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STARTING A BUSINESS? THESE ARE THE THINGS YOU NEED TO KNOW ABOUT FINANCE!

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If you decide to start a business, it's not enough to simply have a product and know who to sell it to. You will have to deal with a lot of paperwork at the start of your business, and take the time to study all the information so that you don't have any unpleasant surprises. 


This can be done on your own, and will require:

1. Choosing the most appropriate business form;

2. Complete VMI forms: contacts, nature of activity, place of activity;

3️. Find out if and when you don't need to register for VAT;

4️. Find out how corporation tax is calculated and what tax rates apply;

5. If you register for VAT, find out how VAT is calculated and declared and how to recover overpayments;

 

If you want to employ a worker, you will need:

✔ Notify Sodra 1 working day in advance;

✔ Study the Labour Code (especially the sections on recruitment, dismissal, holidays, calculation of GVA);

✔ Find out what licences or permits are required (if any), and whether safety is required;

You've probably already noticed that there's a lot to do, and there's a very high chance of getting lost in the mass of information or misinterpreting something, so the easiest way to find out is to find a consultant. 

We provide such advice, so you can be sure that we will help you choose the most appropriate form for your business, assist you with the preparation of documents and provide you with quality information on all the above issues. 

Need help? Get in touch!

 

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Business and personal finance mentor
Visita Ivaškevičiūtė

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