Obligations in self-employment under a business license
Obligations in self-employment under a business license
The main obligations in self-employment under a business license are listed in the following:
- To issue an accounting document after the provision of services/sale of goods (the following accounting documents are used: a purchase/sale receipt, an invoice, a cash register receipt (if a cash register is used to record income).
For more detailed information, please see here (only in Lithuanian).
- To keep a register of income and expenditure (or keep a cashbook for cash transaction records, if a cash register is used), unless accounting is managed via i.APS.
For more detailed information, please see here (only in Lithuanian).
- To submit the annual income tax return to the State Tax Inspectorate (even if no income was generated from self-employment under a business license) at the end of the year, by 1 May of the following year.
From 1 January 2018: if persons self-employed under a business license pay rent to other residents for immovable property (premises) used for self-employment purposes, they must withhold and pay 15% income tax on the rent payments, and declare these payments to the State Tax Inspectorate.
For more detailed information, please see here (only in Lithuanian).