Accounting services

You’ll be thankful to have BG Company manage your accounting as Bulgaria rewards transparent accounting and employs a rigorous system to keep companies in check when they present their financial status.

Our accounting service covers management and control of your company’s finances, a fast response time, full compliance with the statutory deadlines, correct and in-time submission of reports to the revenue authority and exact payment of the taxes due.

BG Company Ltd renders accounting services to clients who incorporate a new company or acquire a ready-made one. We have established a competent in-house accounting department to see your finances are in order. Our accountants are extremely well-qualified and experienced, based on their practice with different types of business and a number of successfully resolved cases. Focusing on our foreign clients, operating exclusively in an international environment, we are specialised in the trans-border operations and international tax issues.

What makes our accounting offer stand out is that you pay only for what you use. You are only charged an amount based on the number of processed documents each month – NO additional fees for VAT handling, annual closing of accounts, preparation annual tax return and annual financial reports – all is included in our document-processing fee. Dormant companies and such with less than 10 documents per month pay only the minimum accounting fee.

Our offer is based on the number of accounting documents processed in the accounting software and the number of staff employed by the company. The price is flexible and depends on the volume of work.

ACCOUNTING SERVICES
Monthly price
Annual prices
  • companies before VAT registration
  • companies with registrationunder the VAT Act
  • from 45 EUR
    from 490 EUR
  • from 65 EUR
    from 700 EUR
PAYORALL SERVICES
Monthly price
Annual prices
  • up to 1 employee
  • up to 2 employees
  • up to 5 employees
  • up to 10 employees
  • up to 20 employees
  • more than 20 employees
  • free
    free
  • 20 EUR
    215 EUR
  • 40 EUR
    430 EUR
  • 70 EUR
    750 EUR
  • 120 EUR
    1290 EUR
  • Terms by agreement
    Terms by agreement

If your company is VAT registered but it is not actively trading, we can assist you with the monthly VAT declaration for only 40 EUR monthly or 400 EUR if prepaid for 12 months’ service.


WHAT IS INCLUDED IN OUR SERVICE

The price for accounting services includes:

Issuance of bilingual invoices, invoice notices and protocols with an accounting software in compliance with the VAT Act

Processing the income invoices, expense invoices, payment orders and other documents

Preparation of the monthly VAT returns and filing them with the NRA, including nil returns for the months when the company had no documents to process

Preparation of the annual financial statements and annual tax return and filing them with the NRA

The price of Payroll includes:

Compilation, registration and termination of the concluded employment and freelance contracts

Preparation of payrolls, salary slips and recapitulation

Preparation of payrolls, salary slips and recapitulation

IMPORTANT DEADLINES RELATED TO THE COMPANY’S BUSINESS

Your financial year commences on January 1st and ends on December 31st. Companies that have commenced their business after January 1st report their operations as of their establishment until December 31st;

VAT returns have to be submitted on a monthly basis up to the 14th day of the month for the incomes and expenses during the preceding month. The VAT payable, if applicable, is to be paid within the same period.

The annual financial statements and annual tax return for the preceding financial year are to be prepared and filed with the NRA (National Revenue Agency) until March 31st at the latest. Corporate taxes due also have to be paid within the same period.

Afterwards, your annual financial statements is to be published by June 30th at the latest in the Commercial register under the company’s file as to be visible for public inspection.

FREQUENTLY ASKED QUESTIONS

Any person who is the owner and manager can be insured as a self-insured person on a minimum insurable income of BGN 610,00 in 2020 up to a maximum insurable income of BGN 3000,00. The amount of social security contributions for SSS, SM, and SMPS per month is 27.8% of the selected insurance income. In this case, the person does not receive a salary and, accordingly, the insurances are not recognised as the company’s expense.

Example for a month:
  • Revenue
    BGN 5000,00
  • Expenses
    BGN 0,00
  • Profit
    BGN 5000,00
  • Tax profit of 10% paid for the calendar year until 31.03 of the next year
    BGN 500,00
  • Insurances for the month on the minimum insurance threshold of BGN 610,00
    BGN 169,58
  • Dividend tax of 5%
    BGN 225,00
  • Total taxes and insurances due for a month
    BGN 669,58

When a person chooses to be insured through a labour contract, each occupation and position in a different economic activity has a minimum salary threshold. In this case, the gross salary is deducted at the expense of the worker, then the DOD is deducted from the salary, and the rest is transferred to the employee. At the same time, insurances at the expense of the employer are also due. Salary in Bulgaria can be paid in cash every month as the worker signs up on a salary payroll and a payslip that states that he has received his salary in cash. When the salary is transferred via bank, a signature is not required as it is visible from the bank account statement.

Example:
  • Gross salary
    BGN 1000,00
  • Insurances at the expense of the employee – 13,78%
    BGN 137,80
  • Income tax levied
    BGN 862,20
  • Income tax – 10%
    BGN 86,22
  • Total deductions at the expense of the employee
    BGN 224,02
  • Amount to be paid to the employee
    BGN 775,98
  • BGN 775,98
    BGN 189,20
  • Total amount of insurances due monthly
    BGN 413,22
  • Amount recognised as company expense monthly
    BGN 1189,20
For a month:
  • Revenue
    BGN 5000,00
  • Expenses
    BGN 1189,20
  • Profit
    BGN 3810,80
  • Tax profit of 10% paid for the calendar year until 31.03 of the next year
    BGN 381,08
  • Dividend tax of 5%
    BGN 171,49
  • Total taxes and insurances due for a month
    BGN 794,30

It must be kept in mind that the maximum insurable income is BGN 3000,00, which means that in the case of a salary over this amount, the insurances are due to BGN 3000,00, and only income tax is due on the whole amount.

Example:
  • Gross salary
    BGN 10000,00
  • Insurances at the expense of the employee – 13,78% х BGN 2600,00
    BGN 413,40
  • Income tax levied
    BGN 9586,60
  • Income tax – 10%
    BGN 958,66
  • Total deductions at the expense of the employee
    BGN 1372,06
  • Amount to be paid to the employee
    BGN 8627,94
  • Insurances at the expense of the employer on the salary – 18,92% х BGN 2600,00
    BGN 567,60
  • Total amount of insurances due monthly
    BGN 1939,66
  • Amount recognised as company expense monthly
    BGN 10567,60

Appointment and termination of employment

The number and the date of conclusion of the contract, the gross salary, the occupation, and the economic activity of the company are announced to the NRA. The starting date must be at least one day before the start date. Nothing can be done retrospectively in the labour contracts. The labour relations are terminated at most seven days afterwards.

All contributions are due by the 25th of the following month.

After the end of the calendar year, by 31st March of the following year, an annual tax return, an annual financial statement for statistics, and profit tax of 10% must be paid. It is offset by the realized profit, and the remaining amount can be distributed as a dividend to the owner by paying 5% of the distributed amount. The rest is transferred to the owner’s personal bank account. If revenue is EUR 90,000 per year and no costs, tax will be 10%, EUR 9,000, due until March 31st of the following year. After tax deduction, the remaining amount of EUR 81,000 may be distributed as a dividend at a desired time and a 5% dividend tax, EUR 4050, must be paid. If the company has costs, they are deducted from the revenue, and then the corresponding taxes are charged – 10% profit tax and 5% dividend tax.

After submitting an annual tax return to the NRA and an annual report to the NSI by March 31st of the following year, the annual financial statement is published in the Commercial Register by June 30th, for which BGN 42,00 is paid.

Companies that have no activity during the calendar year do not submit an annual tax return to the NRA but submit a declaration of inactivity to the NSI and the Commercial Register by March 31st of the following year for which no fee is due.