Many people dream of starting a small business and taking the step into self-employment. But the dream of being your own boss and starting your own business also comes with many rules and obligations that you have to be aware of. One of these obligations is accounting. But what does accounting actually look like for small business owners and is it even mandatory?
In this article, we will show you what philippines email data special features you as a small business owner need to consider when doing your accounting, what tasks you can expect, and give you tips that can help you with your accounting.
Who is considered a small business owner?
A small business owner is someone who does not exceed the following turnover limits and is therefore not subject to standard taxation:
Maximum of €22,000 total turnover in the previous year
Total turnover expected to not exceed €50,000 in the current calendar year
Table of contents
Special features of accounting for small businesses
Is bookkeeping mandatory for small business owners?
When does accounting become mandatory for small businesses?
What taxes do small business owners have to pay?