🔄 Keeping Current

Accounting regulations and practices evolve continuously. This page highlights the most important recent changes and corrections to ensure you have the most up-to-date information for your bookkeeping practices.

Last Updated: December 2024

High Priority

VAT Registration and Calculation Updates

📊 VAT Registration Threshold

❌ Previous Information:

"Almost all companies are liable to pay VAT under the VAT Act."

✅ Current Regulation:

You usually do not need to register for VAT if your sales are 120,000 SEK or less annually. Only businesses exceeding this threshold are required to register for VAT.

💡 Impact on Your Business:

  • Small businesses with low turnover have less administrative burden
  • Monitor your annual sales to determine when registration becomes mandatory
  • Voluntary registration is still possible if beneficial for your business

🧮 VAT Rounding Rules

❌ Previous Information:

"The VAT amount may be rounded to the nearest whole krona."

✅ Current Regulation:

Individual VAT amounts should NOT be rounded. However, the invoice total may be rounded to the nearest whole unit.

📝 Correct Calculation Example:

Service: 1,000.00
VAT (25%): 250.00 (not rounded)
Subtotal: 1,250.00
Invoice Total: 1,250 (may be rounded)
Medium Priority

Document Retention and Digital Records

💾 Electronic vs Paper Document Rules

❌ Previous Rule:

"The Accounting Act does not allow you to print the data on a printer and immediately destroy the electronic data. They must be saved for at least three years even if you make a paper printout."

✅ Current Regulation:

More flexible document management is now allowed:

  • Electronic to Paper: If data is printed (transferred) without risk of accounting information being changed or lost, you may immediately destroy the electronic document.
  • Paper to Electronic: Paper documents may be destroyed after scanning, provided the transfer maintains data integrity.
  • Minimum Retention: All accounting information must still be saved for at least three years, regardless of format.

🎯 Best Practices:

  • Ensure high-quality scans with proper resolution
  • Verify data integrity after format conversion
  • Maintain backup systems for electronic records
  • Document your retention and conversion procedures
High Priority

Economic Associations - New Requirements (2025)

🏢 Annual Report Submission Requirements

✅ New Requirement (Effective 2025):

All economic associations must now submit a copy of their annual report to the Swedish Companies Registration Office, starting with the 2025 financial year.

📋 What This Means:

  • Economic associations now follow the same rules as public limited companies and certain trading companies
  • Additional administrative requirements for economic associations
  • Ensures greater transparency and regulatory oversight
  • Affects compliance timelines and submission deadlines

✅ Action Items for Economic Associations:

  • Update your annual reporting procedures
  • Ensure annual reports meet submission requirements
  • Mark submission deadlines in your calendar
  • Consult with your accountant about compliance
Information

Digital Resources and Availability

📚 Manual Availability

❌ Previous Information:

"The manual can be ordered from FAR."

✅ Current Status:

The manual is no longer available in printed form. All official guidance and resources are now distributed digitally only.

🌐 Where to Find Current Information:

  • Official Websites: Tax authority and accounting standards board websites
  • Digital Downloads: PDF versions of all manuals and guides
  • Online Tools: Interactive calculators and forms
  • Web Applications: Like this comprehensive guide you're using

📅 Implementation Timeline

2024

VAT and Document Updates

Updated VAT registration thresholds and document retention rules

2025

Economic Associations Requirements

New annual report submission requirements take effect

Ongoing

Continuous Updates

Regular monitoring and updates to maintain current information

📋 Quick Reference Summary

VAT Registration

Mandatory above 120,000 SEK annually

High Impact

VAT Rounding

Round invoice total, not individual VAT amounts

High Impact

Document Retention

Flexible conversion between electronic and paper

Medium Impact

Economic Associations

Must submit annual reports (2025+)

High Impact

Manual Availability

Digital only - no printed versions

Information