Small business owners often try to wear multiple hats at once: acting as sales managers, directors, and… accountants. Unfortunately, financial management mistakes later turn into penalties from the State Tax Inspectorate (VMI) or Sodra. Here are the 3 most common mistakes:<\/span><\/p>\n This is a highly relevant issue for MB members and individuals running an individual activity. A company bank card is not your personal wallet. Every purchase from the company account must have a supporting document (invoice) proving that the expense was incurred to generate company income.<\/span><\/p>\n Accounting requires discipline. If receipts and invoices only reach the accountant on the last day of the month, there is a high risk of missing tax declaration deadlines (VAT, GPM). This not only causes unnecessary stress but can also lead to late payment interest.<\/span><\/p>\n In Lithuania, it is mandatory to register as a VAT payer once your revenue exceeds \u20ac45,000 (or \u20ac55,000 in certain cases) within the last 12 consecutive months. Note that this is a rolling 12-month period, not a calendar year. Missing this milestone can result in severe financial penalties for the company.<\/span><\/p>\n The best prevention is timely control. A professional outsourced accountant does not just enter numbers\u2014they warn you about upcoming risks and help you legally optimize your taxes.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":" Small business owners often try to wear multiple hats at once: acting as sales managers, directors, and… accountants.<\/p>\n","protected":false},"author":1,"featured_media":1303,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[8],"tags":[],"class_list":["post-1321","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"acf":[],"_links":{"self":[{"href":"https:\/\/interna.lt\/en\/wp-json\/wp\/v2\/posts\/1321","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/interna.lt\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/interna.lt\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/interna.lt\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/interna.lt\/en\/wp-json\/wp\/v2\/comments?post=1321"}],"version-history":[{"count":2,"href":"https:\/\/interna.lt\/en\/wp-json\/wp\/v2\/posts\/1321\/revisions"}],"predecessor-version":[{"id":1328,"href":"https:\/\/interna.lt\/en\/wp-json\/wp\/v2\/posts\/1321\/revisions\/1328"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/interna.lt\/en\/wp-json\/wp\/v2\/media\/1303"}],"wp:attachment":[{"href":"https:\/\/interna.lt\/en\/wp-json\/wp\/v2\/media?parent=1321"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/interna.lt\/en\/wp-json\/wp\/v2\/categories?post=1321"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/interna.lt\/en\/wp-json\/wp\/v2\/tags?post=1321"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}1. Mixing Personal and Company Finances<\/b><\/h4>\n
2. Delayed Submission of Documents<\/b><\/h4>\n
3. Unawareness of the Obligation to Register for VAT (PVM)<\/b><\/h4>\n
How to Protect Your Business?<\/b><\/h4>\n