There is less than a month left to declare income — that’s why it’s especially important to hurry Business

“We thank those who do not wait until the last minute and have already declared their income. Please note that all self-employed residents must submit income tax returns, even in cases where they have not received income.

In this case, “0” is entered in the income line. Self-employed residents fill out the declarations according to the accounting journal, but if the resident uses the VMI’s free virtual accountant i.APS, then all entries are automatically entered into the declaration wizard,” recalls Martynas Endrijaitis, deputy head of the VMI, adding that last year, individual activities were carried out in total regarding 350 thousand population.

It should be noted that it is important for residents to fill in additional information carefully: what accounting principle is applied and which method of recognition of expense deduction has the resident chosen, i.e. whether to subtract from income the expenses actually incurred, which must be supported by documents, or to apply 30% without additional documents. method of deduction from all received income. PSDI and VSDI are calculated automatically.

VMI reminds that residents who carry out individual activities and are VAT payers or assign and use long-term assets to their individual activities must choose the accrual accounting principle and they cannot change it. This principle can be chosen by other individual operators, but it is important to know that residents who have started applying the principle of accrual accounting apply it until the end of their activity, that is, they cannot change it.

VMI helps you declare income during remote meetings

VMI invites residents to participate in remote practical seminars on income declaration topics, during which a VMI specialist helps residents step by step to fill out their income tax return. The nearest remote seminar for those who have carried out individual activities will be held on April 18, you can register for it here.

More information regarding remote workshops is available VMI on the website.

Faced with financial difficulties?

The VMI reminds that residents who are experiencing financial difficulties can apply to the VMI for payment of tax arrears in installments by concluding a tax loan agreement (TPS). When difficulties are encountered with the payment of personal income tax (PIT) following submitting an income tax return, it is possible to apply to the VMI for MPS no earlier than April 12, that is, no more than 20 days before the payment deadline.

It is most convenient to submit the application and documents for MPS through My VMI, it is also possible by electronic or classic mail and by directly coming to the service department. All relevant information regarding income declaration – www.vmi.lt > Declaration of income, and the instructions for filling out the declaration are on VMI’s YouTube channel. You can consult on tax issues by phone [phone]. We remind you that prior registration is required to come to the VMI service department.