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Accounting
 
Accounting services in Lithuania

     Are you looking for a reliable, experienced, enterprising and offering financial solutions accounting specialist in Lithuania? 
     We know that, therefore we brought together a team that has something to offer!
     Companies, which chose cooperation with joint stock company Law and Finance Solutions, have raised the quality of accounting and optimised the costs of bookkeeping services.  
     Mutual trust in providing accounting services is the most important to us. Without it, we would not achieve the common goals and your business success. Therefore, satisfaction of each client's individual needs and the best selection of solutions is the value, towards which are oriented all activities of our company.
     Our civil liability is insured with reliable insurance company.
     Accounts are kept not only in Vilnius, but also in other Lithuanian cities.

Accounting Services 
  • Entering of primary accounting documents to an account register;
  • Accounting of tangible and intangible assets; 
  • Registering of the increase, sale, write-off of tangible and intangible assets as well as other operations performed with assets;
  • Accounting of earned income and incurred expenditures;
  • Calculations and registration of wear and tear;
  • Management of the accounts of the general ledger;
    Periodical closing of accounts and adjustment thereof with the general ledger;
  • Calculation of salaries and taxes in relation thereof, declaration and including into accounting records; presenting of declarations to the territorial department of the State Social Insurance Fund Board;
  • Management of the reports on employee expenditures (advance reconciliations);
  • Tax accounting, presenting of declarations to the State Tax Inspectorate;
  • Development of reports to the Statistics Department;
  • Development of monthly, quarterly reports and presenting thereof to the State Tax Inspectorate and the State Social Insurance Fund Board; 
  • Drawing up of annual financial statements;
  • Drawing up and presenting of monthly reports to a customer’s shareholders (summary of expenses, report on suppler and customer debt balances, balance-sheet, report on profit (loss), report on VAT);
  • Participation in general meetings of shareholders approving annual financial statements. 

VAT registration 

Registration as VAT payers is arranged within 10 working days. We provide information regarding mandatory registration as VAT payers and advise on the issues to be carefully considered before making a decision on the voluntary registration as VAT payers.


Our services:

  • consulting on the issues related to the registration as VAT payers during the whole time of the procedure.
  • preparation of the documents required for the registration as VAT payers.
  • representation of the clients in the State Tax Inspectorate.
     

Persons intending to register as VAT payers should submit the following:

  • the registration certificate of the company;
  • data on the domicile, locations of economic activities and divisions (addresses, phone numbers, fax numbers, email addresses, website addresses);
  • data on the activities being performed and/or planned activities (in accordance with the Statistical Classification of Economic Activities (EVRK));
  • data on the method of establishment / acquisition of the company;
  • data on the persons controlling the company as well as data on other legal entities controlled by such persons;
  • data on the real estate or other long-term assets controlled by the company which is (will be) used in the economic activities of the future VAT payer (the name of the property and the basis of its use).


Mandatory registration as VAT payers

The obligation to be registered as a VAT payer shall arise for a legal or individual entity of the Republic of Lithuania in the following cases:

  • if the income from the goods / services sold in the Republic of Lithuania in the year (during the recent 12 months) exceeds 100,000 Litas;
  • if the person in Lithuania acquires goods from other EU Member States (other than new vehicles or goods subject to excise duty), the value of which in the calendar year exceeds 35,000 Litas;
  • if the person controls several legal entities and their aggregate income in the year (during the recent 12 months) has been in excess of 100,000 Litas. The obligation to register as VAT payers shall arise for all those companies even if the income of each of those companies is lower than 100,000 Litas.

The obligation to be registered as VAT payers in Lithuania shall arise for foreign persons in the following cases:

  • taxable foreign persons starting to conduct economic activities in Lithuania (the obligation to register shall arise from the very beginning of their economic activities in Lithuania, i.e. without taking the 100,000 Litas threshold into account);
  • the person of a Member State of the EU performs remote commerce in Lithuania, and the value of the goods being supplied and delivered to the Republic of Lithuania exceeds 125,000 Litas in the calendar year.
Voluntary registration as a VAT payer  

    The company intending to conduct economic activities may register in the VAT Payers Register on a voluntary basis. However, you should assess whether it is really reasonable for the company to become a VAT payer if this is not mandatory. One of the basic criteria which could predetermine your decision in one way or another is the buyers of the company’s services / goods. If the key buyers are VAT payers, in most cases, it is reasonable to register; however, if the key buyers of the company’s services / goods are non-VAT payers, it is not reasonable to register on a voluntary basis. This rule is applicable most commonly, however, specific circumstances, which will determine your final decision, should always be taken into consideration. 


     

Consulting on Tax Calculation
 

  • We consult how to withhold income, compulsory health and social security taxes, advise on the use of tax-exempt income.

  • Our specialists consult on the benefits of scientific research, preparing an investment project and etc.  Take advantage of all opportunities of the tax cuts provided by laws!

    • Although the majority of value added tax reliefs were canceled, but some of them survived. Also remain provisions on VAT-exempt goods and services and VAT 0 taxable goods and services.
      Implement all requirements of laws and you will be able to use the benefits of established exemptions!
    • We consult on the issues of enterprise (business) management and formation of equity capital;
    • We consult on the value added, profit, income and other tax issues;
    • Consulting on the issues of reorganisation of enterprises (corporate reorganisation):
      • we assist drawing up the financial statements of enterprises under reorganisation or participating in reorganisation;
      • We advise how to allocate optimally the assets, equity capital and liabilities of enterprises subject to splitting;
      • we advise how to calculate precisely and correctly the indicators of a new enterprise merging enterprises, how to show the resulting goodwill.    


Development of the Accounting Policy of an Enterprise

   

    Our accounting specialists develop accounting policies to enterprises, help to develop convenient and easy to use plans of accounts. Appropriate performance of all accounting records by your accountant, his/her ability to draw up correct financial statements in compliance with the requirements of law acts depends on appropriate development of the accounting policy of your enterprise.

Fixing and Updating of Neglected Bookkeeping   
   

    If you suspect, that your accountant kept your accounting negligently or your business accounting was not kept at all for a certain period of time – please apply to the financiers of our enterprise and the examination of your accounting records will be performed or your neglected accounting will be rearranged anew in the shortest time. 

Lease of a Chief accountant 
   
    You cannot give vacation to your chief accountant, whereas accounting is subject to continuous and intensive keeping, maybe your accountant needs for advices and help of an experienced financier keeping accounts or maybe the enterprise which gave you temporary accounting services terminated the accounting service agreement unexpectedly? We are ready to help you by offering temporary services of accounting, our knowledge and experience and the your enterprise’s financial situation will be stabile. 


Control of a Chief accountant

   

    You do not trust your chief accountant? You suspect that your company’s accounting records are kept disorderly? Please, contact us and we will check whether your suspicions are correct.
Your bookkeeping may be fixed and updated by our specialists for such period, which you deem being necessary.

Keeping of Confidentiality of Employees’ Salaries  

  
    Do you strive to keep confidentiality of salaries received by your employees? We offer you to assign calculation of salaries to us and we will: calculate salaries, payable personal income tax and social insurance contributions; develop reports in relation with salaries; observe the up to date legislation  regulating payment of personal income tax and social insurance contributions and changes thereof.   

Regulation of Accounting in Lithuania


   
Finance depart.: +370 67217947
E-mail.:
info@tfs.lt
 
 
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