The State Tax Inspectorate (VMI) informs that almost half of the residents who conducted individual activities (IDV) last year have already submitted their income tax returns. VMI reminds that there are more than 190 thousand left. small entrepreneurs, who should fulfill this duty without delay, because the deadline is May 2. less than a month left.
"We thank those who do not wait until the last minute and have already declared their income. Please note that all self-employed residents must submit income tax returns, even in cases where they have not received income. In this case, "0" is entered in the income line. Self-employed residents fill out the declarations according to the accounting journal, but if the resident uses the VMI's free virtual accountant i.APS, then all entries are automatically entered into the declaration wizard," recalls Martynas Endrijaitis, deputy head of the VMI, adding that last year, individual activities were carried out in total about 350 thousand population.
It should be noted that it is important for residents to fill in additional information carefully: what accounting principle is applied and which method of recognition of expense deductions has the resident chosen, i.e. whether to deduct from income the expenses actually incurred, which must be supported by documents, or to apply 30% without additional documents. method of deduction from all received income. PSDI and VSDI are calculated automatically.
VMI reminds that residents who carry out individual activities and are VAT payers or assign and use long-term assets to their individual activities must choose the accrual accounting principle and they cannot change it. This principle can be chosen by other individual operators, but it is important to know that residents who have started applying the principle of accrual accounting apply it until the end of their activity, that is, they cannot change it.
VMI helps you declare income during remote meetings
VMI invites residents to participate in remote practical seminars on income declaration topics, during which a VMI specialist helps residents step by step to fill out their income tax return. The nearest remote seminar for those who have performed individual activities will be held April 18, you can register for it here.
