Handing in documents at year end
VAT settlements are closed month by month or quarter by quarter. A pile of invoices handed over in December means correcting periods already settled and putting payments right.
VAT numbers and companies · Bookkeeping
Bookkeeping and accounting in Turin for VAT numbers and companies
Bookkeeping and accounting services in Turin come down to one job: turning invoices, bank statements and deadlines into correct figures, payments made on time and tax returns that are consistent with one another. The practice handles the bookkeeping of professionals, sole traders and companies in Turin, under the flat-rate, simplified and ordinary regimes, from opening the partita IVA (Italian VAT number) to the annual accounts.
01 · What it includes
What bookkeeping in Turin means in practice
If you have a partita IVA, your accounts are the foundation for everything else. The entries determine the VAT to pay, income taxes, social security contributions, the advance payments for the following year and, for companies, the financial statements that are filed and made public. A mistake on a March invoice does not stay in March: it turns up again in the VAT settlement, in the annual return and in the advance payments.
In concrete terms, bookkeeping covers a set of tasks that repeat at a precise rhythm. Invoices issued and received are collected and recorded. VAT payable or receivable is calculated periodically and the F24 (the Italian tax payment form) is prepared for the payment. The required periodic returns are sent. At the end of the year the accounts are closed, income and taxes are worked out and the tax returns are prepared. For companies, the annual financial statements are drawn up.
Alongside the formal obligations there is a less visible but equally useful side: knowing at any moment how the business is doing. How much you have invoiced, how much is still to be collected, how much you will have to pay in June and November. Accounts kept regularly let you answer these questions without waiting for the income tax return, and plan what to set aside instead of being caught out.
The practice is at via Sant'Antonino 52, in Pozzo Strada, and handles the accounts of VAT-registered businesses and companies in Turin and the surrounding towns. Much of the work is done remotely, with meetings at the office when they are needed: at the start, at year end and whenever there is a decision to make.
- Recording invoices issued and received, and daily takings
- Periodic VAT settlements and LIPE returns
- Preparing the F24 forms with amounts and deadlines
- Calculating taxes, contributions and advance payments
- Annual VAT return and income tax returns
- Annual financial statements and filing with the Companies Register for companies
- Checking the cassetto fiscale (your online tax records with the Agenzia delle Entrate, the Italian Revenue Agency) and any notices from the Agency
- A point of reference for the questions that come up during the year
Payroll is not among the services the practice offers. If you have employees, the bookkeeping is coordinated with the consulente del lavoro (payroll and employment consultant) who prepares the payslips: staff costs and the related payments are recorded on the basis of the summaries they give you.
02 · The comparison
Accounting for VAT numbers and companies: the three regimes compared
There is no one-size-fits-all bookkeeping. The regime you are in determines which registers you keep, how income is calculated and how much work each month requires. The choice depends on the legal form, the type of business and revenue, and in some cases it is an option you can weigh up.
The flat-rate scheme (regime forfettario) is reserved for individuals with revenue or fees up to €85,000 a year, in addition to the other requirements set by law. No VAT is charged on invoices and no VAT registers are kept, but invoices must be issued electronically and stored, and income is calculated by applying a coefficient to the revenue collected. Simplified accounting is the natural regime for professionals and small businesses that are not on the flat-rate scheme. Ordinary accounting is mandatory for capital companies such as SRLs (limited liability companies) and for businesses that exceed the limits of the simplified regime, and it can be chosen as an option.
The practical differences between simplified and ordinary accounting are covered on the page on ordinary or simplified accounting. The table below sums up what each regime involves and what the practice does.
| Regime | Who it applies to | Books and registers | What the practice does |
|---|---|---|---|
| Flat-rate | Individuals with revenue or fees up to €85,000 who meet the requirements | No VAT registers; electronic invoicing and document storage are mandatory | Monitoring the thresholds, calculating the substitute tax and contributions, F24, section LM of the tax return |
| Simplified | Professionals, sole traders, SNCs and SASs (partnerships) not on the flat-rate scheme and below the revenue limits | VAT registers for purchases and sales, with the data needed for income added; register of depreciable assets or equivalent records | Entries, VAT settlements, LIPE, F24, ISA, VAT return and income tax return |
| Ordinary | SRLs and capital companies; businesses above the limits of the simplified regime; anyone who opts for it | General journal, inventory book, VAT registers, register of depreciable assets, ledger accounts | Everything above, plus year-end adjusting entries, financial statements, notes to the accounts, filing and the company's tax returns |
If you are starting a new business, you choose the regime when you open the partita IVA, and that choice shapes your bookkeeping in the years that follow. If you are considering a company, the page on how to set up an SRL in Turin explains what changes on the accounting side compared with a sole trader.
03 · Calendar
What the practice does month by month
Bookkeeping has a fixed calendar that repeats every year with few changes. Knowing it helps you understand why certain documents are needed by certain dates and why payments never come out of the blue.
The central reference point is the 16th of each month, the ordinary date for paying by F24 the VAT of those who settle monthly and the tax withheld. Those who settle VAT quarterly pay quarterly, on the set calendar. The recording work is organised around these dates: the invoices for the period must be complete before the settlement is closed.
- Every 16thF24 paymentsVAT for monthly settlements, tax withheld and other taxes falling due in the month. The practice prepares the form and tells you the amount and the deadline
- Every month or quarterVAT settlementCalculating VAT payable or receivable from the invoices recorded in the period, checking the invoices received through the Sistema di Interscambio (SdI, the Italian e-invoicing exchange system)
- Every quarterLIPE returnSending the data of the periodic settlements to the Agenzia delle Entrate, within the deadlines set for each quarter
- February to AprilAnnual VAT returnA summary of the previous year's transactions and the VAT balance, with any credit available to offset against other payments
- Within 120 daysApproving the financial statementsFor companies, closing the accounts and drawing up the financial statements for approval at the shareholders' meeting within the deadline from the end of the financial year, except where an extension applies
- After approvalFiling the financial statementsSending the approved financial statements to the Companies Register of the Turin Chamber of Commerce within the legal deadline
- June and JulyBalance and first advancePaying the taxes and contributions resulting from the return, with the option of paying in instalments
- OctoberIncome tax and IRAP returnsSending online the returns of the individual, the partnership or the capital company, including IRAP (the regional tax on productive activities)
- NovemberSecond advancePaying the second advance on income taxes and, where due, on contributions
- DecemberVAT advancePaying the VAT advance for those required to, calculated with the method that suits the situation
The dates shown are the ordinary ones and can change because of extensions, deadlines falling on a public holiday or rules reserved for specific categories. The up-to-date calendar for the year is in the practice's guide to tax deadlines; the full list of periodic obligations is on the tax deadlines page.
04 · Procedure
How bookkeeping with the practice gets started
The route is the same whether you are opening your partita IVA today or coming from another accountant with a few years of accounts behind you. What changes is the amount of paperwork to gather, not the order of the steps.
People who change accountant often fear they will have to start again from scratch. In reality the handover is an orderly procedure: you agree a date from which the practice takes over the accounts, the documents needed are requested from the previous accountant and the authorisations with the Agenzia delle Entrate are updated. The change can also be made during the year, as long as it is clear who handles which period.
First meeting
We look at your business, the regime, the legal form and the state of the accounts. You receive the list of documents and the fee before we start.
Engagement and authorisations
You sign the engagement letter and grant the authorisations for the cassetto fiscale and for viewing electronic invoices.
Gathering and handover
We collect the starting data: the latest returns, registers, F24s paid, chart of accounts. If you are switching, the practice coordinates the handover with the previous accountant.
Ongoing work
Entries, settlements and F24s follow the calendar. You receive deadlines in advance and have a direct contact for your questions.
When moving from another accountant, the most important documents are the previous year's returns with their receipts, the registers and accounting statements for the last closed period, and the list of depreciable assets. Without this information you risk losing credits, depreciation allowances and losses that could be carried forward.
05 · Preparation
The documents to get started
At the first contact you receive a checklist built around your situation. If you are opening a partita IVA now the list is short; for a company that is already trading a few more documents are needed, especially in the first year.
- ID document and codice fiscale (Italian tax code) of the owner or legal representatives
- VAT number allocation certificate and Chamber of Commerce company report (visura camerale), if registered with the Companies Register
- Deed of incorporation and articles of association, for companies
- The latest returns filed: income tax, VAT, IRAP, with the filing receipts
- Accounting registers and the latest accounting statement, if the books were kept by someone else
- The latest financial statements filed and the minutes approving them, for capital companies
- F24s paid in the current and previous year
- Statements for the bank accounts and cards used for the business
- Contracts in force: premises lease, leasing, rentals, loans
- List of business assets with the purchase invoices
- Login details for the Agenzia delle Entrate services, to grant the authorisations
- Social security position: registration with INPS (the Italian social security institute) or with the professional pension fund
The practical tip
Keep business transactions separate from personal ones, with a dedicated bank account. It is not always mandatory, but it makes the entries quicker, the checks simpler and your situation easier to read.
- Upload non-electronic invoices as soon as you receive them
- Note what payments without an invoice relate to
- Tell us straight away about sales of assets, loans and new contracts
06 · How documents move
Electronic invoices, cassetto fiscale and digital storage
Today almost all invoices between Italian businesses pass through the Agenzia delle Entrate's Sistema di Interscambio. Flat-rate taxpayers are also required to use electronic invoicing. For bookkeeping this is a real advantage: with the authorisation to view them, the practice collects the invoices issued and received directly, without you having to forward them one by one.
The workflow is simple. You issue invoices with whatever software you prefer, or with the free services provided by the Agenzia delle Entrate. Invoices you receive arrive at the electronic address you have registered. The practice collects them from the portal, records them and matches them against the bank transactions. The only things left to hand over separately are documents that do not pass through the Sistema di Interscambio: invoices from foreign suppliers, till receipts, receipts, contracts.
The cassetto fiscale is the area where the Agenzia delle Entrate gathers returns, payments, notices and ISA data (the tax reliability indicators). With the authorisation, the practice checks it periodically: it is the most direct way to verify that F24s show as paid, that returns have been received and that there are no outstanding notices.
Electronic invoices must be stored digitally under the set rules: having them in a folder on your computer is not enough. The Agenzia delle Entrate offers a storage service you can sign up to from the portal; alternatively you can use a storage service from a private provider. Either way, it is worth checking that the service is active and covers all the years required.
- Authorisation to view and download electronic invoices
- Authorisation for the cassetto fiscale, for periodic checks
- Recipient code or PEC (certified email address) registered to receive invoices
- Sign-up to a digital storage service
- Sending electronic daily takings (corrispettivi telematici) if you sell to the public
- Exchanging non-electronic documents through a shared channel
07 · What to avoid
The accounting mistakes that keep coming back
Mixing personal and business spending
A single account for everything makes it hard to reconstruct income and payments and, if there is a check, to explain transactions that have nothing to do with the business.
Not watching the flat-rate threshold
The €85,000 limit is measured on revenue collected. Anyone who goes over it must leave the regime within the time set by law: noticing late complicates invoices, VAT and returns.
Forgetting the advance payments
The first year with significant profits brings the balance plus advances for the following year. If you do not set money aside in time, June brings a larger payment than you expected.
Neglecting digital storage
Electronic invoices can be viewed on the portal for a limited time. Without an active storage service, retrieving them in later years can become difficult.
Changing accountant without the history
Without the previous returns, the register of depreciable assets and remaining credits, the new practice works in the dark and some sums owed to you may be lost.
08 · Fees
How much bookkeeping in Turin costs and what it depends on
The fee is stated in writing before work begins, as required for professional services. I do not publish a price list because it would give a false picture: the bookkeeping of a flat-rate professional with a few invoices a month and that of an SRL with foreign suppliers and leased assets involve very different work.
The factors that affect it are concrete and are clarified at the first meeting: the accounting regime and legal form, the number of invoices and bank transactions, how often VAT is settled, whether there are transactions with other countries, business assets, members and loans, and whether financial statements have to be drawn up. The state of the paperwork also counts: accounts that need rebuilding take more time than accounts already in order.
The annual fee covers the recurring work; extraordinary tasks, such as converting a company or responding to a tax inspection, are agreed separately. You will find more on how fees are structured, and on what to ask any accountant before engaging them, on the page on accountant fees.
What is included
- Recording the accounting documents for the period
- VAT settlements, LIPE returns and F24s with their deadlines
- Annual VAT return and income tax return
- Financial statements and filing, for companies required to produce them
- Periodic checks of the cassetto fiscale
- Answers to the questions that come up during the year
09 · Where
Accounting services in Turin and the surrounding towns
The practice is at via Sant'Antonino 52, in Pozzo Strada, in the west of Turin, within easy reach of Parella, Borgo San Paolo, Cenisia and the rest of the city. For bookkeeping, distance matters little: documents, invoices and notices travel online, and meetings at the office are kept for the moments when they are really needed.
The practice also works with VAT-registered businesses and companies in the towns of the inner ring around Turin. For each one there is a page with useful information for anyone whose business is in that area.
- Collegno
- Rivoli
- Moncalieri
- Nichelino
- Settimo Torinese
- Turin, every district
Companies will find topics on SRLs, SNCs and SASs in the companies and businesses section; professionals and sole traders will find the pages on the flat-rate scheme, tax returns and contributions in the individuals and VAT numbers section.
Frequently asked
The questions that keep coming up
On the flat-rate scheme, can I keep my own books?
The flat-rate scheme involves fewer accounting obligations than the others, but it is not free of them: electronic invoices, digital storage, watching the €85,000 threshold, calculating the substitute tax and contributions, the F24s for balance and advance payments, and the income tax return in section LM.
Many flat-rate taxpayers leave the calculations and the returns to the practice and handle their own invoicing. It is a sensible division of labour, as long as someone checks regularly that the requirements of the regime are still met.
Can I change accountant halfway through the year?
Yes. You agree a handover date and set out clearly who handles the earlier periods and who the later ones, in particular for VAT settlements and the current year's returns.
The practice coordinates the request for documents from the previous accountant and the updating of the authorisations. The page on how to change accountant describes the steps in detail.
Do I have to come to the office every month?
No. With the authorisations for electronic invoices and the cassetto fiscale, most of the work is done remotely. Non-electronic documents are exchanged through a shared channel you are given at the start.
Meetings at the office are kept for the moments when they are needed: the start of the engagement, the year-end close, the income tax return and whenever there is a choice to weigh up together.
Monthly or quarterly VAT settlement: who decides?
Monthly settlement is the rule. Businesses within the turnover limits set by law can opt for quarterly settlement, paying the VAT due with a surcharge by way of interest.
The choice depends on how much administrative work you want to cut and on how your cash flow moves. The practice checks whether you qualify and explains the consequences before you take up the option. The details are on the page on VAT settlements and the LIPE.
Does the practice also handle payroll?
No, preparing payslips and the obligations relating to employees are not among the practice's services. If you have employees, the bookkeeping is coordinated with the consulente del lavoro who looks after them.
Staff costs, tax withheld and contributions are recorded in the accounts on the basis of the summaries the payroll consultant gives you each month.
With an SRL, what changes compared with a sole trader?
An SRL always keeps ordinary accounts, draws up annual financial statements every year, approves them at the shareholders' meeting and files them with the Companies Register. Income is taxed in the hands of the company, and the profits that reach the members follow their own rules.
The administrative load is heavier, but so is the separation between personal and business assets. If you are considering the move, the page on how to set up an SRL in Turin and the one on annual financial statements are a good starting point. To compare this with your own situation you can contact the practice.
Read on
Related pages
Flat-rate scheme in Turin
Requirements, the €85,000 threshold and what still has to be done even with fewer obligations.
OpenOrdinary or simplified accounting
Registers, how income is calculated and how to choose between the two regimes.
OpenChanging accountant
How to organise the handover without losing data, credits or deadlines.
Open
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Let's talk
Accounts you can read, not just accounts that are in order
Describe your business and the regime you are in: you receive the list of documents to prepare and the fee before we start. If you are coming from another accountant, the practice organises the handover.