Accounting services for small business status (SBS) holders are complex and depend on whether the person is a tax resident of Georgia, a VAT payer, or not. In this guide we comprehensively review how SBS is generally administered.
Once a nomad becomes eligible to be taxed at 1%, the monthly declaration must be submitted by the 15th day of the following month. The declaration includes specific information, and if certain details do not apply (e.g., the SBS holder does not have a cashier and does not accept cash payments), a '0' must be reported. If the SBS holder has not invoiced any clients in the relevant accounting month, the declaration must still be submitted with '0' values.
Monthly accountancy for nomads includes assistance with:
Submitting required filings and declarations
Recording and managing services in the accounting program
Reviewing invoices to ensure compliance with small business status regulations
Maintaining a dedicated journal for SBS holders
Monitoring accounts for any additional tax obligations or compliance concerns
If a nomad uses a personal account for both personal and business transfers, these transfers must be identified and properly separated.
How Relocate Now can help
We offer comprehensive assistance to ensure your freelancer accounting obligations in Georgia are handled efficiently and accurately. Here's how we can support you:
Analyze your tax situation.
Handle monthly tax declarations.
Continuously monitor tax updates and recommendations from the Revenue Service to ensure your accounting remains fully compliant with all regulations.
Our accountants set up user access to your RS portal, eliminating the need for you to manually authorize our logins.
Process all notifications received on the Revenue Service portal (additional fees may be applicable for more complex tasks).
We provide you with services through an experienced and highly qualified subcontractor accountant to ensure that your tax administration is fully compliant with the law.
What’s not included?
Litigation support.
Other complex tasks.
Frequently Asked Questions
If there is no taxable income at the source of payment, should I file an annual tax declaration?
Answer - Yes, in that case, you should submit a zero declaration.