Accounting services in Latvia by Lex & Finance

It depends mainly on the volume of work: documents and bank transactions per month, employees on the payroll, VAT registration and the reports you need. We quote once we have reviewed your company's transactions. For more on what shapes the price of accounting in Latvia, see our article on the cost of accounting services.

Yes. Section 38(1) of the Accounting Law provides that an outsourced accountant may operate only with a valid licence, and the transitional period ended on 1 July 2023. The VID issues licences for five years. You can check a licence in the VID register of licensed outsourced accountants by searching for the company's registration number. The licence number of Lex & Finance is AGL0001078.

As a rule, when the total value, excluding VAT, of the goods and services it supplies in Latvia in a calendar year exceeds EUR 50,000 (Value Added Tax Law (Pievienotās vērtības nodokļa likums), Section 59(1)). Some supplies, such as sales of fixed assets and intangible investments, are not counted (Section 59(3)). If the threshold is exceeded by more than EUR 5,000, the registration application must be submitted to the VID by the 15th of the month after the month in which the excess passed EUR 5,000. If the threshold is exceeded by no more than EUR 5,000, registration may be postponed until the end of the calendar year, but the application must still be filed by 30 November, or by 31 December if the threshold is exceeded after 30 November (Section 59(4) to (7)). A company cannot stay unregistered under the threshold if the threshold was already exceeded in the previous calendar year (Section 59(10)), or if it supplies services to a taxable person in another EU country where the place of supply is determined under Section 19(1) (Section 59(8)). The law has further special cases. Our VAT number registration page shows how we help.

A company files its annual report with the VID no later than one month after it has been approved. For micro and small companies, the final deadline is five months after the end of the reporting year. For medium-sized and large companies, and for parent companies that prepare consolidated annual reports, it is seven months (Law on the Annual Financial Statements and Consolidated Financial Statements (Gada pārskatu un konsolidēto gada pārskatu likums), Section 97(1)). For how we prepare it with you, see our annual financial report page.

Yes. We can keep all of your books or only part of them, such as payroll or VAT returns. Section 34(1) of the Accounting Law requires a written agreement setting out the outsourced accountant's duties, rights and responsibilities, so the agreement states exactly which part of the work is ours. Both options are described on our page about full or partial bookkeeping.

Yes. Where the owner or a board member lives abroad, the company's board still carries the duty to organise the bookkeeping under the Accounting Law (Section 31(1); for an SIA, the board is the "head of the undertaking" under Section 1(10)(b)). So we agree in writing which work we take on and which stays with the company.

For a newly registered SIA, we can keep the books from the first transactions, run payroll once you take on staff, check whether and when the company has to register for VAT, prepare its tax returns and its first annual report. Which of these you need depends on what the company does. Each task has its own page in the list of services above.

Yes. Under a power of attorney from you, we represent the company before the VID, the Register of Enterprises and other authorities, including during tax audits, and prepare the documents and explanations the VID requests. See our page on representation before the VID for the matters we handle.