Practical tips and up-to-date information on accounting, taxes and business in Latvia — from certified specialists.
Calculate social insurance contributions correctly (not simply 31.07% of all income) and an SIA becomes worthwhile far earlier than most people assume. A step-by-step guide with a precise calculation showing exactly when to switch from self-employed status to an SIA.
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Running an online store's books isn't the same as regular SIA accounting — gross/net revenue reconciliation, the OSS and IOSS VAT regimes, multi-currency transactions, and the new customs duty change starting July 2026. A guide with precise deadlines and sources.
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LIAA grants, ALTUM loans with capital rebates, export support, and new microloans — we've gathered the most important support programs available in 2026 in one place, with precise terms, amounts, and deadlines.
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Properly liquidating an SIA is cheaper and simpler than most people think — the state fees add up to only about €30 — but the process includes a mandatory creditor waiting period and a VID clearance certificate. A guide with precise deadlines, costs, and Commercial Law references.
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An invoice isn't just a formality — a missing detail can block your VAT input deduction or trigger questions from VID. We've gathered the mandatory fields, VAT nuances, the real 2025–2028 e-invoice timeline, and the most common mistakes, with exact legal references.
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Balance sheet, profit and loss statement, cash flow statement — the words are familiar, but what do the numbers actually tell you? In plain language, we explain the three key financial statements, the ratios that matter, and the warning signs every SIA owner should recognize.
Read moreThe Balansis blog provides practical guidance for Latvian business owners and individuals on accounting, taxes and business management. All articles are written by certified accountants and tax consultants with hands-on experience serving Latvian companies.
Guides on bookkeeping, annual reports, accounting software, and obligations for SIA and sole trader owners in Latvia.
Explanations of VAT registration, personal income tax, corporate tax, VSAOI contributions, deadlines, penalties and VID requirements.
Advice on company formation, UR registration, employment law and managing a business in Latvia.
Salary calculations gross and net, employer costs, minimum wage, employee taxes and payroll bookkeeping.