With this service, we handle the withholding of withholding tax from your sales invoices based on the tax rate you have set in the app. At the end of the year, we remit the collected withholding tax to the tax authorities in a single payment.
Determining the tax rate
The tax rate you set in the app will be deducted from your personal withdrawals billed through Truster. The tax rate must therefore be high enough to cover the taxes on your business activities .
You can use your own income tax card as a guide when estimating what percentage to add to the service. However, you don’t actually need your income tax card for this, so a simple calculator will suffice.
When conducting your assessment, you can also use your company’s current financial results. You can view these in the Income Statement found in the Reports section of the app.
Setting the tax rate
Set the tax rate in the "Tax Rate" section of the app's menu.
What if I don't set a tax rate?
If you do not set a tax rate, we will not withhold tax from your payments. Please note that this may result in residual taxes that you will need to pay yourself.
Please remember that we do not set your tax rate for you—it is your responsibility to keep it up to date.
You can track your income throughout the year and update your tax rate at any time, as often as needed.
Advance taxes assessed by the Tax Administration
If the Tax Administration has assessed you for estimated taxes, set the tax rate to 0 in the app. The Tax Administration or the business owner estimates the amount of taxable income for the year, and the amount of estimated tax is determined based on this estimate. You must pay the advance taxes shown in OmaVero yourself by the due date.