Every business owner knows the feeling when the deadline for filing financial statements is approaching. Do all the supporting documents match? Are the notes in order? And how do I make sure everything is sent correctly to the Danish Business Authority? At Accountview, we help small and medium-sized businesses file their annual financial statements and annual reports so you can meet the deadline, avoid fines, and look ahead to the next fiscal year with peace of mind.
What does it mean to file an annual report?
Companies such as ApS, a/s, and startup companies must submit an annual report to the Danish Business Authority each year. The report is submitted digitally via virk.dk or through an approved accounting program. Once the annual report has been submitted, it becomes public and can be accessed by customers, banks, business partners, and curious competitors.
As a general rule, sole proprietorships are not required to file an annual report, but they must report their income on the expanded tax return to the Danish Tax Agency.
Deadlines You Need to Know
The deadline depends on when the fiscal year ends. For companies that follow the calendar year, the deadline is June 30. If the fiscal year ends on June 30, the report must be filed no later than December 31. The rule of thumb is therefore: You have six months from the end of the fiscal year.
If the deadline is missed, the Danish Business Authority may impose a penalty on the company, and the executive board members risk a personal fine of 500 to 3,000 kroner per person. If the deadline is exceeded for too long, the company may ultimately be compulsorily dissolved.
What should an annual report include?
Even a small business must provide a wide range of information before the report can be approved:
- Management’s Statement and, if applicable, the Auditor’s Report
- Income Statement and Balance Sheet
- Notes to the Individual Line Items in the Financial Statements
- Statement of Equity and Changes in Equity
- Management Report Explaining the Year’s Results and Performance
Errors tend to occur most often in the notes and the balance sheet. We ensure that the figures match between the accounting system, the tax authorities, and the report itself.
How Accountview Can Help
We handle the entire process of filing your annual financial statements, so you don’t have to worry about the technical details yourself. This means you’ll get:
- Preparing the accounting records in advance of the reporting date
- Preparation of an annual report in an approved format
- General Meeting Materials, Including the Minutes and Election of the Chairperson
- Submission to the Danish Business Authority via digital signature
- Updating the Chart of Accounts and Operating Budget for the New Year
- A meeting with you where we’ll review the results and discuss future opportunities
You’ll always work with one dedicated advisor, and communication takes place wherever is most convenient for you—via Teams, by phone, or in person.
The Path to Accurate Reporting
We’ll start with a review of the chart of accounts, suspense accounts, and accruals to establish a solid foundation. Then we’ll create an outline for the annual report, including financial figures, notes, and the management’s report. You’ll receive the material for review, and once you’ve approved it, we’ll complete the filing. In just a few minutes, the annual financial statements will be filed, and we’ll send the receipt to your records.
Frequently Asked Questions
What exactly happens if the reporting deadline is missed by several months?
The Danish Business Authority will first send a reminder with a deadline of eight business days, during which you can file your report without any additional consequences. If the deadline is missed again, the executive board will be personally liable for a fine, and the company may be subject to compulsory dissolution by the Maritime and Commercial Court. It typically costs between 10,000 and 20,000 kroner to have the company reactivated afterward.
Can an annual report that has already been filed be corrected if we discover an error later?
Yes, if the error is material, the annual report must be resubmitted as a corrected version. We’ll prepare a new version with a note explaining the change and resubmit it. Any related tax implications will be reported to the tax authorities at the same time, so your records are consistent in both places.
Does the annual report have to be approved at a general meeting before we file it?
Yes, the general meeting must approve the annual report before it can be filed. For a single-member LLC, the procedure is simple because you yourself constitute the general meeting, and we’ll prepare the necessary minutes. If you have multiple owners, we’ll send out a notice of meeting and an agenda to ensure that the rules regarding notice are followed.
Does our annual report need to be audited by an auditor?
Smaller companies may opt out of an audit if they meet two out of three criteria: a balance sheet total of 4 million, revenue of 8 million, and 12 employees. We prepare an explanatory memo on your status each year so you know when you can opt out and when an auditor’s report offers advantages to banks and investors.
Want to get your tax filing done without any stress? Let’s talk and make a plan for your fiscal year.
