Maintaining accounting books and records in accordance with prevailing regulations and preparing and filing all the paperwork required by local authorities can be a time consuming and costly exercise. It places an administrative burden on your staff which has little perceived added value.
Accounting Services
- Bookkeeping outsourcing (monthly bookkeeping and filing of all tax and statutory report, reconciliations etc.)
- Monthly mandatory VAT settlement.
- Bank and cash management.
- Preparation of quarterly reports.
- Tax inventory.
- Final balance sheets and income tax returns.
Tax Services
Finance Grid offers a wide range of integrated tax services for domestic and foreign companies operating in Bulgaria. In our process we comply with transitional domestic and international regulations and legislations to fit in today’s global tax landscape. We can put our expertise to work and offer you advice and solutions to increase tax savings and avoid risks. Our main services in direct tax are:
Vat Compliance – It is known as the process of preparing and filling out VAT returns. However simple it may sound, in Bulgaria there are many specifics that need to be considered, while also taking into account the cost involved. By outsourcing your VAT compliance to Finance Grid’s professional VAT team, you grant your organisation assurance that the VAT-related processes will flow smoothly at a reasonable cost.
Direct tax planning and advisory
- Providing strategic advice on market entry strategies, tax structuring/planning, ongoing tax support, advice on various exit strategies, liquidation assistance
- Analysis of specific contract arrangements and their impact on the company’s direct tax position
- Helping clients meet specific corporate income tax requirements, including proper tax categorisation of long term assets, preparation/review of tax depreciation schedules, correcting prior period errors affecting the tax base.
Tax Reviews
- Performing full scope reviews of the direct tax compliance status of companies, identify risks and providing recommendations for improvement
- Performing topical reviews of key issues for the particular industry and their tax implications, providing recommendations
Direct tax Services
- Related to tax returns and tax payments
- Tax accounting services (IFRS and GAAP).
- Assistance in tax refund procedures and tax litigation
Indirect Tax Services (VAT)
- Indirect tax planning and advice
- Providing strategic advice on cross-border projects, supply chain transactions, contract structures
- Technology services and tax reviews
- Tax assistance on Mergers & Acquisitions
- International tax
VAT Compliance
VAT compliance is known as the process of preparing and filing VAT returns. In Bulgaria, it takes more than that. While it should be a straightforward administrative process, VAT compliance in Bulgaria has its specifics, which need to be addressed carefully, also taking into account the costs involved. Outsourcing the VAT compliance to a dedicated professional VAT team with a good technology solution would provide the required assurance at reasonable cost levels.
- VAT registration/de-registration
- Conversion of accounting data for Bulgarian VAT and Intrastat compliance purposes.
- Issuing of local invoices and other tax documents
- VAT and Intrastat reporting
- Communication with the local tax office.
- Complete assistance during tax control procedures.
- Regular updates on legislative changes and practices.
Tax and Bookkeeping Outsourcing
When you choose Finance Grids’ Tax and Bookkeeping service, our specialists take care of the preparation of your organization’s tax reports in a manner that complies with your management needs and with the local accounting & tax requirements. Starting with processing of information, all the way to the submission of the reports, our team executes every part of the process with precision and respect to administrative deadlines.
As the preparation of tax reports requires interpreting and implementing regulatory requirements that are constantly changing, relying on a specialized partner like Finance Grid can save you time, efforts and large sums of money – from the fines and penalties you won’t have to pay. We can do the work remotely or from your office, depending on your preference.
Services included
- Initial setup
- Monthly bookkeeping and statutory reporting
- Ongoing tax compliance, including registration with the tax authorities and assistance with tax liability payment transfers
- Bookkeeping Outsourcing using SAP
- Management reporting
- Statutory year-end closing