# Accounting Concepts ## IRC - Applied on net profit - Paid yearly ## IVA - Aplied on each invoice (23%) - Paid quarterly ## SS - Paid as employee contribution - If company Director doesn't pay SS elsewhere, the company must pay SS for the Director even if it is not compensated # Accounting Guidelines - Isencao IVA empresas estrangeiras: Codigo M40 - Empresas UE: Verificar validade NIF https://ec.europa.eu/taxation_customs/vies/#/vat-validation - Se uma empresa da UE nao tiver NIF valido, tem que se cobrar IVA # Tax Savings Strategy - Everytime the business gets paid: - If IVA was charged: - Send IVA amount to Tax Savings Account - Send 21% of the revenue to Tax Savings Account