momsregnskabet

Momsregnskabet is the VAT accounting process used by Danish businesses to report value-added tax (moms) to the Danish Tax Agency. It involves calculating the net VAT by comparing output tax collected on sales with input tax paid on deductible purchases and expenses. The result determines whether the business owes VAT to the authorities or is entitled to a refund.

Businesses record all taxable sales and purchases with correct VAT codes, keep invoices and receipts, and prepare a VAT return for a defined reporting period. The reporting period can be monthly, quarterly, or yearly, depending on the business’s size and registration status. Returns are submitted through the Danish Tax Agency’s online services, such as TastSelv Erhverv, and payments are due by the period’s deadline.

Key components include output VAT collected from customers, input VAT paid on deductible purchases, and adjustments for credit notes, allowances, or non-deductible items. Special rules apply for certain transactions, such as cross-border trade within the EU, reverse charge mechanisms, and exemptions. The regime also covers how to handle VAT on services, goods, and digital products.

Record-keeping requirements mandate that bookkeeping records, invoices, and VAT documentation be retained for a specified period to support the VAT return and potential audits. Errors or omissions can lead to penalties or adjustments by the tax authorities.

Overall, momsregnskabet is a core element of Danish tax compliance, ensuring VAT is properly reported and remitted while allowing legitimate deductions for business expenses. It connects with broader accounting and financial management practices, including cash flow planning and reconciliation with financial statements.