Frequently Asked Questions

Our individual approach to work, communication and feedback we maintain with clients contribute to the quick and timely resolution of all cases. The practical solutions and consultations you receive will improve and optimize financial and accounting reporting and document flow, your company activity as a whole.

The success of your business largely depends on choosing a good accountant. Since accounting is quite complex, choosing the right accountant can be a daunting task. You usually find out if you made a good choice at a later stage.

How to recognize a good accountant?

There is no need to hire employees and set up a separate accounting department in your company, as our accounting office will work for you and the success of your business. We are sure that we will be useful to you because we follow the 5 rules of a successful accounting department.

Many startup or small business owners think they don’t need or can’t afford to hire an accountant. Others believe that all an accountant does is fill out a few forms at the end of the year. In reality, accountants can do much more, and you can see for yourself why your business needs an accountant.

If you still do not believe that it is best to entrust your accounting reporting to an external accountant, then the following lines will probably be able to show you what the advantages are for your company.

We understand that you have concerns about choosing an accountant in whose hands to entrust your business, but the Correct Account Consult accounting office offers complete transparency and professionalism. Request your free consultation today and see for yourself!

Most entrepreneurs experience difficulties in choosing the type of trader and in the layout of the required documentation for their establishment. If you do not feel confident in yourself and do not want to take this risk, Correct Account Consult accounting office can assist you in registering your new company.

Trust our many years of experience and professionalism. Accounting firm Correct Account Consult in Burgas offers accounting services, including company registration and administration.

Before starting their activity, future entrepreneurs are most often faced with the question of what legal form to take – whether to register their company as a sole trader /ET/ or EOOD. Before making your choice, our advice is to discuss your decision together with a competent accountant and lawyer. The Correct Account Consult team can offer you excellent accounting services at competitive prices. Trust us!

The obligation to register for VAT arises for every taxable person established on the territory of Bulgaria who, for a period not longer than the last 12 consecutive months before the current month, has realized a taxable turnover of 50,000 BGN or more. Turnover represents the amount of sales revenue. VAT regulates what the taxable turnover includes.

Within 7 days from the end of the tax period during which it reached this turnover, the person is obliged to submit an application for registration under this law. If the turnover is reached in less than 2 consecutive calendar months, the registration application is submitted within 7 days after the turnover is reached. After submitting the application to the NRA, a check is carried out and the registration is carried out within 14 days after the application is submitted.

Any company, as well as any person carrying out an independent economic activity, if they wish, can voluntarily register for VAT without having reached a taxable turnover of 50,000 BGN. Registration proceeds in the same order as the mandatory registration. An application is submitted, after which the tax authorities carry out verification and registration within 14 days.

The company is also required to register for VAT in other cases, for example when it provides services to companies from the European Union, and also if it receives services from foreign companies, regardless of their value. The special thing in this case is that the application for registration is submitted no later than 7 days before the date on which the delivery tax becomes due.

Mandatory VAT registration is also carried out if the company has made intra-community acquisitions of goods for more than 20,000 BGN from companies from the European Union during one calendar year.

In the event that you are required to register for VAT, but for one reason or another, you have failed to do so, the law provides for fines and official registration. The fine is between 500 BGN and 5,000 BGN. Also, you will have to pay the amount you should have deposited as tax due and also the interest for its late payment.

After you register for VAT, you will be entitled to use a tax credit for purchased services or goods that are directly related to the company’s economic activity.

Accounting firm Correct Account Consult can save you effort, time and money. Contact us for peace of mind and security.

After VAT registration, the following obligations generally arise for you:

1. For each tax period until the 14th of the month following the period, you are required to submit a VAT return, along with a purchase log and a sales log, as well as to pay the tax due.

2. If you make intra-Community supplies or supplies as an intermediary in a tripartite operation, you should also submit a VIES declaration together with the reference-declaration.

3. If your intra-community trade in goods is in annual volumes that exceed the thresholds for declaration under Art. 4 of ZSVTS (Law on statistics of intra-Union trade in goods), separately for each trade flow – shipments or arrivals, you are obliged to submit declarations to the TD of the National Revenue Agency under the INTRASTAT system.

4. You should keep in mind that the reference-declaration and accounting registers must be submitted electronically with a qualified electronic signature.

Trust us to make sure you meet all the obligations that arise after VAT registration.

If your company did not operate during the reporting year, you can read in detail what obligations arise for you here.

PIC is a 12-digit code, the holders of which receive free access to some electronic services in the NRA system without having to have an electronic signature:

1. Submission of a request for the issuance of a document

2. Information on social security income – provides information on how much the employer/s pay social security contributions to the respective citizen.

2. Information on social security income – provides information on how much the employer/s pay social security contributions to the respective citizen.

4. Reference for obligations for taxes and social security contributions – contains information on all obligations for taxes and social security contributions.

5. Reference for payments made, etc.

The statements allow you to track whether all the tax and social security payments you have made have been reflected in your account, and whether you have missed paying off any old debt. Also, you can monitor for irregularities in the contractual relationship with your employer. Through PIC, you can check the amount on which you are withheld and paid the insurance contributions, whether your employment contract has been announced to the NRA, etc. You can also request the issuance of a certificate or other tax-insurance document from the National Revenue Agency, thereby saving you an on-site visit to the revenue agency.

To get your personal code you need:

1. To complete and submit the “Application for the use of electronic services provided by the NRA through PIC”. This document is available both in paper form at the Agency’s offices in the country, and in an electronic version, on the NRA website;

2. To submit the application to the competent territorial directorate – personally or through an authorized person.

3. If you submit the application on site at the competent Tеrritorial Directorate of NRA, you will receive your personal code immediately

The price of our accounting services depends a lot on the type of activity you develop, on the monthly document turnover, the number of insured persons, the degree of complexity of the solved problems and other features. You can send us an inquiry to receive an individual offer.

Yes, of course you can. We will be happy to get to know you and the specifics of your business, because we believe that every business is specific and that every client faces a different question or problem. Part of our practice is an individual approach to each client, excellent communication and feedback to ensure that we resolve each case quickly and in a timely manner. Request your free consultation now.

Accounting office Correct Account Consult offers accounting services both in the city of Burgas and throughout the country. Accounting office Correct Account Consult offers accounting services both in the city of Burgas and throughout the country.

1. A contract for accounting services is concluded, which is signed and sent by courier.

2. Payment for the accounting service is made via bank transfer.

3. The client sends the documents by courier to the address of the accounting firm or scanned to the correspondence e-mail indicated in the contract for accounting services.

4. After activating access to the NRA’s electronic services, all tax and insurance declarations are submitted online.

5. If there is a need to communicate with NRA employees regarding inspections or revisions, it is carried out by employees of the accounting firm.

6. Preparation and submission of VAT registration documents is done online.

7. If you need advice on tax-accounting questions that have arisen before you, employees of the accounting office will answer you quickly and easily by phone or by e-mail.

As the owner of an EOOD or OOD, you have the right to choose how you will insure yourself. Under a management contract or as a self-insured person.

Contact us to get more specific information about your individual case.

Come to a meeting with us!