Accounting and service for companies in Norway requires knowledge of applicable law. The entrepreneur is not condemned to use external services, and even less to employ a full-time accountant. Nevertheless, independent bookkeeping may result in many errors that will result in inspections in the company being run.
Accounting and service for companies in Norway
Accounting and service for companies in Norway basically boils down to the following three areas:
- ordinary accounting - this is the accounting of income and costs and the obligation to submit an annual settlement,
- MVA accounting - VAT settlement should be carried out up to two months or once a year. Annual settlement is possible for small companies whose turnover does not exceed NOK 1 million per year,
- settlement of wages and salaries of employed persons and payment of employee contributions - provided that the entrepreneur is an employer.
Also read: Tax correction in Norway up to 10 years back >>>
Accounting and service for companies in Norway - rules
It is the duty of every entrepreneur bookkeeping. However, he does not have to use the services of an external company or hire an accountant for this purpose. He can make settlements on his own, provided that he knows the applicable regulations and is able to do it correctly. Nevertheless, it is a time-consuming activity, with the risk of making many mistakes. Therefore, it is recommended that this responsibility be delegated to someone else. This will allow you to avoid unexpected inspections from the Tax Office.
Accounting and service for companies in Norway has been regulated in the following acts:
The most important information resulting from these regulations is the obligation to record all transactions that take place within the company. Accounting should also be kept in an accounting program. It is also required to collect all documentation confirming performed operations. This is to facilitate a possible inspection of the Tax Office in order to verify the costs and deductions applied by the company.
WARNING! One-person companies can run a private account, enabling them to spend corporate funds for the owner's private purposes. This is not possible with NUF and AS companies!
Also read: Tax deductions in Norway >>>
Annual tax return
Accounting and service for companies in Norway it is also an obligation to submit annual returns. Such a document must be sent to the Tax Office by each entrepreneur by May 31. The return should list all transactions made, costs incurred and deductions applied for the previous tax year. skating check-in must be submitted via Altinn.no.
Based on the information provided, the Skatteetaten sends the taxpayer Skatteoppgjørcontaining the calculated tax to be returned or paid for the previous year. The Tax Office has several months to do so. However, the submission of the preliminary tax return may not be later than in October.
Also read: Taxes in Norway for employees >>>
Audit in the company
Accounting and service for companies In Norway it is also an obligation to conduct an external audit. Which companies are subject to this obligation results directly from the act on statutory auditors (norw. Revisorloven). Audit is the control of the balance sheet as well as annual reports on the activity conducted by the statutory auditor.
AS companies
As a rule, AS companies have an obligation carrying out audit. There are some exceptions, however. Such a company is not required to fulfill this obligation as long as it meets all of the following conditions:
- the founding documents contain an entry on the resignation from the statutory auditor,
- AS's turnover is less than NOK 5 million per year,
- the balance sheet total is less than NOK 20 million,
- the company employs less than 10 full-time employees.
Learn more about AS companies in Norway >>>
Self-employment
As a rule, there are sole proprietorships fired z obligation audit. Unless their annual turnover exceeds NOK 5 million, and additionally they meet one of the following conditions:
- the balance sheet total is greater than NOK 20 million or
- employ more than 20 people full time.
Learn more about a sole proprietorship in Norway >>
NUF
NUF is a branch of a foreign company that operates in Norway - you can read more here. Such enterprises they have responsibility carry out auditif their turnover in the Kingdom exceeds NOK 5 million per year.
Learn more about NUF in Norway >>>
Accounting and service for companies in Norway - deadlines
Leading accounting and services for companies in Norway the entrepreneur should remember the following dates:
- advance income tax: payable by March 15th, May 15th, September 15th and November 15th,
- AS company submits the following documents:
- Aksjonærregisteroppgaven until January 31,
- Skattemelding for aksjeselskap until May 31,
- Årsregnskap until July 31st.
- NUF - Årsregnskap until July 31,
- Skattemelding until May 31st - all types of businesses.
Also read: VAT on products imported in Norway >>>
What is worth remembering?
Please be aware that accounting and service for companies in Norway is associated with many legal conditions. You can make tax settlements on your own, although it is not recommended. You can make many mistakes, which will consequently attract the control of the Tax Office to the enterprise. Therefore, it is still worth using the services of an external company or employing a full-time accountant - as long as financial possibilities only allow it.
