The purpose of this blog is to provide a reliable source of business, tax, and accounting information. English is chosen language to ensure coverage for Danish and non-Danish readers.
A Happy New Year present to you
In the first blog back in September 2018, Get the most out of your tax deductions, we have listed tax deductible expenses for individuals. This is your turn, dear business owners, to get your New Year present from us: tax deductions for business.
You might know this: you just started your company; you need the money for buying goods, renting a location, installing equipment, etc. and you want to keep the costs as low as possible. You know how to make calculations on Excel and maybe even have a business degree. So… you decide to make the books yourself.
Many times, I have heard foreigner employees complain that they have to pay so much in tax in Denmark, and they don’t know what they are paying for. The goal of this article is to give you an understanding of your pay slips and the Danish taxing system on personal income. Among many payroll programs, I have chosen payroll examples from the 3 programs: Letløn, Danløn, and KMD Løn og Personale (KMD). The italicized words indicate the text in Danish in the original pay slips.
Your accountant may never tell you this: you don’t need an audit of your financial statement, if your company has a turnover of maximum 8 million kroner and assets no larger than 4 million kroner, or you have maximum 12 employees.
One of the common reasons for foreigners for coming to Denmark is LOVE. We meet our tall, blond, humble Dane. We fall in love head over heels and decide to commit our lives to them, thinking “come what may”. One day, we arrive in the Nordic country, and the reality kicks in.
In every asset, there are rights and liabilities for the owner. If you buy a car, you must pay at the point of delivery. If you buy a house, you may take a mortgage loan and pay back in 30 years. If you have children, your liability lasts a lifetime.
The marital agreement is the most delicate topic in a marriage. Somehow, the image of a blissful in-love couple can get stained, if there is a prenuptial between them, except in the case of a significant difference in wealth and social status between the two parties.
What would you think, when someone asks you to pay only in cash? My first though is: Is it black? If the amount is more than 8.000 kroner, then I am sure it is black. It is certainly illegal, according to the Danish Money Laundering Act (Hvidvaskloven).
Yes, I mean it, dear business owners and nut lovers. Christmas is coming, and if you are planning to buy nuts, just get enough for the holiday season. Because from the 1stof January, 2020, nuts will be cheaper, due to the abolition of duty on nuts.
Christmas is all around us, and if you fortunately have a job and expect a Christmas gift from your employer, then you should know the rule for receiving Christmas gifts in Denmark. This rule is also important for the employers in the time for giving.