Re-registering your company - important!

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Adolf
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Postby Adolf » Sat Apr 19, 2008 10:54 pm

I'm no expert, this is just what I've tried to piece together, quite possibly wrongly but I believe from the beginning of this year small enterprises are allowed to lodge (and in fact have to lodge) a

съкратен счетоводен баланс


which I translate as an abbreviated balance sheet. They don't have to adopt the International Accounting Standards and can use the National Accounting Standards.

There is a set form of balance sheet and Accounting Standard 1 has been amended so that the the form is simplified. Although I've got the verbal description I haven't been able to find a specimen.

This all sounds very familiar to anyone who has ever run a small UK company.

There is also the Statistics Form which I think is an entirely separate filing obligation arising under the Statistics Act 2005.

The Accountancy Act lays down the qualifications needed for BG accountants. There are criminal offences specified in the Act relation to unqualified persons and accounts.

One thing I do know is that to create a balance sheet you need some balances, which presupposes that you have got a few ledger accounts. Of course, under all accounting conventions you are supposed to use the same headings as the previous year and put the previous year's figures in as well.

Get an accountant! You know it makes sense.

Serbia and Macedonia have both changed their laws to allow foreigners to own land. Once the Bulgarians realise it is not possible to take it away and that foreigners do sell back to locals maybe they will reappraise this article of faith. Then we could all dump our companies.

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rgawith
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tax form

Postby rgawith » Sun Apr 20, 2008 5:45 am

Are you sure that this requirement for the balance sheet/financial report is not part of the new things that you have to submit with your yearly tax form?

I know that was all different this end of year and instead of just the simple nil return it had to include statements about your company and balance sheets.

Where did you actually get it from that this was something separate that had to be filed once you had re-registered your company?

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Milka
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Postby Milka » Mon Apr 21, 2008 8:11 pm

Hi rgawith,

Are you sure that this requirement for the balance sheet/financial report is not part of the new things that you have to submit with your yearly tax form?


I think they are one and the same, it's just that it didn't have to be done before.

At the risk of repeating myself, here in the UK, at the end of your financial year you prepare accounts/financial statements. From this you prepare your company tax return. Both the financial statements and tax return go to the tax office (so they can check that when you say you have no tax to pay they can confirm it to your financial statements!) and the financial statements go to Companies House (the central agency) as a record for anyone whose interested to access.

Bulgaria is in the process of catching up with what happens elsewhere in Europe. What we need to do now will not necessarily be what we did before. Hopefully the next few months will clarify what we need to be going.

I know our accountant has prepared financial statements and a company tax return each year but have no idea what he did with them. From what I read here it looks as if just the company tax return was dealt with.

From now on however, a copy of the financial statements need to go to the new agency. I don't know yet if a copy will also go to the tax authorities with the company tax return. I hope to know more about it next week when I'm in Bulgaria.

M

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regfrancis
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Postby regfrancis » Tue Apr 22, 2008 7:59 pm

I'm picking up the re-regestring form from the court in 2 days and then have to fill in formA4 and G1 and pay the gov tax of 30 lev (so im told in the DIYS Tax thread) I will ask where to do this at the court (if they will tell me) Can any one give me some hints on where to do the final stage of re registring?

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schwartzy
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Postby schwartzy » Tue Apr 22, 2008 8:50 pm

Hi,
This is the quote that we received from the agent that we bought our place with. Any opinions would be welcome. We do not live in Bulgaria and will only be over there for four days before June so does anyone know of any practical cheaper options (bearing in mind that we don't wan't to spend those four days trying to sort this out rather than enjoying a holiday!) Our place is west of Sofia in the Pernik region.
Quote:
The re-registration of the companies is free but the procedure itself involves some costs being:

1. Packet of papers - notarised - 100 E
2. Solicitors Fee - 200 E
3. Transport costs ( a person in charge has to go to the Regional Court twice ) - 50 E
4. Agent's Fee - 100 E

This procedure requires that you should come here or we shall send you over the papers which you have to sign and get them notarised with Apostille before British Public Notary (or at Bulgarian Council in the UK)"

Thanks

fred
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Postby fred » Tue Apr 22, 2008 9:30 pm

Hi schwartzy

Sounds like a lot of wonga for nada to me. I just got an unsolicited quote in my e-mail the other day.

"Our Fee for Re-registration of your company 150,-Lv. (75,- Euro)

Please Note: If tax reports have to be submitted the agency charges 55,- Lv. extra."

Cheers Fred.

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schwartzy
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Postby schwartzy » Tue Apr 22, 2008 9:43 pm

Thanks Fred,
Thought that sounded like rather a lot. Will ponder on this further. By the way, are we meant to do any homework apart from our presentation for tomorrow? (apologies for slight thread drift)

Answer via PM

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schwartzy
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Postby schwartzy » Tue Apr 22, 2008 9:46 pm

Oh, and by the way, has anyone used Home base Bulgaria to re register. I've had a p.m to recommend them and their fees seem pretty reasonable to do this.

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owain
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Postby owain » Tue Apr 22, 2008 10:09 pm

Hi,
Some agencies are taking advantage of company re-registration.We're charging 100 leva to our clients: Approximately 50 leva fee for re-registration and notary fee with 50 leva charge for organising the paperwork etc.
I think the best advice is for you to "shop around" and don't agree to pay more than 75-100 Euro as the process isn't a complicated one and wont take an agent more than a couple of hours to organise.

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stewarty
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Postby stewarty » Tue Apr 22, 2008 10:17 pm

owain wrote

Some agencies are taking advantage of company re-registration.We're charging 100 leva to our clients: Approximately 50 leva fee for re-registration and notary fee with 50 leva charge for organising the paperwork etc.


And i notice NO solicter fee`s! So i must presume thier is no need for one?

Stewarty


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