Page 8. Accounting

If you have set up a company but know little about accounting, and hiring an in-house accountant is too expensive for a start-up, there is a simple answer: outsource your company's accounting in full. Many successful companies rely on outside specialists all the time and thrive. They no longer have to think about the books and can focus on growing the business, opening new branches and investing in marketing. Hiring staff for the office, supervising them and building department after department is an outdated strategy. Just think how much you can save on rent, software, computers and…

Published 2 September 2020. Some rules have changed since; ask us for the current position. Whether to hire an in-house accountant or outsource the bookkeeping is always the manager's call. More and more companies are choosing outside providers to save money, a practice that has been common in the West for decades. For a company to thrive, some costs can be trimmed, especially if you bring in an outside accountant who has worked for organisations like yours and knows your industry inside out. But who is allowed to provide these services? In Ukraine, accounting services…

Published 6 August 2020. Some rules have changed since; ask us for the current position. Ukraine has a general tax system and a simplified one. They differ in the number of taxes a business pays to the budget. The general system requires a professional accountant to keep the books. In theory, you can manage the simplified system without special skills. In practice, we advise against trying: it is very easy to end up with a fine. So professional help is needed either way, although businesses on the simplified system have far less accounting work. Types of taxes in Ukraine Here…

Published 6 August 2020. Some rules have changed since; ask us for the current position. So, for a number of reasons, you have decided against trading as a sole proprietor. For some types of business, a limited liability company (ТОВ, товариство з обмеженою відповідальністю) is the better fit. An LLC also lets you receive income as dividends. Planning a large business and looking to bring in investors? Then an LLC is your choice, and a well-justified one for sizeable projects with investment appeal. Read on to learn more about running an LLC on the simplified…

Published 6 August 2020. Some rules have changed since; ask us for the current position. Starting a business takes a certain boldness, a willingness to take risks and, of course, talent. Have you decided to go into business for yourself? Congratulations! But how do you choose a tax system as a sole proprietor (ФОП, фізична особа — підприємець)? Who has to pay value added tax, and who is exempt? This article explains. Many readers will find it useful, because Ukraine's tax system is one of the most complex around. Add the lack of clear instructions for…