Estonian accounting services

1Office offers international accounting service with financial and tax consultancy.

Our tax consultants help you understand your tax obligations. We also analyse your tax risks and provide solutions to overcome them.

We represent both resident and non-resident companies before the Estonian Tax and Customs Board and help apply for a VAT number.

1Office Group offices are at your service in Estonia, Sweden, Finland and in the United Kingdom. In addition to bookkeeping we advise you on business planning, prepare analyses and help assess potential risks.

The accounting department of 1Office is located in the Foorum Centre at Narva mnt 5, IV floor. Visit us during weekdays from 9am to 5pm.

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Which services do we offer?

Accounting

1Office accountants are at your service if you are looking for high-quality and clever accounting.

The accounting service includes:

  • Processing source documents;
  • Keeping ledgers and accounts receivable;
  • Submitting tax declarations;
  • Salary administration;
  • Assets accounting,
  • Compiling annual and financial reports;
  • Financial consultation.

1Office accounting invoices you on a monthly basis and with a 15-minute accuracy. This way you can be sure you are paying a fair price for the work. You can choose how often you would like to receive financial reports to know how your business is doing. To keep your best interest in mind, 1Office accounting and tax consultation services are covered with liability insurance.

Annual report

According to Estonian laws an Estonian company is obligated to file its annual report with the Central Commercial Register. You are required to file the report within six months of the end of the financial year. 1Office accountants can file the report for you electronically or through a notary.  

The fee for the annual report depends on whether or not the bookkeeping has been done for the entire year. Therefore, we ask you to contact us so that we could provide you with a price quote.

An annual report typically includes the following:

  • Management report;
  • Balance sheet;
  • Income statement;
  • Cash flow statement;
  • Statement of changes in equity;
  • Notes to the annual accounts.

Read more about filing the annual report.

Tax consultation

From 2016 1Office offers international tax consultation for business planning in Estonia, Finland, Sweden and the United Kingdom.

Most common topics we cover:

  • Tax planning;
  • Permanent establishment and taxation;
  • Dividends and taxation;

Available services:

  • Consultation;
  • Situation analysis for discovering potential risks;
  • Resolution.

To receive tax advice, please get in touch with us and describe how you are currently doing business. Based on the initial information we will make you a price offer. Then we will perform a situation analysis where potential risks and their descriptions are provided. We will offer suitable solutions for problem solving and risk management to correspond to the specifics of your business.

80% of 1Office Group’s client deal with cross-border business and many of them face risks related to their permanent place of business in a foreign country. In order to find out if your company is in this risk group, fill out the following questionnaire and send it to us (). Download the questionnaire here.

We have developed a special permanent place of business package based on the needs our clients. Read more here.

Registering as a VAT payer

According to Estonian laws if the taxable annual turnover of your company exceeds 16,000 euros, you are required to register the company with the Tax and Customs Board. In such case the Tax and Customs Board issues a VAT number for you.

If your company´s taxable turnover is below 16,000 euros per annum you are still allowed to apply for the VAT number. For this you have to submit an application and explain why you want to receive a VAT number. 1Office accountants are at your service in communication with the Tax and Customs Board.

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FAQ

Here you will find answers to frequently asked questions. If there is no answer for your question here, please contact us. You will find our contacts here.

Contents:

  1. What are the main tax rates in Estonia in 2016?
  2. When are declarations submitted in Estonia?
  3. When must a company be registered as a VAT payer?
  4. Can a company get a VAT number if the board members are residents of a foreign country?
  5. What is the dividend taxation rate in Estonia?
  6. How is profit taxed in Estonia?

1. What are the main tax rates in Estonia in 2016?

  • Company VAT: 20%
  • Natural person income tax: 20%
  • Corporate income tax (CIT): 20/80 division on distributed profit, effectively 25%.
  • Social tax: 33%
  • Fringe benefits: 33% social tax + 20% income tax
  • Employee basic exemption: €170 per month
  • Unemployment insurance premium for an employee 1.6% and for an employer 0.8%

2. When are declarations submitted in Estonia?

It is mandatory to declare the salaries paid the previous month and pay labour taxes on the 10th date of each month. It is mandatory to declare the VAT of the previous month on the 20th date of each month and pay VAT if necessary.

3. When must a company be registered as a VAT payer?

According to Estonian laws if the taxable annual turnover of your company exceeds 16,000 euros, you are required to register the company with the Tax and Customs Board. In such case the Tax and Customs Board issues a VAT number for you.

If your company´s taxable turnover is below 16,000 euros per annum you are still allowed to apply for the VAT number. For this you have to submit an application and explain why you want to receive a VAT number. Whether the Tax and Customs Board will register your company depends on your business goals and reasoning.

4. Can a company get a VAT number if the board members are residents of a foreign country?

Yes, you can apply for a VAT number. If the owner and board member of a company is a citizen of a foreign state it is likely that the Tax and Customs Board will invite the person for an interview or performs an interview via email.
The purpose of the interview is to ascertain issues concerning the activity of the company. Documents related to business are also required.

5. What is the dividend taxation rate in Estonia?

It is necessary to pay income tax on the profit paid out as dividends. In 2016 the corporate income tax rate is 20%.

6. How is profit taxed in Estonia?

In Estonia income is taxed at the time it is paid out as dividends. Period of taxation for legal entities and non-residents with permanent establishments in Estonia is one calendar month. In that case the tax rate is 20/80.

 

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