Income and expense journal
Recording income and expenses from the documents you provide and your bank statements.
Ratio, MB
Self-employed (individual activity) accounting in Lithuania
Accounting services for people registered for individual activity (individuali veikla), Lithuania’s form of self-employment: income and expense records, VAT, the annual income tax return and Sodra contributions. In Vilnius and remotely across Lithuania.
What does individual activity accounting cover?
Individual activity accounting is part of our full range of accounting services in Lithuania. For a self-employed person it usually covers the following areas.
Annual income tax return
Preparing the annual income tax return and filing it with the State Tax Inspectorate (VMI).
VAT
Assessing whether you need to register for VAT, and preparing VAT returns if you are a VAT payer.
Sodra and PSD contributions
Calculating social insurance (VSD) and compulsory health insurance (PSD) contributions to Sodra, Lithuania’s social insurance fund, and reminding you of the deadlines.
When is it worth hiring an accountant?
A simple individual activity can be accounted for on your own, but an accountant becomes useful when your income sources and expenses multiply, you are approaching the VAT registration threshold, you work with foreign clients, or you are weighing whether it is time to set up an MB.
Individual activity under a certificate or a business licence?
Individual activity under a certificate (individuali veikla pagal pažymą) suits most service and trading activities: personal income tax (GPM) is calculated on profit – income less allowable deductions, which can be either actual documented expenses or a flat 30% of income without documents – and the annual income tax return (form GPM311) is filed with VMI by 1 May (or the next working day if 1 May is a day off). A business licence (verslo liudijimas) means a fixed amount of tax paid in advance, but it is not available for every activity and it limits your annual income and the clients you may work with. We help you assess which form is more advantageous for your activity and keep your income and expense records in the chosen way.
Individual activity or MB?
As income grows, it is often worth assessing whether to continue as an individual activity or to set up a small partnership (mažoji bendrija, MB). We compare the tax burden and the accounting requirements for your situation. Read more about MB accounting.
How much does individual activity accounting cost?
The price depends on document volume, VAT status and the nature of your activity. Ratio, MB accounting plans start from €80 per month. See our accounting prices. Already working with an accountant? Read how switching accountants works.
Frequently asked questions about individual activity accounting
Can you file only the annual income tax return?
Yes, if your income and expense records are in order. We assess the scope of work after reviewing your documents.
Do you work remotely?
Yes. You can hand over documents digitally from anywhere in Lithuania.
Need an accountant for your individual activity?
Tell us what your activity is, whether you are a VAT payer and how many documents you have per month.
Request a quote →Contact
Tell us what you need.
Your enquiry will be forwarded to Ratio by email. You can also email or call us directly.