OUR ACCOUNTANCY AND TAX SERVICES
We offer the following services:
- Book-keeping
- Preparation of VAT returns
- Preparation of monthly, quarterly or yearly management accounts
- Preparation of accounts
- Preparation of Corporate Tax returns
- Preparation of Individual Tax returns
- Tax advice
BUSINESS SET UP
You can set up the following types of business in Poland:
- Limited Company
- Public Limited Company
- Limited Liability Partnership (various types)
- Partnership (various types)
- Sole Trader
All businesses have a legal requirement to keep full and complete books and records.
LIMITED COMPANIES
A Private Limited Company in Poland is the most popular format for small to medium sized businesses.
LIMITED LIABILITY PARTNERSHIP
The Limited Liability Partnership is much less used in Poland and is a partnership between two individuals.
SOLE TRADER
This is when you trade as an individual
MAIN TAXES IN POLAND
There are two main types of tax in Poland:
- Corporate Tax
- Personal Income Tax
There may be additional taxes for certain kinds of income such as Capital Gains Tax and Inheritance Tax.
CORPORATION TAX
A corporate entity pays Corporation Tax at 19% of profits.
AUDIT
Corporate entities must file accounts at least once per year with the Company Registration Court and the Tax Authorities. This must be done within six months of the financial year end. An Audit will not be required unless the business satisfies certain conditions – Public Limited Companies must have an audit; other businesses may need to have an audit.
VAT
The supply of goods or services is subject to VAT (unless exempt or outside the scope of VAT). Most normal types of business activity are subject to VAT. The standard rate is 23%.
VAT rules are complex and should be discussed with a tax advisor before a business commences.
PERSONAL INCOME TAX
A sole trader or partner will pay Personal Income Tax (normally 19%) on business profits.
CAPITAL GAINS TAX
This is due on any sale of assets and other items of a capital nature although there are many exemptions.
The annual exemption for individuals for the year ended 5th of April 2011 is £10,100.
The rate of tax is 18% with Entrepreneurs relief potentially reducing the effective rate of tax on qualifying gains to 10%.
INHERITANCE TAX
This is payable on death
Non-residents in Poland are subject to IHT and Donations Tax on assets located in Poland. The applicable tax depends on the relationship between the deceased/donor and the beneficiary. The taxation is scaled with rates ranging between 7% and 20% of the inherited amount after tax free allowances.
USEFUL LINKS
Company Formation Agents Poland:
www.spolkieuropejskie.com
Enquire About Our Accountacy & Tax Services
For further information, please contact us on +44 (0)208 421 7474 or fill in the form below: