Visma News
Finance - Q2, 2014

This newsletter presents the recent changes, deadlines, information regarding VAT, tax, new regulations and many other financial aspects of interest to small entrepreneurs and up to large international groups. 

If you have any questions we are always ready for a consultation free of charge.

VAT refund deadline the 30th of September 

Companies that have the possibility for a VAT refund in other EU countries should be aware that the application deadline regarding VAT refunds for 2013 is the 30th of September 2014.

Submission deadline for the monthly VAT return postponed in July 

The deadline of the VAT returns and the VAT payment for the month of June, which normally are due the 25th of July, has been postponed to the 18th of August.

Please be aware that the due date of the submission of the EU sales lists hasn’t been moved. This means that the deadline for both the month of June and the 2nd quarter is still the 25th of Juli 2014.

New rules regarding VAT

- when buying cell phones, computers, tablets, etc. 

The 1st of July, new rules regarding “national reverse charge” on cell phones, circuit devices etc. take effect. That means, among other things, that suppliers can receive bills both with and without VAT concerning different kinds of electronic equipment. The seller is responsible in the case of incorrectly charged VAT, so how should you as buyer handle the situation? And if you are a seller, is your financial system ready to handle the new rules? 

Do you need help or have questions? Contact us here.

Opting out of audit

Since 2006, small businesses have had the possibility to opt out of the audit of the annual report. This possibility has been used by several companies, but experiences show that a number of companies and their shareholders, management or auditors aren’t completely aware of the correct procedures.

The company still has to make and send an annual report for the Danish Business Authority, even though the company has opted out of audit. The annual report is to be compiled according to the rules of the Danish Financial Statements Act. A company tax return is also to be send in which the taxable income of the company is calculated.

Opt-out of audit can only be adopted at the Annual General Meeting of the company, and the decision applies prospectively.

Reminding letters regarding the annual report 

The Danish Business Authority has been sending electronic demand letters since the 1st of June 2014.

This means that demand letters will no longer be sent as physical letters, no matter whether the annual report is to be reported digitally or on paper. Companies should therefore check their electronic postbox.

Since more and more information from the public sector will be sent to the digital postboxes, it is a good idea to make sure that you have access to your postbox so that you don’t overlook important letters.

Companies should insure themselves against intrusion of their online banking

The hackers become more skillful day by day. In more and more instances, they succeed at stealing money from company accounts.

All accounts belonging to individuals are normally covered by the indemnification of the bank. This means that individuals normally don’t incur losses if they experience online banking intrusion.

Accounts belonging to a company, on the other hand, are generally not covered by the indemnification of the bank. Therefore, the companies will usually incur losses if a hacker manages to steal money from a company account.

Your company should consider getting an insurance against intrusion of your online banking if the company itself is accountable for theft from accessible bank accounts.

This applies whether you have a positive balance on your accounts, or an overdraft facility and a debt. Money can be withdrawn to the maximum level.

Tax on free phone, computers and internet


If the employer provide a free phone for the employee, the employee will be taxed on 2600 DKK a year (2014). The amount will be divided over 12 months on the payslip.

If the phone is used only for working purposes, though, the phone will not be taxed if certain circumstances apply. Occasional private calls will also not be taxed.


If the employer provide a computer for the employee, the computer will not be taxed, unless the computer is for the employee’s private use only.

A 50% taxation has been reintroduced for computers with equipment that are provided via a so-called salary conversion (gross salary scheme). The computer and its equipment are taxed with 50% of the initial price in the year(s) where the computer and the equipment are available.

Internet connection

If the employer provides an internet connection at the employee’s home address or a mobile internet connection that the employee also uses at home, there will be no taxation, provided that the internet connection gives access to the network of the employer.

If the internet connection doesn’t give access to the network of the employer, the employee will be taxed on 2600 DKK a year (2014).

More benefits at the same time

If the employee is to be taxed for free telephone as well as free internet connection, the total taxation will be on 2600 DKK a year (2014).

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