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RF-1176 Guidelines for Completing RF-1175 Income Statement 1 for 2019

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RF-1176 Guidelines for Completing RF-1175 Income Statement 1 for 2019 Guidelines for completing RF-1175 "Income Statement 1 for 2019" Approved by the Directorate of Taxes Specification: Sole proprietorships with more than 20 statement as an enclosure with the tax Items 7000 – 7080 are only to be used for employees, or that have assets with a total return is introduced for sole proprietorships means of transport. Expenses relating to value of more than NOK 20 million, must engaged in business activities whose machinery and tools used in production submit Næringsoppgave 2. gross operating income (corresponding to (e.g. tractors, diggers, combine harvesters, item 9900 in the income statement) does forestry forwarders, front shovels etc.) Visual artists who only produce works of not exceed NOK 50,000. For the time must be entered under items 6200, 6695 art as mentioned in Act No 58 of 19 June being, certain people cannot use the and 7500. 2009 relating to value-added tax § 3-7 income statement, including anyone who subsection 4, shall not submit Income has an annual result which either now or Who must submit Income Statement 1. They must submit form RF- later will be included in average tax Statement 1? 1242 ‘Næringsoppgave for billedkunstner ’ assessed income from forestry or reindeer Self-employed persons etc. have a duty to (norwegian only). husbandry. See submit income statements, cf. the Tax https://www.skatteetaten.no/bedrift-og- Administration Act section 8-14, cf. section General partnerships and limited organisasjon/skatt/skattemelding- 8-2 with associated regulations. Income partnerships must submit naringsdrivende/hjelp-til- Statement 1 is adapted for self-employed Næringsoppgave 5 (RF-1368) or skattemelding/under-50-000-i- persons etc. who are not obliged to submit Næringsoppgave 2 (RF-1167)as an driftsinntekter/2/. annual accounts pursuant to the enclosure with their partnership Accounting Act section 1-2. Anyone statements. Enclosures with the income carrying on an business activity is subject statement to a bookkeeping duty pursuant to the Cooperative enterprises that are All self-employed persons etc. engaged in Bookkeeping Act. If an enterprise/ a self- engaged in business activities and whose agriculture/horticulture, forestry, fur employed person not obliged to submit sales revenues do not exceed NOK 2 farming, reindeer husbandry, must submit annual accounts pursuant to the million are only subject to a bookkeeping an additional form, form RF-1177 Accounting Act voluntarily prepares full duty. Such enterprises can choose ‘Landbruk ’ (‘Agriculture ’ – in Norwegian annual accounts in accordance with the whether to submit Income Statement 1 or only), with their income statements. provisions of the Accounting Act, 2 2019 Næringsoppgave 2. Separate guidelines, RF-1178, have been (form RF-1167) can be used instead of prepared for this. must use Income Statement 1. Limited liability companies Næringsoppgave 2 (form RF-1167). Everyone who submits Income Statement Persons not considered to be self- 1 (RF-1175), must as a rule also submit that are employed (not obliged to submit income Tax-exempt institutions form RF-1084 'Avskrivning ’ nonetheless liable to tax, and that are statements), but who let real property, (‘Depreciation ’ – in Norwegian only) and, if subject to a bookkeeping duty, can use must use form RF-1189 Letting out etc. of relevant, form RF-1219 ‘Gevinst- og Income Statement 1 (form RF-1175) as an real property 2019. This also applies to tapskonto ’ (‘Profit and loss account ’ – in enclosure with the tax return for limited letting of agricultural land and dwelling Norwegian only). liability companies etc. (form RF-1028). houses on farms. Sole proprietorships that have business that are General and limited partnerships who are Local authority undertakings income must also submit form RF-1224, part of the municipality as a legal entity only duty to keep books cf. Norwegian ‘Personal income from sole proprietorship and that comply with municipal principles Bookkeeping Act section 2 second ’. in the preparation of their annual accounts, paragraph must use RF-1368 must as a rule submit Income Statement 1. Næringsoppgave 5 (norwegian only). If deductions are claimed for expenses If the local authority undertaking voluntarily relating to estate cars, vans, lorries of less General and limited partnerships that prepares full annual accounts, settled and than 7.5 tonnes or passenger cars (driven prepares annual accounts pursuant to the valued in accordance with the provisions of more than 6,000 km as part of business provision of limited accounting obligation in the Accounting Act, the undertaking can activities), the form RF-1125 ‘Bruk av bil’ section 3-2b of the Norwegian Accounting submit Næringsoppgave 2 instead. (‘Car use’ – in Norwegian only) must be Act and all non-accounting general and submitted with the tax return. limited partnerships can deliver RF-1368 One income statement only! Only one copy of Income Statement 1 shall Næringsoppgave 5 (norwegian only). Sole proprietorships that have business be submitted, even if the operations income from Svalbard must also submit The same applies to sole proprietorships comprise several types of business. Self- form RF-1341 Beregning av alminnelig that prepare annual accounts in employed persons must submit all inntekt for enkeltpersonforetak på accordance with the provisions on limited forms/enclosures electronically. Svalbard. accounting obligations in section 3-2b of the Accounting Act. All companies / Who can be exempted from the Fishermen and hunters at sea who are enterprises can choose to use RF-1167 obligation to submit an income engaged in business activities and are Næringsoppgave 2 (norwegian only). statement? subject to a bookkeeping duty must submit A reporting system with exemption from Income Statement 1 and form RF-1213 the obligation to submit an income ‘Fiske ’ (‘Fishing ’ – in Norwegian only) with RF-1176E parts B and C completed as an enclosure Specific information about the Specification of stocks with their tax returns. Those who are not use of plus and minus signs in The tax value of stocks of goods shall be themselves engaged in business activities front of the figures in the form set at the acquisition price. The value of (e.g. ordinary recipients of shares of the stocks of goods produced by the enterprise catch/proceeds) are only obliged to submit are set at their production cost, i.e. the form RF-1213. Main rules: value of direct production costs such as In principle, all figures shall be reported raw materials, semi-manufactured goods, without the use of signs if it is clear from Everyone engaged in taxi and heavy process materials (fuel, lubricant, the heading whether they should be added goods vehicle businesses must production electricity etc.) and production or subtracted given the context in which complete form RF-1223 ‘Drosje - og wages. lastebilnæring ’ (‘Taxi and heavy goods they are entered. In other words, the figure vehicle businesses ’ – in Norwegian only) should not be preceded by a minus sign if Buildings and plant built for own accounts as an enclosure with their income the text states that the figure concerns an for resale are valued at production cost. statements. expense, a deficit etc. and, conversely, a Guideline production costs for many goods plus sign should not be used where the and livestock types are given in the Everyone who run hotels, pubs, text states that the figure concerns income, Directorate of Taxes’ annual valuation restaurants etc. that serve beer, wine and profit etc. rules. spirits, must complete form An exception from this rule can be Book publishers and booksellers are, RF-1122 ‘Overnattings- og serveringssted ’ illustrated by the following example: subject to certain conditions, permitted to (‘Hotels, pubs, restaurants etc. ’ – in deviate from production costs and During the income year, the letting of a Norwegian only) and submit it as an acquisition price when valuing their stocks property has resulted in expenses that enclosure with their income statement’. of books, cf. section 14-5 of the Ministry of exceed the income: Finance’s Regulations No 1158 of 19 Information about the submission November 1999. Income 30,000 of income statements Tax returns, income statements and other Expenses 35,000 mandatory forms can be submitted Items 0110 - 0170 electronically via specialist systems or via Enter the tax value of stocks under items Loss - 5,000 Altinn; see the guidelines for tax returns 0110 – 0165. and the www.skatteetaten.no website. In order to transfer this loss of NOK 5,000 If it is not possible to individualise goods, Self-employed persons must submit all to an item entitled ‘Income from letting’, it the stocks are to be valued using the FIFO forms/enclosures electronically. must be preceded by a minus sign so that principle. it can be deducted – it is, after all, an Information about accountants expense (and not income as the heading Pursuant to the Authorisation of External would indicate). Item 0130 Self-produced finished goods Accountants Act, section 3, the name and Stocks of products that are to be sold must address of external accountants must be be entered under this item. Fur businesses noted on all documents that the accountant Reservations: should enter the value of marketed furs prepares for the client. There is a separate If a field contains a pre-printed sign here. field at the top of page 1 for this. It must be (positive of negative), the reported figure stated whether the external accountant has shall be written without a preceding sign. A kept the accounts and/or has completed sign shall only be used for reporting Item 0150 Livestock This item is only used for agricultural the income statement. amounts with the opposite sign to the pre- printed one. livestock. Fur and reindeer husbandry Tax liability to more than one businesses should use item 0165. In fields showing totals and results, a municipality Total livestock value - the value of the In the event of tax liability to more than one minus sign shall always be used when the number of animals declared on page 1 of municipality, the tax return and all sum total is negative.
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