What are the accounting obligations of a sole proprietorship?

Like any other legal form of company, the sole proprietorship involves the keeping of accounts. For best accountancy training Best school of accountancy In Lahore. However, the obligations differ according to the nature of the activity carried out but also according to the chosen tax regime. Here's what to help you see more clearly.

The accounting obligations of the sole proprietorship under the BICs

In France, individual companies engaged in commercial, industrial or artisanal activities are subject to the Industrial and Commercial Benefits (BIC) regime. However, it is their tax system that really determines their accounting obligations.

The normal regime applicable to companies with a turnover exceeding € 783,000 excl. VAT (sales activities) or € 236,000 (excluding VAT) (service activities), confers the obligation to keep full accounts. Thus, all movements impacting its assets must be recorded, invoices must be drawn up and an annual inventory is compulsory. The establishment of auxiliary newspapers and a centralized newspaper will be an obligatory passage. Balance sheet, income statement and schedule are created annually

The simplified tax regime (RSI), applicable to companies with a turnover of between € 82,200 and € 783,000 (sales activities) or € 32,900 excluding VAT and € 236,000 (excluding VAT) (service activities) , Implies the keeping of an accounting of commitment . Treasury accounting is essential as is a simplified assessment of inventories and work in progress or a centralization of accounting entries on a quarterly basis. Annually, a simplified income statement and a simplified balance sheet must be prepared

The micro-BIC scheme , which applies to companies with a turnover of less than € 82,200 net of VAT (sales activity) or € 32,900 net of tax (service activity), only requires receipts and expenses to be tracked in different registers . No annual document is required.