Assessed ability of being able to work (full-time or part-time) depending on medical circumstances.

To enter the amount of a business transaction in the correct account.

Ongoing accounting that involves recording all of a company’s business transactions as they occur.

Document that is created to replace a lost verification.

Period that a company’s financial reporting covers.

Outstanding invoices a seller has or the money the seller is owed from its clients.

Summary of the accounts a company uses in its accounting.

Formal recognition that a company has sufficient competence to perform a certain task. SWEDAC is Sweden’s central accreditation body.

Interest expenses or income that you have not yet paid or received.

The expense you have in acquiring an asset. The acquisition expense (or extra cost amount) is usually the purchase price with an addition for commission etc.

Temporary import of a product into the EU for processing or repair. The product is then exported as a refined product.

Financial compensation to a job seeker during the period they participate in certain labour market programmes decided by the Public Employment Service. The social insurance agency (Försäkringskassan) calculates and pays activity support.

Support that involves workplaces, working tasks or the work environment being adapted to compensate for a disabled person’s reduced ability to work.

Overhead amount for a trading or limited partnership. Affected, i.e. increases or decreases, by the company's results and other contributions.

Verbal or written agreement that involves rights and obligations for the parties involved. Regardless of the form, an agreement is normally binding on both parties.

The way in which a limited company disposes of the profit for the year and any remaining profit from previous years.

Repayment of a loan debt. This is usually done as regular payments, for example once a month.

The general meeting of a limited company that must be held within six months of the end of each financial year.

Documentation of a company’s accounts, which consists of income statement, balance sheet, notes, directors’ report and possibly a financing analysis. Some companies, such as limited companies, must conclude their accounting with an annual report.

Loan where the total of interest and amortisation is always the same with every repayment. The borrower thus has a fixed monthly expense.

Extra customs charges that under certain circumstances are applied to the import of goods that are dumped, i.e. goods that have a lower price for export than on the home market.

Request for retrial (in a higher body).

Auditor who has an academic education (exam in economics), has three years’ qualified practice and has passed the auditing exam from the Supervisory Board of Public Accountants.

Document containing the company name, nature of the business and other basic provisions for a limited company.

Basic decision on annual taxation, appeal decision or decision on taxation measures according to a court verdict. The Tax Agency advises decisions on taxation.

International customs document that you can use for the temporary import and export of professional equipment, product samples and goods for exhibition etc. If you have an ATA carnet, you use this as your declaration document instead of the single administrative document.

Tax that is paid on income from an employment.

Certificate to an employer showing which tax table to use for deducting preliminary tax.

Certify that information is probable.

Investigation of the financial reporting and management of a company which is performed subsequently by an independent person, usually an auditor.

A person whose task is to investigate a company’s annual report and accounts and the board’s administration of the company.

Certificate from an auditor, for example when share capital has been paid with capital contributed in kind.

An auditor’s report of the conditions in a company.

Documents that confirm information.

Official permission for something to happen, or the act of giving someone official permission to do something.

Auditor who has passed a master’s exam in economics, has five years’ qualified practice and has passed the higher auditing exam from the Supervisory Board of Public Accountants.

Person or persons with the right to sign in the company’s name with legally binding effect. An authorised signatory can sign an agreement, for example.

Reporting of assets, debts and equity on a certain occasion, normally the last day of the financial year.

The total of the asset or debt side of the balance sheet.

Certificate that shows that share capital is paid. The bank certificate may be issued by a bank, a credit market company or a foreign credit institution within the EEA.

The banks’ common system for transferring payments between accounts.

Legal process in which a person’s or a company’s business must stop and the assets are sold to pay creditors.

The property of the company who has been declared bankrupt.

An entity, often an individual, in charge of administering a bankruptcy estate.

An amount that is based on price development in society and that is determined by the government every year. The base price amount is used to calculate compensation from the Social insurance agency and the basic allowance in tax assessment.

Interest rate that is determined by the Tax Agency that forms the basis for interest rates on tax accounts.

Standardised schedule for accounting.

Allowance that reduces your taxable income without your having to apply for it. The size of the basic allowance is linked to the base price amount and the size of the assessed income.

Amount on which VAT is calculated. The amount is normally the price excluding VAT. All price supplements except interest are included in the amount.

A written decision on the product code for your product. The Swedish Customs issues the decision, which is normally valid for six years and binding throughout the EU.

Ordinary member of a board.

A way of storing non-community goods within the EU without needing to have customs clearance. As long as the goods are in a bonded warehouse you don’t need to pay customs and VAT on them.

Method of calculating the distribution of dividend from a cooperative society.

The value that a company’s assets and debts have in the balance sheet.

A company’s subordinate department that is located in a different place from the head office.

Plan of estimated income and expenses over a certain period.

The first period of a business activity, when high costs mean losses or small profits.

Commercial activity that is run over an extended period, independently and for the purpose of making a profit.

A brief description of what the company intends to earn money from and how this is to be done. The business concept can also be seen as how the company satisfies market needs.

Strategic plan for how the business concept is developed in the longer term, which also contains various types of budgets.

An event that means that the company’s assets, debts, income or expenses have changed.

1 January – 31 December.

The base that´s calculated from the company’s assets and liabilities. The capital base is used to decide provisions to expansion funds and for rate distribution.

Assets other than money that are used as payment for shares in a non-cash issue. Capital contributed in kind may for example be a vehicle or a property.

Gains that occur on the sale of property, residential rights or securities etc.

Income on assets. Examples of capital income include interest income, dividend on shares and realisation gains on the sale of shares, property and residential rights.

An increase in share capital where assets are moved from some other part of a limited company, such as from the statutory reserve. A capitalisation issue does not mean that the shareholders make a contribution.

Loss that occurs on the sale of property, residential rights or securities etc.

Financial support that you can receive from the social insurance agency (Försäkringskassan) if you lose income when your child is ill and you must be at home to care for it.

Discount given when a customer pays before the due date.

A method that involves recording only cash receipts and payments continuously during the financial year (except in the year-end accounts, when other business transactions necessary to determine the result and financial position must also be recorded).

That a buyer must pay the shipper directly before the item is handed over. Thus cash on delivery means that payment is made before the item is received.

A mark that certifies that a manufacturer or importer meets the safety requirements set by the EU for the product group in question.

Proof that a person or the estate of a deceased person is no longer bankrupt. Certificates of discharge from bankruptcy are issued by the Swedish Companies Registration Office.

Certification that a company’s process, product or service complies with certain requirements. Certification is done by an independent company or organisation.

Certificate that accompanies the annual report in which a board member or the managing director certifies that the income statement and balance sheet have been adopted by the annual general meeting.

A charge on a company’s moveable property that is used as security on a loan. Examples of assets that can be used as security include machines and goods in stock.

Demand for payment. When someone is liable to pay you, you have a claim against that person. When you are liable to pay someone, that person has a claim against you.

Someone who has a claim for payment.

Determine the right product code for a product from the rules in the customs tariff.

Terms in an agreement.

A limited company in which a maximum of four persons own shares corresponding to over half the voting rights in the company.

Agreement between an employer and a trade union about what terms shall apply to pay and conditions of employment.

One who has agreed to buy or sell goods or services independently on behalf of another company.

Assignment to trade in, for example, securities on behalf of a customer but in your own name.

Goods that originate in the EU or have customs clearance in the EU.

Procedure decided on by a court that means that a company with payment problems is given an opportunity to resolve its problems. Company reconstructions are offered to companies that are judged to be profitable in the long term.

Board of directors that satisfies the conditions that are required by law and company articles of association.

Settlement of a dispute between parties. Conciliation may occur inside or outside a court.

Document issued by a seller so that a buyer can check that the order has been received and understood correctly.

Provision in the articles of association which means that a shareholder must have the approval of the board or general meeting before being able to transfer his or her shares.

Document that accompanies a delivered product that contains information about the product type and quantity.

Goods and materials that are used and consumed within the company. Examples include office sundries, cleaning products and other items that are not used in production.

Inventory with financial lifetime of less than three years or inventory of limited value.

Company that undertakes to perform a contract. Often a person who starts new businesses or develops new products.

Information about income. The employer must report which taxable remunerations that have been paid to employees during the income year. Banks and credit institutions must report interest or dividend paid.

Guidelines for how a cooperative can realise the cooperative values into action.

Society that has financial activities that the members participate in and benefit from. The members do not have personal liability for the society’s debts. A cooperative society is a type of enterprise.

Based on self-help, personal responsibility, democracy, equality, fairness and solidarity. Ethical values such as honesty, openness, social responsibility and care for others are important.

Time-limited sole right for a person who has created a literary (book, newspaper article, advertising copy etc.) or artistic (artwork, film, photograph etc.) work to decide how the work is to be used.

Identification number given to a juridical person, such as a company or association.

1. The right to borrow a certain sum of money belonging to someone else, a creditor. 2. Period of grace for payment for purchase of a product or service. 3. The right hand side of a accounting account.

Information from a credit rating company about a private individual’s or a company’s income and liabilities, as well as any records of non-payment.

Someone who has a claim for payment. Also known as a claimant.

Assessment of a company’s or a private individual’s ability to pay.

Assets that are intended for sale and that are not non-current assets. Current assets are divided into four groups: goods in stock, receivables, current investments and cash and bank deposits.

States how much you must pay in customs duty. The rate is often a certain percentage of the customs value.

Identification number that every import and export shipment receives when it is registered in the customs data system.

List in systematic form of the goods that occur in international trade. Product codes and customs rates appear in the tariff.

The sum that you normally calculate customs duty on. The customs value is the invoice value including cost of freight and insurance to the EU border. The customs value is also the basis for calculation of VAT (customs value + customs duty = basis for VAT).

The company’s business transactions presented in order of verification number. Sometimes called a verification list.

Entering business transactions in order of registration so that it is possible to see the order in which business transactions have been registered. This means that the company’s business transactions can be presented in order of verification number.

A company that buys products and sells them on. Dealer is another term for wholesaler and retailer.

Charge somebody an expense for something or write an amount on the left hand side of the accounting accounts, the debit side.

Something, usually a sum of money, that is owed or due.

The decision and action of the enforcement service, on behalf of the government and municipalities, to ensure that payments due to government or local authorities are collected.

Exhortation to a debtor to pay a debt.

Private company that receives payment for collecting debts on behalf of companies and individuals.

Cost relating to debt collection, such as reminder letters.

Person who owes a debt to another (to a creditor).

Providing the information required by the Swedish Tax Agency to calculate and determine various taxes and fees.

Report of goods that are taken out of the EU customs area or EU VAT area. The export declaration is given to Swedish Customs.

Terms that describe whether the buyer or seller bears the cost of transportation of items and how the risk is distributed. If nothing else is agreed the rules of the Purchases Act apply to trade within Sweden.

Distribution in the accounts of the expenses of purchased equipment over several years. Examples of such equipment are machines, computers and vehicles.

Person who can replace the managing director of a company when needed.

Advertising addressed directly to the recipient. This is usually advertising that comes to the mail box; other examples are email and text messages.

The part of the annual report in which the board describes the most important events in the financial year and the company’s development.

Sales method whereby the seller contacts the potential customer and proposes a transaction. Common examples are telephone selling or meeting at the customer´s home.

Sale or in some other way giving up property, such as in a gift.

Where a company name is designed to be distinguishable from other companies, associations and brands and it is perceived as the name of a specific company.

When the enforcement service seizes a debtor’s property so that a creditor can be paid what is owed.

Issuing or disseminating something, for examples goods or advertisement.

Part of a limited company’s profit that is distributed to shareholders.

The municipality where the annual general meeting is held. If anyone needs to sign for the company before a court of law it is important to know which court to approach.

Accounting of every transaction in at least two accounts, with equal amounts in debit and credit.

Income that is taxed twice. For example when a limited company’s profit is taxed both at the company and at the shareholders.

Business model in e-commerce. The entrepreneurs market and sell products but does not have their own warehouse. Instead, they have an agreement with a supplier who ships the goods directly to the customer.

The date on which a debt is to be paid.

When a company fulfils its obligations to a customer, by performing work for example, earnings arise. The earnings can be counted per year, per month or in some other period. The earnings are collected on a regular bases.

An economic association (ekonomisk förening) runs economic activities that members participate in and benefit from.

Summary of the value of goods or services for VAT-free sale to other EU countries over a certain period.

European Economic Area. The EEA is made up of the EU member countries plus Iceland, Liechtenstein and Norway.

The total cost of a loan (interest, set-up costs and notification charges). The effective interest is expressed as a percentage and shows how much a loan actually costs.

Identification in electronic form, where electronic communication is used for identification, signature or both.

When someone is being forced to move from their home, office or premises, because of unpaid rent or a disturbing way of life, for example.

Declaration used to report employer’s contributions and tax deducted.

Action taken by the enforcement service to protect someone’s rights. Examples of assistance include eviction or returning an item that was bought with repayment instalments if the purchaser did not keep up the payments.

Bringing goods into Sweden from another country.

A charge that a company must pay if it ignores a regulation pursuant to the Environmental Code or if it starts an operation that requires a permit or reporting without having obtained a permit or made a report.

Equity corresponds to a company’s assets minus debts.

A company’s long-term ability to pay.

Staffed office or other premises from which it is possible to deliver or provide goods and services within the country. The expression is used in a VAT context for a registered branch or a physical person who is a sole trader with an address in Sweden.

The EU is a customs union. EU member countries have a common customs border with other countries. Trade between EU countries is counted as domestic trade. Goods imported from or exported to the EU customs area must be declared for customs.

The EU is a customs union and a VAT area. Trade between EU member countries is counted as domestic trade. Some EU members are not part of the VAT area. Goods imported from or exported to these areas must be declared for customs.

When someone is forced to move from their home, office or workshop premises, because of for example unpaid rent or a disturbing way of life. Also called ejection.

Application to the enforcement service for help in forcibly implementing what has been decided in a court.

An auction in which the enforcement service holds an enforced sale of seized property. Seized property is property that the enforcement service has decided shall be used to pay a person’s or a company’s debts.

Agreement condition that in certain cases makes it possible for a seller to be released from responsibility for actual faults in what is sold.

Gives those who are sole traders or run a partnership or limited partnership the opportunity to pay less tax on profits that they choose to reinvest in the business instead of taking them out.

When a product is taken from Sweden to another country outside the EU VAT area and/or EU customs area.

Report of goods that are taken out of the EU customs area or EU VAT area. The export declaration is given to Swedish Customs.

A managing director who is neither a board member nor a deputy board member.

The expense you have had in acquiring a divested asset. The extra cost amount is usually the purchase price with an addition for commission etc. In the case of an inheritance or gift you take over the previous owner’s extra cost amount.

A general meeting held between two annual general meetings.

That a seller invoices its customer and then transfers the invoice, and thus the right to be paid, to another company, the factoring company. Can also mean that a company is given a loan secured on the invoices that the company has issued but not yet received payment for.

When you both run a business and have a job where your employer withholds tax, you need to be approved for FA-tax (also called F-tax with conditions).

Annual calculation of final tax. This also shows tax still to be paid or tax that will be paid back. Business owners and companies normally receive the advice of final tax settlement in December.

The period during which an asset is considered to be of financial benefit to a company. The financial lifetime is divided into a number of years and depreciated in the accounts.

A company’s income after deduction for costs, which shows whether the company has made a profit or loss.

The time that a company’s financial reporting covers. Examples of financial years include 1 January - 31 December, 1 May - 30 April, 1 July - 30 June and 1 September - 31 August.

When a company acquires capital for its operation. This may for example be through a loan or risk capital.

Costs that, within certain limits, are not affected by how much of a product or service a company produces. Examples of fixed costs include rent and insurance.

Unforeseen event of an extraordinary nature. This might be war, fire or a natural disaster and may lead to an agreement party being released from its obligations.

Activity that involves receiving and sending goods on someone else’s behalf, as well as handling, where appropriate, co-loading, load transfer, customs clearance, insurance, storage etc.

Physical or juridical person who operates forwarding activities.

Person, company or association that starts a limited company.

Collaboration in which a company, the franchisee, buys a complete concept and organisation from another company, the franchiser.

All franchisees who participate in the collaboration are independent companies, but the customer perceives them as a chain since they are all based on the same design.

Proof that a person is free of debt. The enforcement service issues freedom from debt certificates.

When the shareholders approve the board’s and the managing director's management of the company over the previous year at the annual general meeting. The shareholders relinquish the possibility of claiming damages from the board and managing director.

Freelance or freelancer is another word for a person who carries out assignments without having a permanent employment with the company for which the work is performed. Many freelancers have their own company, but not all. An alternative is to work with a self-employment company.

Proof that you yourself are responsible for paying the taxes and fees on the compensation you receive for work performed.

Part owner of a limited partnership who has an unlimited liability for the partnership’s debts. There must also always be at least one limited partner in a limited partnership.

Company that has the sole right to sell a certain product within a geographical area, usually a country.

Deductions that decrease your taxable income. The commonest general deduction is pension savings (pension insurance and individual pension saving - IPS).

Compilation of all verifications in order of account number.

Accounting of business transactions in systematic order so that the accounting makes it possible to gain an overview of the operation, its financial results and financial position.

Meeting of the shareholders of a limited company.

Guarantee, regulated by law, for payment of employees’ claims for pay etc. from an employer in the event of bankruptcy or company reconstruction.

Salary before tax deductions.

Undertaking from one or more persons or companies to pay a debt on behalf of a borrower. This can be expressed as “being a guarantor for someone”.

Loan with a guarantee as security.

If you have not worked, or if you only had low income, you will receive the guarantee compensation. The compensation level depends on your age and how long you have lived in Sweden.

A person who guarantees somebody else’s debt.

Person who represents a minor in a legal context, usually a parent.

Activity that is independent and long lasting but not run for profit. Income from a hobby is part of your taxable income and you pay your social security expenses yourself.

Part of the social insurance that gives financial compensation to a person who is ill and losing income. The illness insurance includes sickness allowance, disability compensation and sickness benefit.

1. Taking goods or services into the EU VAT area and/or EU customs area.

Report of goods that are taken into the EU customs area or EU VAT area. The import declaration is given to Swedish Customs.

Report of a person’s or company’s income for a particular year. The declaration is sent to the Swedish Tax Agency.

Compensation you receive for work, such as salary, pension, or other work related income.

Report income and expenses as the basis for calculating income tax.

There are three types of income: employment, capital and business.

The year when the income you declare has been earned. The term income year is used for private individuals.

Person who runs a business and is responsible as sole trader.

Subdivision of businesses according to what the company makes or sells.

Application to the Enforcement Authority to be paid or receive an item back.

Newly created product or service. It need not be an invention, it could be a further development or a new area of application of a product.

VAT that a company pays when it buys goods and services.

When a company or person has lasting problems in paying debts.

Purchase of goods from another EU country on which the buyer pays VAT.

Non-current assets that have an expected financial lifetime of more than three years.

Financial placement in order to receive a future yield. This is done either to increase income or to reduce costs.

A method that means that you enter all transactions, such as accounts receivable and trade accounts payable, when the invoice is sent and received respectively.

Obligation for those who are liable to report VAT to issue an invoice for every sale that is liable for VAT.

Joint liability means that someone who is owed money can approach any of the part-owners and demand the entire amount that is outstanding.

An obligation for any of those who are jointly responsible for a monetary debt to pay the whole amount of the claim from a creditor.

Joint business activity involving joint risk that is shared, for example, between two companies, often of different nationality.

A legal term for entities like cooperations or association that can legally do most of the things an ordinary person can do.

Training or other initiative that increases the opportunity for a job seeker to find work.

A person who need not have academic education as an auditor and whose task is to investigate whether a company is managed in a way that is appropriate and satisfactory financially.

Agreed terms that give the lessee the right to use an asset over an agreed period in exchange for leasing charges.

When a decision can no longer be appealed.

Insurance that compensates for damage or injury caused to a third party by the company’s products or services.

When the right to claim payment ends.

A limited company (Aktiebolag, AB) is a type of enterprise where the part-owners are not personally liable for the company’s debts. A limited company is a juridical person. In some cases, the board or part-owners can have personal liability.

Person who owns part of a limited partnership and has a limited liability for the partnership’s debts.

A limited partnership (kommanditbolag) is a type of enterprise where all partners except one can limit their personal liability for the partnership’s debts.

Winding up a company where assets are sold, debts are paid and any surplus is divided between the owners.

Person appointed to wind up a company by liquidation.

A company’s ability to pay in the short term.

Plan for how receipts and payments will be distributed over the course of time in a company. A liquidity budget is normally divided into months.

A list of all of the company shares and shareholders. The shareholders register is public and must be created by the board. When a share is sold, the new shareholder must be listed in the shareholders register.

Agreement between an employer and a trade union that an existing collective agreement will be applied by the company.

Reduction in the value of a non-current asset due to age or use. Examples of a company’s non-current assets include machinery, a computer or a vehicle.

Person appointed by the board to lead the day to day activities of a company.

The tax percentage on the last hundred kronor earned.

Output VAT on the profit margin (difference between sales price and purchase price).

Profit margin taxation is mainly used with the sale of used goods that a dealer has bought from someone who is not liable for tax on the sale, such as a private individual.

Action plan for how the company is to reach customers with its products or services.

Interest rate that a borrower would pay on the open market, such as to a bank.

The company’s sales as a percentage of total sales in the market in question.

Survey to investigate whether there is a demand for a certain product or service at a certain price.

The price that buyers are prepared to pay for a product or service on the market.

Document that is drawn up when a limited company is to be created and which contains the main conditions for setting up the company.

Joining together two or more companies.

Document that describes how a merger is to proceed.

Document that shows what decisions were taken at the general meeting.

Enterprise that is only partially liable for VAT.

Form of market in which there is only one seller of a product or service.

Listing in a register saying that money can be raised on certain property, usually real property.

Proof that a mortgage has been taken out on a property. A property can be mortgaged by the property owner giving the mortgage deed as security for a loan.

Everything that is not real property. Examples of moveable property include office material, vehicles and rights.

Amount after deduction.

Increase in share capital by issuing new shares to new or existing shareholders who pay for the shares with cash or other property.

A share issue with payment by capital contributed in kind, i.e. assets other than cash.

An organisation that promotes its members’ ideals or financial interests through an operation that is not run for profit, or is at least not purely financial. Non-profit organisations include sports clubs and trade unions. A non-profit organisation can operate business activities.

Proof that a person does not have a trustee or guardian. The certificate is issued by the chief guardian board in the municipality where the person is registered.

Public official whose task is to assist the general public by checking and confirming the correctness of various information, for example by confirming signatures, company documents and purchase documents. The notary public is appointed by the County Administrative Board.

Duty to do something, for example pay someone. Such a duty can be decided in a resolution, a court order, a law or an agreement.

Number series used when paying by plusgiro or bankgiro. The OCR number means that the recipient can identify who made the payment.

Costs for the ongoing activities of a company.

VAT that you as a business collect from your customers. You must report output VAT (the VAT your customers pay) in the VAT declaration.

Bank account from which the account holder can make withdrawals in the form of loans up to a certain amount (overdraft limit). There is usually fixed or variable interest on the amount borrowed.

Withdraw more money from an account than is in it, or exceed an overdraft facility.

A company name translated into a language other than Swedish.

A company that owns sufficient shares in another company (subsidiary) to give it more than half the votes in that company.

Type of enterprise in which the partners are jointly liable for the partnership’s debts.

Agreement between two or more part owners of a company that shows what they have agreed upon.

Small scale business activity. If the business owner does not work more than 500-600 hours in the business during the course of a year it is normally considered to be passive.

Temporary export of community goods to a country outside the EU for processing or repair.

Fixed term sole right to professionally use a technical solution to a problem, i.e. an invention. Professional use means, for example, manufacturing, selling or importing the invention.

Where, with a bankruptcy or company reconstruction, the government is responsible for payment of the employees’ remaining claims for pay and pensions.

Reminder to pay a debt.

The terms that apply to payment for goods or services. These may for example be about payment time, interest on late payment and invoicing charges.

Getting more time to do something, such as pay a debt or submit a declaration. Normally you must first apply for a period of grace.

Special approval from the authorities that is needed to be able to run a company in certain industrial sectors.

A private, human individual as opposed to a juridical person.

Plan that is intended to lead to a person returning to work. The plan should give an overview of the various initiatives that are needed in order for a person to gain, regain or increase his or her ability to work.

A service for payment transfers.

Consent to postponing something, such as payment or the submission of a declaration.

An authorisation given to a person (procuration holder) that means that the person can represent the company in everything that concerns the company’s business activities. Also known as a trading authority. Applies to sole traders, partnerships and limited partnerships.

Provision in a company’s articles of association that certain persons are to be offered the chance to buy a share before it is transferred to a new owner.

A statement you submit to the Swedish Tax Agency to enable the determination of your assessed preliminary tax.

The tax that is paid to the Swedish Tax Agency every month to be set against the forthcoming final tax.

Clause in the company’s articles of association that describes who has the right to redeem shares that have been transferred to someone else.

A limited company (aktiebolag, AB) that does not offer shares on the open market, i.e. not a listed company.

Person who has a special authorisation (power of procuration) and therefore has the right to represent the company in everything that concerns the company’s business activities.

When a public body invites tenders from several suppliers before an agreement is written.

An activity that is long lasting (is intended to be operated for a long time), is intended for profit and is independent.

Income from employment and business activities.

What is left when the costs have been deducted from the income in a business.

Where a company’s income is greater than its costs.

Output VAT on the profit margin (difference between sales price and purchase price). Profit margin taxation is mainly used with the sale of used goods that a dealer has bought from someone who is not liable for tax on the sale, such as a private individual.

Shows where a person is domiciled, i.e. the county, municipality and parish in which the person is registered. Proof of domicile can be ordered from the Swedish Tax Agency.

Proof that a person is free of debt. The enforcement service issues freedom from debt certificates.

Protecting your company name in more than one county. Applies especially to sole traders, partnerships and limited partnerships.

A) A special item in the balance sheet that may become a debt in the future.
B) Something that has been established as governing or binding in the form of law, regulation.

A limited company (aktiebolag, AB) that can offer shares on the open market, e.g. a listed company.

Associations that act for members’ rights or interests or for other purposes of public benefit: action against poverty for example.

The price paid by the buyer.

Where more than half the votes are not sufficient for a decision but a bigger proportion of votes, such as two thirds, is required.

Share in a close company owned by a person who has been active in the company to a significant extent. This is significant for how income from the company is taxed.

Day when you cannot receive sickness allowance or sick pay.

Board meeting where at least half the members are present, which means that the board is qualified to make decisions.

Offer to enter into an agreement on certain terms.

A decision by a country’s head of state or government to bind that country to an international agreement, such as a convention or treaty.

Land that is divided into properties. Real property may also be the buildings on the land and their fixtures. Everything that is not real property is called moveable property or chattels.

An authority’s possibility of or obligation to change its decision.

Person appointed by a court to handle the liquidation of a bankruptcy estate.

The date on which the monthly balance of a tax account is calculated. The tax account has one reconciliation date each month, usually the first Saturday of the month. All payments and debts are reconciled on that date.

The day a shareholder must be registered for a share so as to have the right to vote at the annual general meeting, be paid dividend or participate in a closed share issue, for example.

A summary of the assets and liabilities in a bankruptcy estate and who has claims against it.

Record showing that someone has not made a payment. The record is registered by a credit assessment company. Such a record could lead to someone not being given a loan, apartment, telephone subscription or work.

To persuade someone to work for a company or become a new member of an organization.

Organised meeting where job seekers can meet one or more employers that wish to employ personnel.

Registration number of a document. Consists of the date and a serial number.

The Riksbank’s official interest rate. The reference rate corresponds to the Riksbank’s funds rate at the end of the previous half year. If necessary the reference rate is rounded up to the nearest half percentage point.

List of the names of shareholders who attend a general meeting along with how many shares and votes each person or company represents.

Document that shows that a company is registered with the Swedish Companies Registration Office.

A person who represents another person or group or a person who acts on another’s behalf, in legal proceedings for example.

That the representatives of a company (board members, managing director) can in some cases be held liable to pay the limited company’s debts.

Remaining value of an investment when it has been depreciated and the financial lifetime is over.

Schedule of estimated income and costs over a certain period, usually a year.

Shows a company’s income and costs over a certain period, usually a month or a quarter.

Profit or loss from previous years that is carried over to the balance sheet.

Tax liability for VAT that is transferred to the purchaser of a product or service. Sometimes referred to as reverse tax liability.

Now usually called overdraft facility. Bank account from which the account holder can make withdrawals in the form of loans up to a certain amount (overdraft limit). There is usually fixed or variable interest on the amount borrowed.

When certain claims take priority over others for payment from a debtor’s property, usually in the case of bankruptcy.

The right to deduct input VAT on purchases, imports, and other costs related to transactions that qualify for VAT deduction.

Also known as venture capital. A collective term for investments in a company’s equity that include investments from both listed and unlisted companies. The investment is usually made in return for ownership and influence in the company.

Compensation to the owner of an intellectual property right. Common examples are publishers’ payments to authors or a manufacturer’s payment to the inventor.

Work to a limited extent in addition to the main job.

Part of the operation of a limited company that has a registered, protected name. It is still the company itself that runs the operation but with another name externally.

The sickness allowance based income (SGI) is the annual monetary income that an insured person could be assumed to receive from working in Sweden. It is used, for example, to calculate how much sickness allowance and parental allowance you can receive.

Money or property that is needed to start a limited company.

An increase in the company’s capital through contributions from shareholders. Shareholder contributions may be conditional or unconditional. A conditional contribution can be paid back under certain circumstances, while an unconditional contribution cannot.

A list of all of the company shares and shareholders. The shareholders register is public and must be created by the board. When a share is sold, the new shareholder must be listed in the shareholders register.

A limited company registered solely for the purpose of being sold on to a new owner.

Compensation that a business owner can receive from the Social insurance agency (Försäkringskassan) for income lost due to being ill and unable to work. Or compensation that an employee can receive from the Social insurance agency for income lost when the employee is ill for more than 14 days.

The annual monetary income that an insured person could be assumed to receive from working in Sweden. The sickness allowance based income (SGI) is used, for example, to calculate how much sickness allowance and parent’s allowance you can receive.

Pay that the employer pays to employees who are unable to work because of illness.

The first fourteen days that an employee is away from work due to illness.

Partnership in which at least two persons or companies decide to collaborate without forming a limited company, formal partnership or limited partnership. This may for example be a building consortium or where several people buy a lottery ticket together. A simple partnership is not a juridical person.

A specific form that you use when you make a written customs declaration.

Code for a certain type of business activity. SNI stands for "Svensk Näringsgrensindelning" which is the division into different industry sector codes, based on an EU standard.

Enterprises whose main driving force is benefits for the general public or for members. Based on democratic values and organisationally independent of the public sector.

Exists in various forms of association and has social goals rather than financial ones. Profits are reinvested and the organisation is run according to particular basic values.

National charges that businesses pay to the social insurance. You pay social security expenses in the form of self-employed contributions or employer’s contributions. You only need to pay employer’s contributions if you are an employer. These contributions finance the public illness and parents insurance and retirement pensions.

A sole trader (enskild näringsidkare) is a person who run their business on their own account. The person is fully liable for the company’s purchases, debts and other obligations.

Preliminary tax that the employer cannot collect through tax deductions.

You must pay your SA-tax (special A tax) yourself. It could be tax on foreign income, or property tax. Partners in trading companies can also receive SA-tax.

A person a limited company has authorised to sign for the company. Board members, the managing director or others can be authorised to sign for the company.

Tax paid instead of employer’s contributions for persons aged over 65 or by sole traders in some situations.

Labour market policy programme under which a job seeker with a disability that causes a reduced ability to work receives financial support for investments etc.

Find out more at the Employment Office Service

Tax that a company pays on costs of pension benefits for employees. Examples are costs for provisions for pension funds or purchase of pension insurance.

Financial year that is not a calendar year. Examples of split financial years include 1 May - 30 April, 1 July - 30 June and 1 September - 31 August.

Agreement where some or all of the conditions are determined in advance.

The time when the obligation to pay VAT to the government begins.

Labour market policy programme in which a job seeker receives activity support for a period to help in starting up a company.

The basic rules of an association.

A special item in the balance sheet that represents restricted equity. Mainly of significance for the type of enterprise called a cooperative society.

Review of goods in stock where every item is counted and valued.

Interest that is calculated on the entire original loan amount. This means that the interest does not decrease as the loan is amortised.

Company that produces something for another company.

To put your signature together with the number of shares you intend to buy in a limited company, when a limited company is formed or a new share issue is made.

Document for subscription for shares with the subscriber’s signature and the number of shares subscribed. A subscription list is created when a limited company is formed or with a new share issue.

A company in which another company (the parent company) owns sufficient shares to give it more than half the votes or has determining influence, such as through an agreement.

Quick and easy way for someone who wishes to be paid or have an item returned to obtain proof that his or her claim is correct. This proof can then form the basis of the enforcement service’s work of collecting the debt or seeing that the item is returned.

Authority that is responsible for exercising control over a certain activity.

Financial support that involves workplaces, working tasks or the work environment being adapted to compensate for a disabled person’s reduced ability to work.

The income is greater than the costs in a business. Surplus is also called profit.

Parts of a company’s assets that are bought or sold by another company. Examples include machines, inventory and stores.

Account at the Swedish Tax Agency where all your tax, payments, charges etc are recorded.

Basic decision on annual taxation, appeal decision or decision on taxation measures according to a court verdict. The Tax Agency advises decisions on taxation.

The income you can have without paying national income tax.

A business activity that requires you to report and pay VAT.

Obligation to pay VAT. Sale and import of gods and services are normally liable for VAT.

The percentage used to calculate output VAT on sales, imports and in some cases purchases. The VAT is calculated on the basis for tax. There are three different tax rates for VAT: 6 per cent, 12 per cent and 25 per cent.

Depreciation of inventory according to the tax rules. The tax rules give companies the opportunity to make larger or smaller depreciation than accounting rules permit.

Physical or juridical person who is to pay tax.

A special charge that you may have to pay if you submit incorrect information in your declaration or do not make a declaration.

The year when the income you declare has been earned. For private individuals the tax year corresponds to the year of income, i.e. the calendar year prior to the year the declaration is submitted. For juridical persons the tax year corresponds to the financial year.

Financial support that you can receive from the Social insurance agency (Försäkringskassan) if you lose income when your child is ill and you must be at home to care for it.

Offer to enter into an agreement. Also called a quotation.

To possess some property, rightly or wrongly, such as a vehicle or building, i.e. in some way or other to have disposal of the property.

Country outside the EU.

The income, after deductions, that you can have without paying national income tax.

Permit to exercise a certain trade or profession. Trade or professional IDs can be found in health care, for example. The ID is issued by the relevant authority and requires approved education or training to have been completed.

You can start a trading partnership (handelsbolag) with one or several partners. The partners can be individuals, business or associations. In a trading partnership, the partners are always jointly and severally liable.

Person who is legally appointed to act on behalf of another person who, because of illness, mental problems or poor state of health, for example, needs help in caring for him or herself or property. A person who has a trustee may not start a company.

Type of company or organisation. Examples include limited company, sole trader or partnership.

Assets that have a reported value that is lower than the true value.

Financial support for a person who is unemployed and fulfils certain conditions.

Organisation that assesses, decides on and pays out unemployment compensation pursuant to the Act (1997:239) regarding unemployment funds.

Unregistered firm (or sole trader) is a company run by a person on his or her own account where the person is fully liable for the company’s obligations in the form of purchases, debts and other obligations. A sole trader is a type of enterprise but not a juridical person.

An abbreviation of the Swedish term "vård av barn" meaning care for child. VAB is when you take time off work to be home to care for a sick child and receive compensation for this from the Swedish Social Insurance Agency.

Cost that changes in relation to the company’s sales. For example fuel (petrol, diesel etc.) for a haulage contractor.

Interest that is adjusted according to general interest rates and that may change from day to day.

Tax that is paid on almost all consumption of goods and services. For businesses that must pay VAT to the government, the VAT is not normally regarded as a cost. In most cases businesses are entitled to deduct the input VAT (on purchases) from the output VAT (on sales).

Declaration that is used to report VAT.

Number given to all those who run activities that are liable for VAT and are registered with the Swedish Tax Agency.

Reporting input and output VAT for a certain period. This is done in a VAT declaration.

Financing in the form of risk capital, usually when a company is started.

Information that documents a business transaction or adjustment in the accounts. Verification may be a receipt or an invoice, for example.

VOB is when you work from home while taking care of a sick child. You are not eligible for compensation from the Swedish Social Insurance Agency if you VOB.

The opportunity for property owners and others t apply for VAT liability.

Trading where the customers are other companies. As opposed to retail trading where the customers are consumers, i.e. private individuals.

When a business owner withdraws a product from the company for himself or transfers it to someone else without payment or at low price. A product that is withdrawn by a business owner for private consumption is treated for tax purposes in the same way as a sale to a customer.

When a business owner withdraws a service from the company for himself or transfers it to someone else without payment or at low price. A service that is withdrawn by a business owner for private consumption is treated for tax purposes in the same way as a sale to a customer.

The capital a company needs to finance the ongoing activities.

Efforts to enable a person with a reduced ability to work because of disability or ill health to find, receive or remain in a job.

When a limited company or cooperative society raises the reported value of a non-current asset. The new value must be reliable and permanent.

Summary of a company’s ongoing accounting at the end of the financial year.

Method that means you report VAT only on receipts and payments. (Except at year end when unpaid invoices are also included in VAT reporting.)

Gain on invested capital. The yield is normally expressed as a percentage of the invested capital.