Accounting

Bookkeeping services, by definition, involve accounting for entrepreneurs (and small business owners), in accordance with all legal requirements, and preparation and disclosure of the statutory reports to the Tax administration office, or submission of financial statements to FINA.

In practice, this means that your accountant collects and records all incoming and outgoing invoices, cash register reports, carries out registrations and cancellations of employees at HZMO, calculates salaries and other benefits, and prepares the financial statements for the Taxation office and FINA.

What UHY accounting services include:

• Bookkeeping and other tasks in accordance with Income Tax Law and Corporate Tax Law (accounts receivables and accounts payable balances, cash accounting, manufacturing, cash registers, travel orders…)
• Personnel administration and payroll (registration/ deregistration of employees, salary calculations, royalty calculations, student contracts, tax cards…)
• Reports and control (financial, statements, annual report, tax registrations of employees, reports to HZZO, HZMO, HNB, financial analysis on demand…)

A good accountant can save time and money, but also help the entrepreneur to get the maximum financial benefit from the business in accordance with the law.

Accounting Consulting is a service whereby the client receives continuous monitoring of the correct application of the accounting regulations, General ledger entries of the accounting transactions, completeness and accuracy of financial statements – all with the goal of increasing the security of accounting records and reducing the risks in the event of an Tax Supervision.

A good accountant can save time and money, but also help the entrepreneur to get the maximum financial benefit from the business in accordance with the law.

What UHY Accounting Consulting includes:

• Consulting on request
• Continuous consulting throughout the financial year
• Individual workshops and seminars

Outsourcing payroll services saves time and money to small and medium companies.

How? No payments to an internal payroll officer, no investments for updating or buying software or worrying about changes in tax legislation or possible penalties due to tax non-compliance. 

What UHY Payroll Services include:

• Salary calculations and payment order preparations
• Calculation of compulsory contributions, taxes and surtaxes on and from salaries
• Processing of travel orders for travel within Croatia and abroad
• Preparation of supporting documents relating to payroll (JOPPD,IP)
• Preparation of sick leave reimbursement requests for HZZO 
• Calculation of monthly, quarterly or annual bonuses
• Calculation of tax and surtax on annual basis
• Preparation of non-taxable payments (Christmas and Easter bonus, regression payments, severance payments)
• Preparation of Copyright contract or Work contract calculations
• We guarantee confidentiality and data security

FINANCIAL STATEMENTS

Upon completion of each business year, entrepreneurs are obliged to prepare and publicly disclose the required annual financial statements. Preparation and conducting of financial statements is often demanding work that internal employees of the company cannot perform due to personnel, expertise and time issues.

In this case, directors or Management board members seek the services of external experts who will prepare reliable and credible financial statements in accordance with legal regulations and set deadlines. 

What Financial Statements you can request from the UHY experts: 

• Balance sheet
• Profit and loss account
• Notes to the Financial Statements
• Statement of Changes of Equity
• Cash flow statement

In addition to the financial statements, UHY experts will compile additional documentation for the purpose of public disclosure ( Decision on financial statements , Allocation of Profit and Loss), i.e. GFI-POD for statistical purposes, as well as the declaration Application of Income Tax for delivery to the Tax administration office. 

We draw up all financial statements in accordance with the provisions of the law and applicable Financial Reporting Standards (CFRSI/IFRS).

Every management report is different, i.e. Directors/Board Members decide which items they want to see in the report whether it comes to investments, expenses, salaries, debt or else.

However, when preparing management reports, UHY experts use the following rules:

• Focus is on the big picture and the key message of the management report
• We use the terms that are understandable to clients and provide key indicators of the company’s success:
• Income, EBITDA, margins, inventory turnover, accounts receivable
• We prepare reports that are easy to present, without redundant graphs and advanced tables
• Data in our reports has a purpose and is not a goal in itself
• Each report has comparative data with the aim to show the realization, plan and previous period with marked areas that have failed or exceeded the plan and realisation.

Companies with in house accounting may require the external preparation of the annual reports for the Tax administration. 

Entrepreneurs have deadline to submit by April 30 of the current year the following reports to the Tax Authorities:

• Corporate Income Tax Declaration Application (PD form)
• Profit and Loss account (RDG)
• Previous year Balance sheet Balance sheet

In addition to Corporate Income Tax Declaration we also submit: 

• Report on transactions with related parties (PD-IPO)
• Calculation of the use of deductions and exemptions
• Statement on the usage of overpaid tax per tax report
• Review of loss brought forward per year Review of the tax loss carried forward
• Proof of tax paid abroad for those tax users who paid Income tax abroad
• A certified copy of the tax declaration submitted to the foreign tax authorities for the business unit
• An overview of all fees paid  with information on the name of the foreign recipient, the date and amount of the payout, the tax paid, and the applied withholding tax rate

Apart from these reports, Tax administration asks the entrepreneurs for the final calculation of membership fees to the tourist boards, monument levies and final calculation for the use of the generally useful functions of the forests that is delivered to the address of Hrvatske šume. 

VAT Tax Refund is an electronic system for VAT refund of tax administration for all taxpayers in CROATIA wishing to apply for a VAT refund from another country that is a member of the European Union. 

The request for a VAT refund through the electronic system may be submitted by:

• Applicant (tay payer) or their proxy.
• How will a taxpayer exercise their right to reclaim VAT from the European Union?

If you have paid VAT in another EU country, and you think you are entitled to a refund, please contact us, and bring us original or scanned receipts invoices that contain the statutory data. UHY will perform the entire VAT refund procedure, which includes registering, scanning and sending invoices, and filling in the required data. Upon successful processing by the tax administration of DDČ Tax Authorities of other EU member Country, you will receive a VAT refund directly to your account.

By entering Croatia into the EU, all companies are required to apply the rules of the Member State in which they have their head office or permanent establishment when invoicing and paying VAT.

In other words, companies operating in Croatia that have their head office in other European Union countries are obliged to ask the Croatian tax authority for tax VAT-ID ID number and to pay VAT in Croatia.

UHY can help – we will apply for registration for VAT purposes and identification and allocation of the OIB (Personal Identification Number), but also keep legal tax records and submit a monthly VAT form and any other statutory forms.

What documentation is required to submit an application for the allocation of VAT ID number:

• Application for registration for the purposes of value added tax (P-VAT form)
• Request to determine and assign a personal identification number (PIN)

In addition to these requirements it is necessary to provide:

• Proof of registration of a person (act of incorporation or excerpt from the competent register)
• Confirmation of the tax administration of the state in which the person is registered as a taxpayer
• Proof or declaration of intent on business in Croatia
• Certified Power of Attorney (if they operate through a tax representative)

We meet working in a cloud on a daily basis: tax receipts, internet banking, mobile apps, e-mail… Today’s lifestyle seeks a faster, simpler and more accessible way of doing business.

To keep track of current business trends in our region, but also on the basis of the rich experience of the UHY network, we have enabled our clients with the most modern and secure cloud accounting. 

Cloud Accounting allows you to deliver all the accounts electronically, from the comfort of your office or business premises, using your computer or mobile phone. Also, all business data is up-to-date and available with a single mouse click or one touch of your phone’s screen.

Why Cloud Accounting?

• No installation and upgrades.
• The basic accounting program and database are installed on the server. The user initially downloads the application to his or her mobile phone or computer. This application is updated automatically with each user’s entry (login). Therefore, forget about manual upgrades and installations because everything is being taken care of by the program provider.
• Access from any device at any time.
• Access to the program and data is enabled online from anywhere and at any time. The entrepreneur and their accountant can access the same data and documents, which is much clearer and faster.
• No extra purchases and hidden costs.
• Internet programs are not purchased – instead monthly fee is paid for using them. All upgrades, maintenance, update of billing data and customer support are included.

How secure is the data?

We use the latest technologies for data security, and we use encryption methods to transmit data over the Internet (from server to user), so that data is inoperable for malicious persons who could intercept data.