BridgeWest takes great care of selecting its affiliates worldwide and Bulgaria is no exception.
Francesco Dagnino, Partner of
Lexia Avvocati
www.LawyersItaly.eu
Read more testimonialsFrancesco Dagnino, Partner of
Lexia Avvocati
www.LawyersItaly.eu