Company’s financial difficulties and their prevention

It is the company’s responsibility to pay taxes.

• Estimate your company's prepayment tax amount correctly.
• Pay prepayment taxes on time.
• Take care of VAT notifications and payment on your own initiative.
• Submit the required annual notifications
• Submit tax returns on time.

You are always responsible for making arrangements for accounting, even if you have outsourced it to an accounting firm. If you fail to keep records with sufficient accuracy, you may be guilty of an offence or crime. In addition, well-managed accounting makes it easier to prevent financial difficulties, cope with them and arrange debts.

Read more about the organisation of accounts.

Also read the Kirjanpidon ABC guide for accounting compiled by Association of Finnish Accounting Firms (in Finnish)Opens in a new window.

Self-employed persons are responsible for their own social security by taking out a self-employed person's pension insurance (YEL or MYEL insurance). Make sure that the earned income on which the payment is based is up to date. Your earned income affects your pension and social security benefits, such as your sickness allowance and unemployment benefit.

Note that you can only receive unemployment benefits based on your earnings if you have been a member of the entrepreneurs’ unemployment fund (in Finnish and Swedish)Opens in a new window. for a sufficient period of time and met the work requirement.

Read more about securing your livelihood as an entrepreneur.

Employers have statutory obligations to employees and the authorities. 

Read more about the obligations:

• The employer's statutory insurance payments
• Prepayment of taxes, health insurance and unemployment insurance contributions
• Occupational safety and health obligations