VAT reports
Ready for your VAT declaration, with a threshold warning.
Fakts prepares a VAT summary ready for the PVN declaration, and warns you as you approach the registration threshold.
- VAT declaration summary
- Output and input VAT
- Threshold warning
- Export for review
VAT is one of those things where a mistake costs time and nerves. Fakts gathers output and input VAT into a summary to use in your VAT declaration, so the numbers do not have to be pulled together by hand.
If you are not a VAT payer yet, Fakts tracks your turnover and warns you as you approach the registration threshold, so registration never comes as a surprise.
How it works
- Invoice as usual Keep issuing invoices and recording purchases, and Fakts accumulates the VAT data in the background.
- View the summary Fakts shows output and input VAT, prepared for the VAT declaration.
- Export for review Export the summary to check it or hand it to your accountant.
A summary that saves time
Fakts sums output and input VAT from your outgoing and incoming invoices, so the numbers your VAT declaration needs are already prepared.
Threshold warning
The VAT registration threshold is EUR 50,000 a calendar year. Fakts warns you from EUR 40,000, so you have time to prepare rather than react at the last minute.
All rates in one place
Because invoices already use the correct VAT rates (21%, 12%, 5% and 0%), the summary reflects them with no extra work.
Frequently asked questions
Does Fakts file the VAT declaration for me?
No. Fakts prepares a summary to use for the declaration. Filing happens in EDS, and the final responsibility rests with the taxpayer.
When does Fakts warn about the threshold?
Fakts warns as you near the registration threshold, from EUR 40,000, though the threshold itself is EUR 50,000 a calendar year.
Can the summary be exported?
Yes. You can export the summary for review or to hand to your accountant.
When does a self-employed person register for VAT?
When turnover passes €50,000 in a calendar year. Services to businesses in other EU countries have no threshold, and buying services from foreign businesses needs a special registration to pay the VAT on them (VAT Law art. 59 and 139.2). If you are not VAT registered, the Fakts dashboard shows turnover for this calendar year against €50,000 with the registration deadline, and a 12-month ruler that warns earlier. You can set the special registration in settings: your invoices stay without VAT, Fakts suggests which purchases from abroad are taxed, works out the VAT at the Latvian rate and shows each month the figure for the VAT payment notice with its deadlines.
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