Annual accounts and tax returns

We provide professional and reliable services in preparing annual accounts and tax returns for individuals, companies of all sizes and types, as well as associations. With decades of experience, we ensure that all financial documents are prepared correctly and that tax returns are in accordance with applicable regulations. We emphasize the following service aspects:

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Annual reports

We take care of the preparation and presentation of annual accounts in accordance with the law and accounting standards. Whether it is a small, medium-sized or large company, we ensure that the annual accounts provide a clear picture of the financial position and operations.

Individual tax returns

We assist individuals with their tax returns and ensure that all data is properly prepared to take advantage of deductions and possible tax incentives. We work with complex returns, including for self-employed individuals and those who have income from more than one source.

Corporate and partnership tax returns

We specialize in preparing tax returns for companies and corporations, ensuring that all tax matters are correctly recorded and maximizing tax efficiency within the framework of the law. We also provide advice on tax optimization and the utilization of tax rules to minimize the tax burden.

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Consulting in connection with annual accounts and taxes

We provide tax and accounting advice, helping companies identify and exploit tax opportunities, mitigate risk and ensure efficient tax returns. Whether it is a matter of changing tax laws, restructuring or future planning, we are here to provide clear and targeted solutions.

Communication with tax authorities

We handle all your tax inquiries, corrections, and exemption applications, allowing you to focus on your business without having to worry about complicated tax issues.
We ensure that all tax returns and annual accounts are prepared professionally, accurately, and in accordance with laws and regulations – this way you get a full overview of your tax obligations and financial situation.

Frequently asked questions and answers about annual accounts and tax returns

1. When do annual accounts need to be submitted?
Annual accounts of companies must generally be submitted to the Tax Office by August 31st of each year, but deadlines may vary depending on the form of operation and size of the company. https://www.skatturinn.is/fyrirtaekjaskra/arsreikningaskra/skil-a-arsreikningum/
2. Is it mandatory to submit annual accounts?

Yes, all companies with accounting obligations are required to submit annual accounts. Companies that are registered in the Annual Accounts Register are required to submit annual accounts to RSK every year.

3. Who needs to file a tax return?
All individuals with taxable income are required to file a tax return. Companies and partnerships are also required to file a return with information about operations, debts, and assets.
4. How is a corporate tax return prepared?
We process tax returns based on the company's accounting and ensure that all income, expenses, deductible expenses, and liabilities are correctly recorded in accordance with tax law.
5. What documents need to be submitted for the tax return?
To process your tax return, we need your company's accounting records, information about your liabilities and assets, receipts for deductible expenses, and other relevant documents.
6. Can I get guidance on how to maximize deductions on my tax return?
Yes, we provide professional advice on how you can take advantage of legal deductions to minimize tax payments, such as for operating expenses, travel expenses, and other fees.
7. What happens if I don't file my tax return on time?
If your tax return is not filed within the required time, the tax authorities may estimate your income and impose a surcharge on your taxes. We recommend filing your return on time or requesting an extension if necessary.
8. What is the difference between an income statement and a tax return?
An income statement shows the company's performance over a specific period, while a tax return is a document that shows all tax information that is used to calculate tax liability.
9. Does ECIT offer assistance in communicating with tax authorities?
Yes, we handle all communications with tax authorities, including inquiries, corrections, and assistance in obtaining exemptions or payment distributions if needed.
Why should I get professional help with my tax return and annual accounts?
Professional assistance ensures that all documentation is prepared correctly, that you take advantage of all possible deductions, and that tax payments are in accordance with the law. This can save you both time and money and reduce the likelihood of errors or schemes by the tax authorities.

Are you curious about what we can offer you?

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