Accountants in Hungary has four bigger groups. The first is the private person who has a related degree. This is not what you need probably. One of the other three you might need depending on your business you are going to start in Hungary. Let’s check them.
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Before the accountants in Hungary, a few words about the taxation system of Hungary. In 2016 the Corporate tax is 10% or 19% depending on the profit of you company. If the profit before taxation is under 500 M HUF it’s 10%, if it’s above, it’s 19%. From 2017 the Corporate Tax is going to be uniformly 9%.
The Local Income Tax is levied by the local government of the town where your registered seat (and site) is. The maximum of it is 2%, what means that it might be 0% as well.< Value Added Tax, VAT: individual entrepreneurs can choose to register themselves under the VAT or not, just like companies with specific activities f. e. immovable sellers or lessors. The VAT content is 5% in case of some medical goods, just likes pills, drugs, medical equipments, but also of books, newspapers, some meats. 18% for: milk and dairy products, products made with cereals, flour, or milk and some services. All the rest of the goods and services are levied with 27% of VAT in Hungary. Out of the above example there are several more possible ways to choose how to tax. To find the one matching the best for your activities: contact accountants in Hungary for advise you.
So now let’s talk about the other three groups of accountants in Hungary.
Onsite or employed accountant
The pro is that above a relatively high volume of accountable items for bigger firms it worth to employ own accountant. The salary won’t be less than a monthly accounting price of an accounting office, but the employed bookkeeper will be at your service 8 hours in a day and you don’t have to pay further consultation fees. The contra is that if the accountant makes a mistake in the role of an employee, there won’t be any insurances to cover the penalty –what there is if you are working with an accountant office.
Typically working in his own office for several clients of him. Most of the time he already hires employees also in order to be able to serve as many clients as possible. He is generally able to advice on a wide range of accounting and tax related issues. And not at last, lots of them used to work in the Tax Authority before so they are clean with the working method of it. Plus, important, some of them are highly educated auditors whose professional knowledge is also an invaluable value when it comes to tax consultation. But there is a big contra also: not all of them speaks foreign languages, not even English.
Many people say that the best accountants in Hungary are sitting in big international offices such as the big four. Well, really, there is no smoke without fire, though I believe that this is closely not true in all the cases. First of all what is the difference between this group and the previous? Mainly the size and –it’s true- the higher chance that a bigger tax consulting office has higher experience in international cases, custom rules, double taxation treaties, etc. One accountant who doesn’t work with international clients isn’t necessarily updated with all the international practice. Second, there is another thing what makes a difference. Of course: the price. If you don’t need fancy charts and reports, if you don’t have to involve your Hungarian business’s processes into an international company’s, if mainly you are not working to export, etc., please do not want to pay as high hourly consultation fees, as much a monthly bookkeeping costs when you are working with a subcontractor.
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