Some tips to help you prepare your tax return

It's getting closer to the time of year when it's time to file your tax return. As an entrepreneur, you need to file both your personal tax return and your company tax return. Below we provide some tips on what you should think about, important dates to keep track of and how the declaration differs depending on the type of company you have.

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Key dates to watch out for in 2024

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3 March

Last day to get a digital mailbox to receive your tax return digitally.

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March 4 - March 8

The declaration is sent out digitally

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March 15 - April 15

The declaration is sent by post for those who do not have a digital mailbox.

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19 March

The declaration opens.

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May 2

Last day to declare.

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13 May

The last day to submit the VAT return for those who account for VAT once a year.

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November 14th

Any tax withheld must be paid, unless your final tax statement states a different date.

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Sole Proprietorship

As a sole trader, you file your business tax return at the same time as you file your personal income tax return. You do this by first preparing your annual accounts and then completing and submitting the NE annex that you receive with the tax return. If you have a turnover of less than SEK 3 million, you can prepare a simplified annual accounts. If you do this digitally, you can then transfer the information directly to the NE annex in the tax return.

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General Partnership

If you are a partner in a partnership, you must submit your N3A annex together with your income tax return, in which you account for your share of the partnership's profits. If you also have to declare for the partnership, this is done in income tax return 4. When this should be done depends on the company's financial year.

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Limited company

The declaration process for partners in a closely held company is similar to that for partners in a partnership. In addition to your personal income tax return, you also have to file a K-10 schedule where you report dividends from the company and any profit or loss if you sold shares in the company. When the limited liability company's own income tax return must be filed depends on its financial year.

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Check the data

As with your personal income tax return, it is important to check the pre-printed information for your company. If there are errors in the control data, there will also be errors in the declaration if you do not correct the data.

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See what deductions you can make

As an entrepreneur, you can deduct expenses that are necessary to run your business - regardless of the type of business you have. However, the difference is that if you run a sole proprietorship, you make the deductions in your income tax return, while the deductions are made in the company's tax return if you run a limited company or partnership. If you run a sole proprietorship, you can use the Swedish Tax Agency's Deduction Dictionary to see what deductions you can, and cannot, make.

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A common deduction is if you run your business from your private home. If you are a sole trader, you can deduct the cost regardless of whether you have a specially equipped workroom or not. If you run a limited liability company or a partnership, the workroom must be furnished in such a way that it can no longer be used for residential purposes for you to be able to deduct it. Instead, you can rent out part of the property to the company. In this case, the company can deduct the rental cost while you, as the owner, pay 30% capital tax on the excess rent.

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Reserves for sole proprietorships

As a sole trader, you should look at the possibilities to reduce your taxable income. This can be done either by moving part of your income from business activity to income from capital by making a so-called positive interest distribution. You can make a positive interest allocation when the capital base in the business is higher than SEK 50,000 at the beginning of the year. You can also make allocations to an accrual fund or expansion fund to postpone the tax effect and to be able to offset future deficits.