Frequently Asked Questions

ANN is a tool for creating annual reports, designed for micro-entrepreneurs. It is suitable for use if the company during the financial year:

• is not liable for VAT

• has not paid salaries or dividends,

• has not received or given loans, except for transactions with the owner

If my company was a VAT payer either before or after the financial year, can I use the service?

ANN does not currently support transactions related to VAT accounting. Therefore, the service cannot be used if the company was liable for VAT during the reporting period and had transactions related to VAT. However, you can still use ANN if the company had no transactions and/or the company was liable for VAT before or after the financial year.

If I have paid salaries and/or dividends during the reporting period, can I use the service?

Salaries and dividends are linked to taxation. ANN is not currently integrated with the tax authorities, so automatic verification cannot be performed to ensure that the entered data corresponds to the information submitted to the tax authorities. Unfortunately, ANN automated solution cannot assist you at the moment. However, our consultants can help you with the preparation of the report - write to us at info@minuaastaaruanne.ee and we will find a suitable solution for you.

If my company received or granted a loan, can I use the service?

In most cases, loans are associated with interest, and ANN is currently unable to keep track of interest. If your company has given or received a loan from a third party, then ANN is currently not a suitable solution for you. However, our consultants can help you with the preparation of the report - write to us at info@minuaastaaruanne.ee and we will find a suitable solution for you.

What is needed to use ANN?

To use ANN, you need to provide the company's bank statement and categorize the transactions on the bank account according to their content. If needed, you can add external transactions from your bank account. You don't need accounting knowledge, as ANN guides you throughout the entire process. ANN is also suitable tool if your company does not have a bank account.

For which bank's user is ANN suitable?

If your company has a EUR account in major Estonian banks like Swedbank, LHV, SEB, Coop Pank, or uses payment solution services like Wise or Revolut.

But what if my company doesn't have a bank account?

In that case, report generation is even simpler. With ANN, you can create the relevant report, ready for immediate submission to the Business Register in the correct format (XBRL).

A micro-company is a private limited company whose indicators meet all of the following conditions on the balance sheet date of the reporting year:

·       total assets up to €175,000,

·       liabilities not exceeding equity,

·       annual turnover of up to €50,000 for the reporting year,

·       one shareholder, who is also a member of the management board.

NB! Please note that in the e-Business Register, in the first two financial years, a company that otherwise meets the criteria for a micro-company but has multiple shareholders, at least one of whom is also a board member, may submit a micro-company's annual report. However, from the third financial year onwards, a company with two or more shareholders must submit a small business annual report.

A company's assets are its current assets such as cash, accounts receivable, inventory, and fixed assets such as tangible fixed assets, long-term investments, and shares in subsidiaries, etc.

Liabilities are the company's obligations such as debts to suppliers, received prepayments, loan obligations.

Equity is usually divided into share capital, retained earnings from previous periods, and profit for the reporting period.

How does ANN work?

Very simply – ANN guides you through every step and stage!

1. Log in with Smart-ID, Mobile-ID or ID card.

2. Upload bank statement(s) for the reporting period and define transactions according to their content. If necessary, you can add transactions that are external to the bank account.

3. If there have been no transactions or if the company does not have a bank account, you can prepare a corresponding annual report.

4. Review the completed report and download the XBRL format report generated by ANN, which is ready for submission to the Commercial Register.

That's it!

How much does this solution cost?

The cost for preparing one annual financial report is 69 euros - no additional fees. The prepared report is ready for immediate submission to the Commercial Register and in the correct format (XBRL).

The annual financial report provides an overview of a company's financial position and performance. The accounting annual report must reflect relevant and accurately presented information about the financial position and performance of the reporting entity. The annual report consists of main reports, which are the balance sheet and profit and loss statement, and appendices.

The company's financial year is 12 months long. Typically, the financial year coincides with the calendar year (from January 1st to December 31st), but the company's articles of association or other regulatory documents governing its activities may specify a different financial year.

Upon establishment, termination, or change of the financial year start date, the financial year may exceptionally be shorter or longer than 12 months, but not exceeding 18 months. For example, if the company was established on August 15, 2020, and the financial year is chosen as the calendar year, then the first financial year report period could be from August 15, 2020, to December 31, 2021. In case the company was established on May 15, 2020, then the first financial year report period would be from May 15, 2020, to December 31, 2020.

The balance sheet date is the end date of the financial year report period, which summarizes the entire reporting year. If the company's financial year report period is the calendar year (01.01-31.12), then the balance sheet date is December 31st. As of this date, the financial position and performance of the company are reflected in the annual financial report.

Who are required to submit the annual financial report?

The submission of the annual financial report is mandatory for all companies registered in Estonia, even if the company has not engaged in any business activities during the financial year.

When is the deadline for submitting the annual financial report?

The deadline for the report is 6 months after the end of the company's financial year. For example, if the company's financial year ends on December 31st, the deadline for submitting the report is June 30th.

What happens if the annual financial report is not submitted on time?

If the annual financial report is not submitted on time or not submitted at all, the registrar has the right to fine the company that has failed to submit the report without prior warning. If the annual financial report is not submitted six months after the statutory deadline for submission has passed, the registrar initiates a supervisory procedure against the legal entity under the Commercial Code § 60, the Non-profit Associations Act § 361, or the Commercial Associations Act § 341, which may result in the removal from the register or forced dissolution of the legal entity.

What happens if I haven't filed my annual report for last year?

No problem! With the help of ANN, you can quickly and easily complete all missing reports. You can start with the earliest and then move on to the next ones.

Data security is a priority for us, and we have ensured the security of data as follows:

• all data is stored in encrypted form,

• access to data is restricted to authorized users only,

• regular system vulnerability checks,

• data is backed up.

What happens to my company's data after the report is compiled?

The data in the system is stored until the user deletes it. If desired, you may delete everything immediately after saving the report for yourself.

Can I delete my company's data and account?

Yes, when you delete your account, all data associated with you will be erased from our database. If you delete a report, the associated data, including data from the Commercial Registry, bank statements, etc., will also be deleted.