Prepaid tax is withheld from your paid sales invoices according to the tax rate you have set yourself in the Truster app. At the end of the year, Truster transfers the total amount of prepaid tax collected from your invoices to the Tax Administration in a single annual payment.
Determining Prepayments 🔎
You can use your tax card for salary income as a reference when estimating your prepayments. When preparing the tax card, you should take into account both your possible salary income and the profit from your business (i.e., your invoicing minus business expenses).
You can check your company’s current profit from the income statement (under the Reports tab). Remember that, in addition to receipts, your profit is also affected by possible kilometre allowances, especially if you use your car for business purposes and less than 50% of the driving is for business. Kilometre allowances are added to the profit at the end of the year based on the driving log information you provide. If you need help estimating your tax rate, please contact the Tax Administration.
Setting the tax rate in the app 📲
You can set the tax rate Truster under Company details > Tax rate.
If you have not set a tax rate, Truster will not withhold any tax at all. Monitor your income throughout the year and update your tax rate in the app if necessary if your income level changes.
Please note that Truster does not set the tax rate for sole proprietors. Therefore, it is the user's own responsibility to ensure that the tax rate is up to date in the Truster app.
In the table below, you can see an approximate tax rate based on your estimated annual income:
Advance taxes from the Tax Administration
If the Tax Administration has assigned you prepayments, Truster cannot pay them on your behalf. In such cases, you must handle the payments yourself according to the instructions from the Tax Administration.
📌 If you have been assigned prepayments, set the tax rate to 0% in the Truster app so that Truster does not withhold prepayments from your payments.