Financial accounting

Financial Accounting

Financial Accounting

frequently asked questions

Our team of bookkeepers, staff accountants and managers will serve you from our Sofia office. They’ll communicate
with you in the ways you preferably email, phone calls, WhatsApp, Viber.

If your existing accountant offers you an excellent pro-active service for a fair price then stick with them.
However, different accountants will save you different amounts of tax and provide different levels of service
and business advice. If your present accountant doesn’t offer the type of services, you want and that we offer,
then changing over to us is a very easy process.

No! We offer guaranteed fixed fees linked to the value of what we provide. Please see our fees pages for the typical
fees to expect depending on your type of business, size and what services you require. We never undertake
work without agreeing the fee in advance so you always know where you stand.

Outsourcing can provide several benefits, including cost and time savings, as you will no longer need to oversee
the hiring and training of in-house accounting employees. This allows businesses to redirect internal staff and
resources to support higher-value, core business operations and boost productivity.

In addition to handling ongoing accounting functions, outsourced providers can offer insight into your financial data
and help you make informed business decisions. Paramount’s accounting and financial management experts can
assist in budgeting, forecasting and providing strategic analysis to support the overall financial health of
your organization.

When VAT paid for the months exceeds the VAT received from Clients, you open a three months procedure of VAT recover.
After the 1st zero month, you have 2 (two) months to deduct the VAT credit overpaid. If within the next consequent
2 (two) you has not succeed to deduct the VAT credit, then you initiate a VAT audit at the NRA and within 30 (thirty)
days,VAT credit not deducted is recovered to your IBAN.

I. Initial accountancy services covering:

1. Set-up if the individual chart of accounts of the Company into our accounting software.
2. Set-up of the reporting templates in accordance with the specifics of the Company`s activities and the statutory requirements.
3. Outgoing accountancy services covering:
• monthly processing of the accounting documentation into the accounting system
• calculation of the monthly taxes due, if any.
• preparation and submission of reports and schedules in accordance with Bulgarian legislation (accounting report and tax compliance), including preparation and submission of monthly VAT return.
• preparation of reports for management purposes the format of which will be subject additional agreement between the parties.
4. Accountancy services reporting:
• Report processing of the accounting documentation.
• Adapt calculation of the taxes and reporting to the internal company’s standards.
• Accounting report & tax compliance, including preparation and submission of reports.
– Coordination of all details with the company’s management.

II. Audit accountancy services:
• Report annual processing of the accounting documentation into the accounting system.
• Adapt calculation of the annual taxes and reporting to AUDIT requests.
• Accounting report & tax compliance (@ external audit), including preparation and submission of annual taxes.
• Preparation of reports for management purposes the format of which will be subject additional agreement between the parties.
• Coordination of all details with the company’s management.


– Mandatory registration upon reaching a taxable turnover of BGN 100,000
– Registration by choice 
– Special registration for services received and provided from and to the EU  
– Special registration for the purchase of goods from the EU   
– VAT number of a company registered in another EU member state   
– Deregistration by choice or at the initiative of the revenue authorities.


• Income taxes,
• VAT declarations,
• Insurance and employment contracts,
• Certificates and copies of documents,
• Local taxes and fees,
• International exchange of tax information in the field of direct taxation,
• Public registers and lists,
• Mini one stop shop (MOSS) information system,
• Special VAT regimes – one stop service – ONE-STOP-SHOP (OSS),
• Intrastat declarations,
• Gambling reporting,
• Fiscal control.

You can get information about the current amount of your debt, along with the accrued interest /if such is due/
& the stage of the proceedings for its collection at the National Revenue Agency:
• Through the electronic services of the NRA, accessible with a PIC or with an electronic signature
• Through the NRA information phone – 0700 18 700, after identification with the PIK.
• In the NRA office.

Taxable person under this Law who is obligated but fails to submit an application for registration or an
application for termination of registration within the time limits established under this Law, shall be liable
to a fine, applicable to natural persons who are not merchants, or by a pecuniary penalty, applicable
to legal persons and sole traders, of BGN 500 or exceeding this amount but not exceeding BGN 5,000.

Registered person, who fails to submit information from the ledgers of account or who submits information on a
magnetic or optical data storage medium departing from the information stated in the ledgers of account, shall
be liable to a fine, applicable to natural persons who are not merchants, or to a pecuniary penalty, applicable
to legal persons and sole traders, of BGN 500 or exceeding this amount but not exceeding BGN 10,000.
Upon a repeated violation the fine or the pecuniary penalty shall be BGN 1,000 or exceeding this amount
but not exceeding BGN 20,000.

Any person, which is not registered under this Law and who issues a tax document stating therein tax, shall be
liable to a fine, applicable to natural persons who are not merchants, or to a pecuniary penalty, applicable to
legal persons and sole traders, equivalent to the amount of tax stated in the document but not less than
BGN 1,000. Upon a repeated violation the amount of the fine or the pecuniary penalty shall be the double
amount of the uncharged tax but not less than BGN 5,000.

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