The goal of the UKKO Private Trader service is to make the daily lives of private trader entrepreneurs easier and to make entrepreneurship easy and effortless. Follow these steps to set up and use the service:
Here's how to get started with the UKKO Private Trader service:
- Register to the service
- If you are a new entrepreneur, ie you are setting up a new business name, fill in the required information and select an industry for your company
- If you already have a business ID, answer the questions and let us know how your accounting has been handled in the past. If you have done your accounting yourself or it has been left in arrears, our customer service will contact you after registration. If the accountant / accounting service has taken care of your accounting, we will terminate the previous service on your behalf and add opening balances to our service.
The following measures are necessary:
- Add in the UKKO system a bank account to which you want your customers to pay invoices (the account number will appear for the invoices you send) and credit or debit card information for UKKO service fee payments
- Accept our Suomi.fi authorization request so that we can do your accounting and handle your tax matters
Measures to facilitate your entrepreneurship:
- Provide invoice senders with your new online invoicing address that you find in the UKKO system to receive your purchase invoices directly in your records
- Provide the tax administration with an estimate of your income for the year or check that the estimate is still up to date. This can be updated as needed and our customer service will help you make the estimate. Read here detailed instructions on handling prepayment taxes
How to use UKKO service exactly step by step:
- Work as an entrepreneur and create invoices conveniently through our service.
- You can save your customer and product information in the service's customer and product registers, which speeds up invoicing
- Add expenses to our service in real time as business-related expenses incur
- Always remember to add the previous month's documents to the accounts no later than the 21st of the following month and then check the month as ready for accounting
- Add separate sales and commission reports to our service as other income.
- If you have a Zettle by PayPal payment terminal, you can connect the payment terminal directly to our service, in which case the reports will automatically come to your accounts (if you need a payment terminal, you can order it through us)
- When you receive a payment from your customer, mark that invoice as paid in the UKKO system. This way, your accounts stay up to date and you can see the current financial situation of your company.
- Pay the tax administration any VAT as instructed - we will prepare your VAT return and email you information on any charges and amounts at the end of your VAT period.
- We also apply for VAT relief for our customers along with the last VAT return of the year. You will receive information from us at the beginning of the year as to whether you are entitled to relief and what the amount of relief is.
- Apply for and pay prepayment taxes and, whenever necessary, update your company's income estimate for withholding tax. We also recommend adding prepayment tax payments to your accounts: this way we can remind you to update your income statement if it seems timely.
- If you pay too much taxes, you will get them back at the end of the tax period, and if you pay too little, the tax authority will recover the missing amount in arrears.
- For a tax return, answer a survey in our system at the turn of the year asking more about other tax deductions so we can fill in your return correctly
Other matters to take a look at when starting your business:
- If you have ever used a business ID, you must activate it in the YTJ service and register for the UKKO service with an existing and activated business name (a person can only have one business ID during their lifetime). If the industry has changed radically, a change notification must be made to the YTJ service.
- Get YEL insurance for yourself if you need one and be sure to mention your business ID to the insurance provider for accounting purposes. You can also contact our customer service to help you get the YEL insurance.
- If you establish a new business name or reactivate an old business ID, check whether you still need to register with the Trade Register, update permits or take out insurance for your activities (eg patient or accident insurance).
- If your previous accountant refuses to provide us with the accounting material (a few service providers do not provide information to third parties), we will contact you after you register. In this case, all you have to do is ask the service provider to send the materials to you and then forward them to us.
- We do your accounting from the month of registration onwards. If your previous accounting is not up-to-date, or you have done the accounting yourself, please contact our customer service and we'll bring your accounting up to date.