Business Lessons in Denmark

Business Lessons in Denmark

By Cool Accounts ApSBusinessEntrepreneurship
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Business Lessons in Denmark episodes

  • #43 Deducting expenses: What does it really mean?

    If something can be 100% deducted in our company, does that mean itโ€™s free? ๐Ÿ’ธ

    What exactly does deducting business expenses mean? ๐Ÿค”
    In our latest episode, Lilla Beck, the owner of Rene Linier cleaning company joined us to clarify what deducting expenses actually means. How is this related to the tax base and what are tax base allowances/deductions? ๐Ÿ’ฐ
    Join us to avoid making the mistake that unfortunately some people make when thinking about expense deduction! ๐ŸŽ™๏ธ

    ๐Ÿš€ Chapters:

    00:00 - Intro
    00:27 - Welcome
    01:28 - What does expense deduction mean?
    02:50 - Tax-base: What does it mean?
    06:28 - Tax-base deduction: What does it mean?
    08:36 - Figures in Dinero: Are they accurate?
    10:12 - Summary
    12:15 - Closing thoughts
    Key takeaways from the episode:
    ๐Ÿ“Œ Company expenses are deducted from the tax base, not from the tax itself.
    ๐Ÿ“Œ The tax base is the amount on which we pay taxes.
    ๐Ÿ“Œ Tax base deductions are financial benefits established by the state, aimed at reducing taxpayersโ€™ burdens and encouraging certain activities.

    ๐Ÿฆ‰ Cool Accounts ApS
    Get the most out of your business!
    Leave the bookkeeping and tax matters to a specialist!
    https://accounts.cool/en/

    14 min
  • #42 How can high-value assets be deducted in your company?

    Are you considering buying new machines, vehicles, or other high-value assets for your business? ๐Ÿค”

    In this episode, we will discuss the rules of cost deduction of high-value assets and you will learn about the different types of these assets. ๐Ÿ“Š
    Join us and learn how to keep your business finances in order! ๐ŸŽ™๏ธ
    ๐Ÿš€ Content:
    00:00 - Intro
    00:22 - Welcome
    03:50 - High-value assets and their cost deduction
    04:10 - Tangible assets
    04:43 - Intangible assets and examples
    06:12 - Financial investments
    06:58 - Individual record-keeping and spreading costs
    08:35 - Closing thoughts
    The main takeaways from this episode:
    ๐Ÿ“Œ The cost of high-value assets should be spread over several years, reflecting their gradual depreciation.
    ๐Ÿ“Œ Individual record-keeping of assets is essential for accurate accounting.
    ๐Ÿ“Œ Financial investments and intangible assets are also important components of a businessโ€™s finances.
    โ€‹โ€‹โ–ถ๏ธ Useful links for the episode:
    Anlรฆgsaktiver โ€“ Hvad er et anlรฆgsaktiv? https://dinero.dk/ordbog/anlaegsaktiver/
    ๐Ÿฆ‰ Cool Accounts ApS
    Get the most out of your business!
    Leave the bookkeeping and tax matters to a specialist!
    https://accounts.cool/en/

    10 min
  • #41 How can low-value assets be deducted in your company?

    Do you need a vacuum cleaner, a desk, or a printer for your company? How can you deduct your work tools as expenses? ๐Ÿค”

    Rezsล‘ received another order, but for this task, he will need a drone to take aerial shots.๐ŸŽž๏ธ
    But what rules apply to deducting the expenses of work tools?
    What is the difference between low-value and high-value assets?๐Ÿ”ง ๐Ÿšœ
    In this episode, we discuss all this, and we even have some good news for Rezsล‘ at the end.๐Ÿ’ก
    Join us to learn about the possibilities and rules related to another common challenge! ๐ŸŽ™๏ธ
    Key Takeaways from the Episode:
    ๐Ÿ“Œ Small-value assets can be immediately deducted as expenses if their value does not exceed the threshold.
    ๐Ÿ“Œ Individual record-keeping and spreading costs over several years are only necessary for high-value assets.
    ๐Ÿ“Œ It is important that assets can be used independently for deducting them in one go.
    โ€‹โ€‹โ–ถ๏ธ Useful links for the episode:
    Smรฅanskaffelser og aktiver โ€“ hvad er forskellen? https://dinero.dk/tips/smaaanskaffelser-og-aktiver/
    ๐Ÿฆ‰ Cool Accounts ApS
    Get the most out of your business!
    Leave the bookkeeping and tax matters to a specialist!
    https://accounts.cool/en/

    11 min
  • #40 How can work clothes be deducted in your company?

    As a business owner, you may need special clothing for your job, such as protective gear.๐Ÿ‘ท But it could also be that you work in simple T-shirts and trousers.๐Ÿ‘•๐Ÿ‘–

    In any case, it would be great if you could deduct what you spend on clothing as a business expense.๐Ÿค”
    But is this even possible, and if so, how? What conditions need to be met in order for you to account for workwear as an expense? In our latest episode, we provide the answers to these questions.๐ŸŽ™๏ธ


    ๐Ÿš€ Content:

    00:00 - Intro
    00:30 - Welcome
    00:50 - Listener question: Transport deduction for a detour?
    03:10 - Conditions for deduction for workwear as a business owner
    04:30 - Special clothing and tax benefits
    05:05 - Clothing that can be used for private purposes
    07:20 - Benefits of clothing with your companyโ€™s logo
    10:00 - Summary and closing thoughts
    Key Takeaways from the Episode:
    ๐Ÿ“Œ Workwear can be accounted for if certain conditions are met.
    ๐Ÿ“Œ Clothing that can also be used for private purposes cannot be accounted for as workwear.
    ๐Ÿ“Œ Costs for special clothing required for work can be deducted.
    ๐Ÿ“Œ Logoed clothing can be accounted for as workwear and also serves as advertising.
    โ€‹โ€‹โ–ถ๏ธ Useful links for the episode: Arbejdstรธj: https://skat.dk/erhverv/ansatte-og-loen/personalegoder-naar-du-er-arbejdsgiver/arbejdstoej
    ๐Ÿฆ‰ Cool Accounts ApS
    Get the most out of your business!
    Leave the bookkeeping and tax matters to a specialist!
    https://accounts.cool/en/

    11 min
  • #39 How can phone and internet expenses be deducted?

    How to Deduct Mobile Phone and Internet Expenses as a Business Owner! ๐Ÿ“ฑ๐Ÿ’ป
    Do you want to know how to deduct mobile phone and internet expenses as a business owner? What rules apply, and what should you pay attention to? Listen to our latest episode to learn everything you need to know!
    Key Takeaways from the Episode:
    ๐Ÿ“Œ Mobile phone and internet expenses can be deducted as business costs, but some rules must be followed.
    ๐Ÿ“Œ The phone bill must be in the company's name, and the proportion of business and private use must be determined.
    ๐Ÿ“Œ VAT can only be claimed back based on the proportion of business use.
    ๐Ÿ“Œ Mobile phone and internet are taxable as fringe benefits.
    ๐Ÿ“Œ Internet costs can also be deducted when working from home, but certain conditions must be met.
    โ€‹โ€‹โ–ถ๏ธ Useful links for the episode:
    Fri telefon, computer og internet: https://skat.dk/borger/personalegoder-hvis-du-er-medarbejder/fri-telefon-computer-og-internet
    ๐Ÿฆ‰ Cool Accounts ApS
    Get the most out of your business!
    Leave the bookkeeping and tax matters to a specialist!
    https://accounts.cool/en/

    11 min
  • #38 What expenses can be deducted in my business?

    What expenses can be deducted in your business? ๐Ÿ’ผ Can Rezsล‘ deduct the Paris trip as a business expense? ๐Ÿ—ผ
    In this episode, we explain what expenses can be deducted in your business and when an expense is considered a business expense. Join us to learn how to manage your business finances effectively!
    ๐Ÿš€ Content:
    00:00 - Intro
    00:24 - Introduction
    01:17 - Listener question: What do the various lines on a payslip mean?
    05:04 - What counts as a business expense?
    07:10 - Types of business expenses
    10:18 - Closing thoughts
    Key takeaways from the episode:
    ๐Ÿ“Œ Only expenses directly necessary for generating revenue can be deducted.
    ๐Ÿ“Œ Material costs and equipment, employee salaries and contributions, marketing and advertising expenses, office space costs, company car operating costs, and administrative costs can be deducted.
    โ€‹โ€‹โ–ถ๏ธ Useful links for the episode:
    Fradrag for virksomhedens udgifter: https://skat.dk/erhverv/egen-virksomhed/fradrag-for-virksomhedens-udgifter
    ๐Ÿฆ‰ Cool Accounts ApS
    Get the most out of your business!
    Leave the bookkeeping and tax matters to a specialist!
    https://accounts.cool/en/

    12 min
  • #37 Car Leasing for Your Business

    Will leasing solve Rezsล‘โ€™s car problem? ๐Ÿš—

    In our latest episode, we explore the options available to you if you decide to lease a car and how it can benefit your business ๐Ÿš€ ๐Ÿ’ผ.
    ๐Ÿš€ Content:
    00:00 - Intro
    00:20 - Introduction
    01:20 - Car leasing options for business owners
    01:51 - Financing lease vs. operational lease
    03:56 - Advantages and disadvantages
    04:46 - Licence plates: white, yellow, parrot
    05:20 - Accounting
    08:25 - Closing remarks
    Key takeaways:
    ๐Ÿ“Œ Car leasing is available for business owners.
    ๐Ÿ“Œ There are two types of leasing: financing and operational.
    ๐Ÿ“Œ Financing lease: pay monthly, buy at the end.
    ๐Ÿ“Œ Operational lease: lower fees, return the car.
    ๐Ÿ“Œ White plate: lease fee not deductible as expense.
    ๐Ÿ“Œ Parrot plate: one-third of lease feeโ€™s VAT is deductible.
    ๐Ÿ“Œ Yellow plate: full cost and VAT is deductible.
    โ–ถ๏ธ Check out our previous episodes if youโ€™re planning to buy a car:
    https://www.youtube.com/watch?v=4bGD_iEW9co
    https://www.youtube.com/watch?v=f148Q1z_TFU
    https://www.youtube.com/watch?v=qyYvDeuWSAE
    https://www.youtube.com/watch?v=9KKWnfhHmHs
    https://www.youtube.com/watch?v=Gfky8wx3vhQ
    ๐Ÿฆ‰ Cool Accounts ApS
    Get the most out of your business!
    Leave the bookkeeping and tax matters to a specialist!
    https://accounts.cool/en/

    10 min
  • #36 Long transport, less taxes?

    Rezsล‘ still doesn't have a car, so he misses out on part of his tax benefits. ๐Ÿ’ธ

    Luckily, nothing is lost, because he can use the transport deduction to reduce his taxes! ๐Ÿš— ๐ŸšŒ ๐Ÿšดโ€โ™‚๏ธย 

    In this episode, you will find out how to claim this benefit, which means of transport it covers and what conditions you need to meet. โœ…

    Join us and find out how you can save thousands of krones a year! ๐Ÿ’ฐย 


    ๐Ÿš€ Content:

    00:00 - Intro

    00:27 - Greetings

    02:08 - What is the transport deduction?

    02:27 - Conditions and how to claim the benefit

    04:54 - Travel to work and means of transport

    06:14 - Travelling from your holiday home and detours

    09:19 - Deduction amounts and bridge tolls

    10:32 - Using your own car for business

    12:09 - Conclusion/Closure


    Main takeaways for this episode:ย 

    ๐Ÿ“Œ Transport deduction: you are eligible if you have to travel more than 24 km a day for work.

    ๐Ÿ“Œ Conditions for claiming: more than 12 km between work and home (24 km round trip).

    ๐Ÿ“Œ Means of transport: any means of transport (car, bike, on foot, etc.).

    ๐Ÿ“Œ Travel from your holiday home: the distance cannot be longer than the distance from your home.

    ๐Ÿ“Œ Discount amounts: in 2024, 24-120 km 2.23 kr/km, over 120 km 1.12 kr/km.

    ๐Ÿ“Œ Only one type of deduction per route.


    ๐ŸŒ Links to the episode:

    https://www.youtube.com/watch?v=4bGD_iEW9co

    https://www.youtube.com/watch?v=f148Q1z_TFU

    https://www.youtube.com/watch?v=qyYvDeuWSAE

    https://www.youtube.com/watch?v=9KKWnfhHmHs


    ๐Ÿฆ‰ Cool Accounts ApS

    Get the most out of your business!

    Leave the bookkeeping and tax matters to a specialist!

    https://accounts.cool/en/

    14 min
  • #35 Is it worth to have a parrot-plate car?

    Rezsล‘'s car adventures continue! ๐Ÿš— ๐Ÿ“ธ

    In our new episode, we explore the pros and cons of the parrot-plate, and help Rezsล‘ make his decision. Will the parrot-licence-plate be the winner? ๐Ÿฆœ
    Join us for a humour-filled discussion and find out why this might be the best choice when buying a car! ๐Ÿšš
    ๐Ÿš€ Topics:
    00:00 Intro
    00:27 Greetings
    01:30 Introduction of the parrot-plate
    02:35 Advantages in more detail
    06:09 Disadvantages and other factors
    06:59 Main advantage: Lower registration fee
    07:40 Can it have rear seats?
    07:55 Closing remarks
    ๐Ÿšš Main takeaways for this episode:
    1. Flexible Use: The parrot license plate car can be used for both business and personal purposes.
    2. VAT Deduction: Operating costs VAT can be deducted.
    3. Extra Costs: A private use tax must be paid, and a logbook must be kept.
    4. Registration Fee: Lower registration fee compared to cars with white license plates.
    5. Rear Seats: Parrot license plate cars cannot have rear seats.
    ๐ŸŒ Links to the episode:
    https://motorst.dk/erhverv/gule-plader-og-papegoejeplader
    ๐Ÿฆ‰ Cool Accounts ApS
    Get the most out of your business.
    Leave the bookkeeping and tax matters to a specialist.
    https://accounts.cool/en/

    10 min
  • #34 What do I need to know about company cars?

    Rezsรถ is receiving more and more orders, so he really needs that car for his photography business. ๐Ÿ“ธ

    However, he still hasn't been able to decide what license plate the new car should have: white, yellow, or parrot? ๐Ÿค๐Ÿ’›๐Ÿฆœ

    In this podcast episode, we are discussing yellow-license-plate cars, hoping to help Rezsรถ - and you too, dear business owner, if you're about to buy a car.


    ๐Ÿš€ Topics:

    00:00 intro

    00:28 welcome

    00:58 Rezsรถ`s problem

    01:19 yellow-license-plate cars

    01:53 private use

    02:33 other requirements for these cars

    02:53 going to work

    03:43 special vehicles

    04:48 keeping a kilometre log

    07:22 no private cargo or passengers

    07:58 converting to parrot plates

    08:48 question from a listener

    09:51 transfering money from the business account

    10:32 podcast is off on Whit Monday


    ๐Ÿšš Main takeaways for this episode:

    1. Company cars are cost effective.

    2. Private use is limited to 20 days a year.

    3. Rules for specialized vehicles are a bit more lenient.


    ๐ŸŒ Links to the episode:
    https://dinero.dk/tips/regler-gulpladebil/


    ๐Ÿฆ‰ Cool Accounts ApS

    Get the most out of your business.

    Leave the bookkeeping and tax matters to a specialist.
    https://accounts.cool/en/

    12 min

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