Important dates for a light entrepreneur in 2019
New year, new goals! We gathered together the important dates for a light entrepreneur in 2019 – take note and keep up to date.
A light entrepreneur’s spring 2019
The coming year brings a host of new features with it as the MyTax service that was put in use in November enables people to take care of their tax matters mostly electronically. Here’s a look at taxation during spring for a light entrepreneur:
- The Incomes Register will be opened, but an invoicing service will take care of reporting salaries for a light entrepreneur. This means that a light entrepreneur or their client does not need to worry about salaries earned through an invoicing service or about passing them forward.
- The 2019 tax card will come into effect on 1 February 2019. If you have made changes to the new tax card, they will be implemented from the beginning of January.
- You will receive a pre-completed tax return during spring either by mail or electronically. If you notice anything that should be corrected, you can make the corrections electronically on MyTax or on paper with a separate form that you need to get yourself.
- The corrected tax return must arrive at the Finnish Tax Administration by the date noted on the tax return.
Did you know? As a light entrepreneur operating through an invoicing service, you can apply for standard deductions for your expenses for the production of income. Some examples of deductible fees are commission fees and social security contributions. Read more here.
YEL insurance adds to a light entrepreneur’s pension, but it can also partially affect things such as social security. YEL is compulsory for light entrepreneurs as well, as long as the work meets certain requirements in terms of continuity and income. Here’s a look at YEL insurance during spring for a light entrepreneur:
- New limits for YEL income are defined annually and always come into effect in January. Other things, such as limits for an entrepreneur unemployment fund membership, are also checked at the same time.
- Check your income estimate and make sure that it is correct and that you have also insured yourself for any pension contributions you accrue as a light entrepreneur.
- Your first YEL balancing bill is due in June if UKKO.fi is taking care of YEL insurance withholdings and contributions for you. If you have correctly estimated your income so that there are enough withheld payments relative to your estimate, you will not receive a balancing bill. If there are leftover payments, you will receive a balancing bill in May, and it will be due in June.
Did you know? A light entrepreneur is responsible for reporting the right amount of income for themselves, so remember to check the new income ceilings and make changes if necessary. Read more about YEL insurance here.
Fall 2019 for a light entrepreneur
Tax returns are paid between August and December
- The due dates for back taxes are between August 2019 and February 2020. You can check your due date from your tax decision.
- Your other YEL balancing bill is due in December if UKKO.fi is taking care of your YEL insurance withholdings. If you have correctly estimated your income so that there are enough withheld payments relative to your estimate, you will not receive a balancing bill, just like in spring. If there are leftover payments, you will receive a balancing bill in May, and it will be due in June.
- The coming year’s YEL limits are usually published at the end of the previous year. If you are not too busy at the end of the year, it is good take note of the new limits then, so that you can change your estimates correctly in spring if necessary.
Public holidays 2019
Public holidays might not always mean days off for a light entrepreneur, but they are still nice. A self-employed person would do well to get as much commercial benefit as possible from public holidays and the events around them. Look at the list below for the dates of public holidays in 2019:
- Tuesday, 1 January New Year’s Day
- Sunday, 6 January Epiphany
- Friday, 19 April Good Friday
- Sunday, 21 April Easter Sunday
- Monday,22 April Easter Monday
- Tuesday, 30 April May Day Eve
- Wednesday, 1 May May Day
- Sunday, 12 May Mother’s Day Sunday
- Thursday, 30 May Ascension Day
- Sunday, 9 June Pentecost
- Friday, 21 June Midsummer’s Eve
- Saturday, 22 June Midsummer’s Day
- Saturday, 2 November All Saints’ Day
- Sunday, 10 November Father’s Day
- Friday, 6 December Independence Day
- Tuesday, 24 December Christmas Eve
- Wednesday, 25 December Christmas Day
- Thursday, 26 December Boxing Day
- Tuesday, 31 December New Year’s Eve
Did we forget some important spring or fall day that is important for a light entrepreneur? Send us a message and we’ll add it to the list!