If you have registered a company in Slovenia, you might be aware that you have certain obligations at the end of the year. As this time is already approaching, we have made a checklist for entrepreneurs doing business in Slovenia to better prepare themselves for the end of the year.
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Data d.o.o. is the leading company in offering support to entrepreneurs starting their business in Europe, namely Slovenia. Our company offers legal support, tax consultation and also provides accounting services. Our experts will make sure that your company fulfills all the obligations that you have in Slovenia at the end of the year according to the legislation.
Obligations of Slovenian companies related to taxes and accounting
The same as the calendar year, the business year in Slovenia also ends with 31st December. At that point you have to make sure, that your company has fulfilled all its obligations in order to avoid penalties from governmental institutions.
Income statement and balance sheet
The most important and also the most complex reports you need to prepare are income statement and balance sheet of your company. They will cover the income, expenses and other expenditures that arose in a specific time period. Also, the balance sheet covers the overview of funds and obligations, debt to investors etc. As it is a very complex document with financial implications, it is best to leave the preparation in the hands of experienced accountants. At Data d.o.o., we have over 28 years of experience offering such services to local and foreign entrepreneurs.
Documentation related to taxes
In addition, you would also have to prepare the company’s documentation related to taxes. It means gathering financial statements, payroll slips, business expenses and other important documents. You would also have to assess receivables to make sure that you have covered all invoices to your suppliers. We recommend finalizing all works in each business year to avoid missing a payment that would be taxed next business year.
Bonuses for employees and backup of data
You will also have to decide if you would pay our bonuses to employees. If you do so in December, in contrast to January, it would affect your financial reports. If you have employees, you will also have to check their payroll slips to make sure that your company paid all salaries and contributions.
Also, you would have to ensure backing up data for safety reasons – both electronically and in physical form.
Obligations regarding inventory and projections for the next year
At the end of the year you also have the obligation to do inventory. It means checking the location and status of your material funds or fixed assets. You have to check supply and match it to the actual state in order to determine appropriate taxation.
To conclude the business year, we also advise making projections for the next business year. You would determine the goals and expectations, your future investments or new marketing strategies to assure a successful business year. Our experts at Data d.o.o. would be happy to support you.
Obligations of Slovenian companies related to employment and employees
If your company has employees, you also have obligations at the end of the business year towards them. We have prepared a short checklist of these obligations but if you require assistance in the preparation of these documents, our legal advisors can offer full support.
Remaining days of vacation leave
Our experts recommend notifying your employees about the remaining days of their vacation leave. This will enable you to plan the work for the next year better. The information is important not only to the employer, but to the employee as well. This is because in the majority of cases, the vacation leave that they can transfer to the next year is limited. To secure the limitations, we recommend the preparation of the Policy of annual leave.
Schedule of working time
The other obligation you can expect if your company has employees is the annual schedule of working time. Your company needs to adopt this annual schedule before the end of the business year. Additionally, you also need inform the employees about it before the beginning of the new year. With this policy, the employer also sees which of the employees will reach an age where there are restrictions to their working time. This includes work at night time, unevenly distributed work schedule and overtime. When planning this annual schedule, you also have to take into account the unused days of vacation leave.
Written statement of salary calculations
An additional obligation for employers is issuing a written calculation of the salary of employees for the previous business year. You need to submit this to your employees no later than on 31st January for the past calendar year.
Obligations regarding compensation for annual leave
If you have employed which are not employed in your company the full year, meaning that you have employed them in the middle of the business year, you also have to assess the payment of the yearly compensation of annual leave. You can either already cover this expense as a monthly payment of 1/12 of the amount for yearly compensation or decide for a one-time payment of the proportionate part of the compensation at the end of the calendar year.
When preparing such internal regulations or official reports, it is best to entrust the preparation to experienced professionals. At Data, we provide both accounting and legal support and can ensure the preparation of all the above-mentioned documents and reports.
For more information about company registration in Slovenia, you can write to us on our email [email protected]. You can also contact us over the phone 00386 1 6006 270 or 00386 40 530 718 (Viber, WhatsApp). In addition, you can follow us on Facebook.
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