What does business name entrepreneurship cost?

Both self-employment and light entrepreneurship are fascinating because of their freedom. You are free to decide how much you want to work, on which days, at what time and with whom. If you have decided that you want to be self-employed, have a clear business idea, perhaps already know who your customers are and want to grow your business over time, it is worth becoming self-employed right away. As an entrepreneur, you will also benefit from various tax advantages.

Truster Pro Light is suitable for almost any low- or medium-income entrepreneur or aspiring entrepreneur. If your turnover is - or will be - up to €100 000 per year, our package is perfect for you and your business.

The business name service contains everything you need to make everyday life easier for business owners. The service includes setting up a business name and managing the accounts. It also covers the filing of VAT returns, the preparation of tax returns and expert customer service and advice. Sales invoicing is handled automatically and receipts can be stored and archived digitally, facilitating both administration and accounting. We also take care of forwarding your invoices to your customers through our invoicing service.

The price of the business-to-business service is 3.99% + VAT. In some cases, there may also be separately agreed cooperation rates.

Download the Truster app from your app store - you can find it on Google Play, the App Store and online. Through the app, you can easily subscribe to the Truster Pro Light service package. The price of the service is based on a billing-based service fee of 3.99%. There are no hidden fees and you can cancel your contract at any time.

Note! The price is subject to a 25.5% VAT, which is deductible for your company's tax purposes.

The service is activated as soon as your business name has been registered by the Tax Administration. We will ask you separately for the necessary information so that we can take care of your accounts.

Yes, you can! If you already have a business ID, you can still order the Truster Business Name Service easily following our instructions. You don't have to close your business to use the service, we will help you smoothly transition to the business name service. Once you have subscribed, we will keep you informed of the transfer process so that you can focus on your business without worrying about the administrative details.

As a Truster Pro Light user, your business name will be automatically registered in the Pre-tax Register and the VAT Register. We will also check that your existing Y-number registrations are in order.

What is the Prepayment Register?

The Prepayment of Taxes Register is a register maintained by the Tax Administration, which allows businesses and traders to invoice their customers without withholding tax. This means that your customers do not have to withhold tax on payments if your Y-identification number is in the register

What about the VAT register?

The VAT register, or register of VAT payers, is also maintained by the Tax Administration and includes companies and traders who are obliged to pay and account for VAT on the goods and services they sell. Truster handles the VAT returns and payments on your behalf.

1. Follow this link to the suomi.fi service and select Log in. Log in to the service using your Finnish online banking ID or mobile certificate.

2. Choose Do it yourself

3. Click Go to Suomi.fi credentials

4. Click Go to confirm

5. Click Confirm authorisation

We're done!

1. Follow this link to the suomi.fi service and select Log in. Log in to the service using your Finnish online banking ID or mobile certificate.

2. Select Deal on behalf of a company or entity

3. Click on the selection next to your company name and click Select to go to the service

4. Click Go to confirm

5. Click Confirm authorisation

And that's it! Once your mandate is confirmed, we can take care of your accounts and declarations for you.

Open the Truster and tap the menu in the bottom right corner.

Select "Company Information" and then "Basic Company Information" - that's it!

What information does the view contain?

You can see information about your company, including:

• Company name
• Business ID
• Date of creation
• Registration date
• Start and end date of the financial period

Truster provides a clear view of all relevant company information in one place. Basic company information, tax payments, VAT returns and downloadable reports are easily accessible and up-to-date. In addition, vehicle and subcontractor information can be stored and tax rates can be managed. This allows entrepreneurs to manage their company's data centrally and reduce the time spent on paperwork.

An assignment contract is a contract between a business owner and a client that defines the parties, the content of the assignment, the contract period and the price and payment details. The contract also covers the terms and conditions of termination of the contract.

Download the free contract of assignment here to ensure that the terms of the assignment are clear and there are no ambiguities for either party.

Truster makes it sole entrepreneur for sole entrepreneur to receive direct payments instead of creating invoices. Direct payments work on several different platforms, such as Upwork and Fiverr. Here's how to set up direct payments:

1. Set a fixed account number

• Log in to the platform
• Add Account number: FI54 5780 0720 7029 48 and BIC code OKOYFIHH.

2. When you receive a payment from the platform

• You will usually receive an invoice receipt or notification of the payment in your email or in the Messages section of the platform.

3. Send a statement receipt in the Truster app

• Send the details of the statement receipt in the chat of the application.
  • The statement of account must be clear:
    • Amount of the payment
    • Payment reference or explanation
    • The platform from which the payment came (e.g. "Fiverr commission").

4. Truster will allocate the payment and pay you a salary

• When we have received the statement of account receipt:
  1. We will create a new invoice for you and allocate the payment to it
  2. we pay taxes and statutory contributions on it
  3. We pay your salary directly into your account

1. Open the Truster and select the invoice you want to share with another user and click on "Share invoice with another user"
2. Select the user you want to share the invoice with from the list
3. Enter the percentage you want to split from the bill
4. Check your details and confirm the transfer*

*Once you have confirmed the transfer, the operation can no longer be cancelled.

If you have more than one subcontractor or substitute, do the following:

Follow the instructions above, but start the division calculation first for the one with the lower percentage. Then repeat the instructions and divide the invoice to the one with the higher percentage.

Please note that you will still see the invoice as a whole amount. For example, if you split €500 from a €1000 invoice, the full €1000 will still appear on your invoice list.

Using a substitute does not affect your taxation.

When you split the invoice with the Truster app, the taxation is clear and accurate:

• You only pay tax on your share.
• The substitute pays taxes on his/her share.

Open the Truster
Select "Company details" from the menu
Go to "Reports to download"

You will then see a list of reports related to your business, which you can download to suit your needs.

We use single-entry accounting, which is suitable for sole traders. We take care of both the monthly accounts and the declarations to the authorities on your behalf. Your job is to provide us with the necessary materials - we do the rest.

What does this mean in practice?

• We keep records on an ongoing basis, as and when you send us invoices and receipts.
• VAT returns are submitted according to the VAT period - either monthly, quarterly (quarterly) or once a year.
• Tax returns are filed once a year.

Once the credentials are in place and the material is delivered on time, the accounting automatically runs in the background - just as it should.

On the basis of the material provided by the customer, records are kept on an ongoing basis. VAT returns are submitted according to the VAT period - either monthly, quarterly (quarterly) or once a year. Tax returns are made once a year.

Don't stress! Even if your company's accounts have not been done at all during the year, they can be done now. Ask for a full year's accounts and tax return. The price of the service is €599.00 + VAT 25.5%.

For VAT deduction, the receipt must clearly include the following information:

1.Basic information

- Receipts must contain basic information such as the seller's name, address and business ID.

2. Date and numbering:

- The receipt should clearly indicate the date on which the transaction took place.
- Each receipt should have a unique number to help organise and track the records.

3. Identification of goods or services:

- It is important to clearly mark the goods or services purchased on the receipt. This can be done by product code, description or quantity.
- If it is a service, it is also useful to mention the content of the service.

4. Price and taxes:

- The receipt must include the price information itemised. This may include the unit price, total price, discounts and any taxes.
- It is important to record the tax element separately, for example the amount and rate of value added tax (VAT).

Please note that an extract from your own online bank is not valid as a receipt.

1. Open the Truster and select "Receipts" from the menu
2. Press the "+" button in the bottom right corner
3. Select "Scan receipt"
4. Take a picture of the receipt or download it as a file
5. Confirm the captured image
6. Done! The receipt is stored in the app

Attention! Please remember to take a picture of only one receipt at a time.

Once your business has started invoicing, you can submit vouchers for your business expenses to the accounting department. These include car and motoring-related expenses (fuel, maintenance, insurance and taxes, spare parts, car wash, parking fees), telephone expenses (purchase of a new telephone, telephone bills), and any business insurance bills. If you use your car for work, please provide us with a receipt or bill of sale.

Open the app, select "Company details" from the menu and go to "Reports to download". From the list of reports, select "Income Statement" and specify the period for which you want to view the company's results.

When your customer pays the invoice you send, any charges are deducted from the invoice. From the remaining amount, we automatically deduct a percentage based on your tax rate and transfer it to the Tax Administration at the end of the year. Each payment is therefore deducted at your tax rate. We will take care of all the deductions and transfers to the Tax Administration so that you don't have to worry about them.

You can use your own payroll tax card to help you estimate your advance tax. In the calculation, take into account both your potential wage income and the result of your business activities (i.e. your invoices minus business expenses).

You can find the latest results for your company under Reports → Income statement. Remember that in addition to receipts, the result is also affected by any mileage reimbursements if you use your car for business purposes and less than 50% of the driving is business driving. These mileage allowances are added to the result based on the logbook data you provide at the end of the year.

If you need help estimating your tax rate, contact the tax authorities.

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.

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 charged advance taxes, set the tax rate to 0% Truster so that Truster does not withhold advance tax on your payments.

Any refund will be paid to you according to the Tax Administration's schedule, typically one week after the due date of the VAT return. This cannot be accelerated by Truster.

This is because VAT returns are always submitted after the end of the VAT period, in accordance with the Tax Administration's timetable. For this reason, a "missing" status may appear for the most recent VAT period, as this period has not yet been declared or processed.

Don't worry, we'll take care of your declarations on time!

• For monthly and quarterly declarants, the due date is the 12th of the second month following the month of the declaration.
• Annual declarants must make their declaration and payment by the last day of February of the following year.

1. Open the Truster

2. Go to the menu and select "Company details".

3. Open "Downloadable reports" and select "Income statement".

4. Set the time interval to the whole year.

5. Under "Result", check the total result for the year.

• If the amount exceeds the YEL income limit, you must take out YEL insurance.

Please note that if you have worked as a light entrepreneur, remember to include the income you earned as a light entrepreneur. The same applies if you have used other billing services.

The taxation of a vehicle depends on how much it is used for business purposes.

• If the company mileage is less than 50%, the expenses are taxed on the basis of the mileage allowance.
• If business trips exceed 50%, expenses such as fuel, maintenance and insurance are allocated in proportion to business and private trips and deducted according to receipts.

To support deductions, it is important to keep a logbook so that driving can be verified for tax purposes.

Open the Menu in the app.
Select Company details.
Go to Vehicle details.
Add car details (you can also add your spouse's car if it is used for business purposes).
Attach a voucher, such as:

• car deed
• funding agreement
• an estimate of the value of the car by the dealership

Save the data.

The easiest way to prove the value of your car is to provide a bill of sale. The deed is valid as proof if it is no more than one year old.

If the deed does not exist, or is too old, you can get a new price estimate free of charge from the Online Car Service.

Here's how to get a free price estimate:

1. Open this link: https://oma.almaajo.fi/en/auton-hinta-arvio
2. Fill in the requested information: car registration number and mileage
3. Sign in or create an account
4. Take a screenshot of the completed price estimate

Please note that the price estimate must include the registration number of the car, the estimated price and the date on which the estimate was requested. This certificate will be attached to the Truster application so that the value of the company car can be taken into account correctly and up-to-date.

When you use the Driversnote app to keep a logbook, at the beginning of the year you must send Truster a report in which you have compiled all your commuting for the previous year. The report is sent via Driversnote.

Here's how it worked:

1. Open the Driversnote app
2. Go to "Report"
3. Press the "+" button in the top right corner
4. Select "Last year" as the time period
5. Select "Business travel" as your travel category
6. Select "Show odometer"
7. Press "Save" to save the report
8. Select "Send report"
9. Select Truster as the recipient
10. Send a report

Note! You do not need to send the report separately Truster- sending it via Driversnote is sufficient.

Once the report has been sent, it will have a status of "Pending approval" - this means we have received it successfully.

Payment is made via a sales invoice to Truster’s client account from which we deduct the service fee, VAT, and any withholding tax, YEL contributions and garnishment fees. The payment is then made in the form of a personal cheque to the trader.

To request information, you will need the following reports:

• Income statement
• Sales report
• Cost report
• Quantities of private purchases
• Proof of employment in the company
• Proof of use of Truster

You can download these reports directly Truster as follows:

• Open the Truster and go to "Company details"
• Select "Downloadable reports"
• Select the report you want
• Specify the time interval for the report (current year and/or last year)
• Click on "Create report"
• When the report opens in your browser, save it for yourself

In addition, the Immigration Service requires proof of your YEL insurance and YEL invoices you have paid. If you have taken out your insurance through the insurance company Elo, you can download these certificates by logging in to Elo's online service as a business customer. Please also remember to attach any contracts of agency with your client companies to the request for clarification.