Some tips for filing your tax return

Key dates in 2024 to watch for are here:

• March 3: Last day to acquire digital mailbox to receive the declaration digitally.
• March 4-8: The declaration is sent out digitally
• March 15 - April 15: The declaration is sent out by post for those who do not have a digital mailbox.
• March 19: Declaration opens.
• May 2: Last day to declare.
• May 13: Last day to submit the VAT return for those who report VAT once a year.
• November 14: Any remaining tax must be paid, unless there is a different date on your final tax return.

‍

Individual firm

As individual traders declare to the company at the same time as you make your private income tax return. You do this by first making your annual financial statement and then completing and filing the NE attachment that you receive with the tax return. If you have a turnover of less than SEK 3 million, you can establish a simplified annual accounts. If you do this digitally, you can then transfer the data directly to the NE appendix of the declaration.

‍

Trading Companies

If you are a partner in a trading company, you must file your N3A attachment together with your income tax return, in which you account for your share of the trading company's earnings. If you are also going to declare to the trading company, this is done in income tax return 4. When this should be done is controlled by the company fiscal year.

‍

Limited Liability Company

The declaration process for shareholders in few-member companies is similar to that of co-owners of trading companies. In addition to your private income tax return, you must also file a K-10 attachment declaring dividends from the company and any gain or loss if you have sold shares in the company. The filing of the company's own income tax return is governed by its fiscal year.

‍

Check the data

As with your private income tax return, it is important to check the suppressed data for the company as well. If there is an error in the control data, there will also be errors in the declaration if you do not correct the data.

‍

See what deductions you can make

As an entrepreneur, you are allowed to deduct expenses that are necessary to run the business — regardless of your form of business. The difference, however, is that if you are engaged in an individual business activity, you make the deductions in your income tax return, while the deductions are made in the company's tax return if you are engaged in business activities joint-stock company or trading companies. If you run an individual company, you can use the Swedish Tax Agency Deduction lexicon to see what deductions you can, and can't, make.

‍

A common deduction is if you conduct your business from your private residence. If you are a sole proprietorship, you can deduct the cost regardless of whether you have a specially set up office or not. For those who run share sales or trading company it is required that the workroom be decorated in such a way that it can no longer be used for residential purposes in order for you to deduct for it. Instead, you can rent part of the house to the company. The company can then deduct the rental cost while you as the owner pay 30% capital tax on the excess rent.

‍

Reservations for individual firms

As an individual trader, you should look at the possibilities of being able to lower your tax profit. It can be done either by shifting part of the income from business activities to income from capital by making a so-called positive interest distribution. You may make a positive interest distribution when the capital base of the business is higher than SEK 50,000 at the beginning of the year. You can also make provisions for an accrual fund or an expansion fund to defer the tax effect and to be able to offset future deficits.

‍