FAQ for Self-employed, General and Limited Partnerships (Tmi, Ay, Ky)

FAQ for Self-employed, General and Limited Partnerships (Tmi, Ay, Ky)

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When will my company’s financial statement be ready?
Your financial statement will be added to our worksheet once the annual closing info has been
reported and submitted through the Digibalance App. We strive to prepare your company’s financial
statement as promptly as possible, but particularly in the early months of the year there might be
some delays before we are able to deliver the financial reports to you. The beginning of the year is
the busiest time for accounting firms, as over 90% of our client companies have fiscal years ending in
December. Our work on the annual closings continues throughout the spring and we aim to send the
financial statement information to each client company by the tax return deadline.

Have I filled in the form correctly or is anything missing?
The annual closing info form is general in nature and covers the most common aspects of the
financial statement for self-employed and partnerships. If any information requested on the form
does not apply to your company, you may leave that section blank. In the additional information
field, you can provide any specific details relevant to your company’s financial statement. We will
contact you if any additional information is needed for the financial statement. Please respond
promptly to all requests for additional information.

I’ve filled in the annual closing information, but I can’t submit the form. What could be the
issue?
Occasionally, there may be issues with submitting the form, which are usually easily resolved. First,
ensure that the totals for each section match.
Check if you have opened the breakdown fields for accounts receivable, accounts payable, or loans
but left the information blank. If you have clicked the Add trade receivable/trade payable/loan
button but there is no information to fill in, you should remove the opened breakdown by clicking
the Remove trade receivable/trade payable/loan button.
If you are unable to identify the issue with submitting the form, take a screenshot of the filled-in
information and any error messages that may have appeared on the form. Send the screenshot and
information to our customer service email (autoaccount@digibalance.eu), and we will investigate the
matter and provide instructions as soon as possible.

What if I can’t provide all the financial statement information by the deadline mentioned
in the email?
If you are unable to gather all the financial statement information by the deadline specified in the
email, don’t worry. Try to assemble the necessary information as soon as possible and submit all the
annual closing information slightly late in one go rather than gradually in parts. If the submission of
information is significantly delayed, please contact our customer service.

The Tax Administration sent me a business tax return form. Do I need to submit the tax
return myself?
The business income tax return, along with its attachments, is included in the annual closing service
we offer. We will electronically submit your business’s tax return to the Tax Administration by the
deadline. You will receive a copy of the submitted tax return via email.
The Tax Administration will also send a personal pre-completed tax return form during the spring.
You are responsible for checking the details and making possible corrections to the form before
submitting it. It is important to note that you can not include any business related income or
expenses on your personal tax return form.

The financial statement information form requests the entry of the company’s total
kilometres driven based on the driver’s log. What information should be included in the
mileage log?
According to the guidelines of the Finnish Tax Administration, kilometres driven for business
purposes should be documented using a driver’s log to distinguish between business use and private
use. The driver’s log should include the following information for business-related trips during the
fiscal year:
● start and end time of the trip
● start and end location of the trip, and if necessary, the route taken
● kilometres driven
● purpose of the trip
● odometer reading at the start and end
● the driver of the vehicle
● total number of kilometers driven during the year.

What is the difference between the three different home office deductions? How do I
know which option is correct?
If you use your own residence for business activities, you may be eligible for a home office
deduction, which is reported based on the standard amounts determined by the Tax Administration
for each year. The home office deduction covers rent, furnishings, lighting, electricity, heating, and
cleaning of the home office. According to the Tax Administration’s guidelines:
Full-time home office deduction is chosen when you use your home office primarily for the
production of your business income, for example, as a freelance journalist or as a consultant
primarily working from home. You work from home for more than 50% of the calendar year’s
workdays.
Part-time home office deduction is chosen when the home office is used part-time but regularly for
the production of your business income. For example, you regularly work from home on
business-related tasks, but less than 50% of the calendar year’s workdays are spent on remote work.
Occasional home office deduction is chosen when the home office is used for business activities
irregularly or only occasionally.

My company owns stocks and/or fund shares. What additional information do you need
for investments?
For the company’s owned securities, we always need at least a portfolio report detailing the status of
each securities account on the financial statement date, transactions for the fiscal year, and a report
of capital gains/losses. In addition to the above, we may occasionally require other information, such
as detailed breakdowns of acquisition prices, which we will request separately as needed.

My company holds cryptocurrencies. What additional information do you need for the
financial statement?
The taxation and accounting of cryptocurrencies depends on their purpose. For the financial
statement, we require, at the very least, the amount of virtual currencies held by the company at the
annual closing date, their acquisition costs in euros, realized gains and losses during the fiscal year,
and other income and expenses related to virtual currency transactions.
Please note that gains and losses from the disposal of virtual currencies are calculated separately for
each sale or other disposal, such as currency exchange or purchases made with the currency. If the
same virtual currency has been purchased at different prices, the FIFO (first-in, first-out) method is
used to determine the acquisition cost.

How long should financial statement information be kept?
Financial statements and accounting records must be carefully retained. According to the Accounting
Act, financial statements, accounting records, the chart of accounts, and a list of accounting and
related materials must be kept for a minimum of 10 years from the end of the fiscal year. Unless
otherwise specified by law for a longer retention period, supporting documents for the fiscal year,
correspondence related to business transactions, and other accounting materials, such as official
notifications, must be retained for at least six years from the end of the year in which the fiscal year
concluded.

I noticed there is an error in the annual closings info form I submitted. How can I correct
the information of the already submitted form?
You can edit the annual closing information you submitted using the Update annual closing info
button in the application. We automatically receive a notification about changes made to the form.
Please refrain from sending corrections via email; instead, edit the information accurately through
the application.
If the Update annual closing info button is no longer visible, the financial statement may have already
been finalized. If you realize that you have provided incomplete or erroneous information after the
financial statement has been completed, please contact our customer service for assistance.

I couldn’t find an answer to my question on the website. Whom can I contact?
You can reach us through the chat on our website (https://www.autoaccount.info/) or via email at
autoaccount@digibalance.com.