When must a self-employed person register a fixed asset?
If the purchase value of goods is below 1000 EUR:
No need to calculate depreciation - simply indicate the expense as low-value inventory.
If the value exceeds 1000 EUR:
Record the purchase and create a fixed asset card.
When must a company register a fixed asset?
SIA owners can register purchased inventory as a fixed asset from as little as 10 EUR if it is used in business.
15K+
A computer, phone, car, work software, or website - anything that helps to earn is a fixed asset.
Already more than 15,000 users in Latvia
Fixed asset accounting is easy!
Choose the depreciation method
Linear (in monetary terms) or declining balance (in percentages)
Specify the period
Fixed asset depreciation every month or once a year
Enter the card
Specify the name, value, and purchase date of the fixed asset or investment
Save the card
Fixed asset depreciation will be calculated automatically
Fixed asset accounting is available in the PRO and PREMIUM plans
Linear or declining balance method?
- Linear - the same amount each year or month depending on the chosen method, helps to plan expenses
- Declining balance - larger amount at the beginning, smaller at the end. In some cases, it can be more advantageous
The user chooses which method to use. It can be changed no more than once every 10 years.
Depreciation frequency: monthly or yearly?
- If you choose monthly, expenses are recorded at the end of each month
- If you choose yearly, depreciation for the entire year is recorded in December
In the first month, depreciation is not recorded. Calculation starts in the following month or in January, depending on the period.
Fixed asset purchased on lease or on credit?
The fixed asset still has to be registered at its full value, but payments must be entered separately as expenses - both the principal amount and the interest.
How much does it cost
Pay for a year – 2 months free
Basic
Automātiskās atskaites
€70
/ per year
VAT included
- Value Added Tax (VAT) declaration for the taxation period
- Depreciation and value write-off calculation for fixed assets and intangible investments
- Operations journal
- General ledger
- Corporate income tax declaration
- Annual report
- Balance sheet
- Profit and loss statement
- Employer’s report
- Information about employees
- Statement on amounts paid to a natural person
- Income and expense ledger
- Self-employed person's social security contributions report
- Social contributions report for MUN taxpayers
- Value Added Tax (VAT) declaration for the taxation period
- Depreciation and value write-off calculation for fixed assets and intangible investments
- Employer’s report
- Information about employees
- Statement on amounts paid to a natural person
- Register of transactions starting from current month
- Adding transaction history starting from 2019
- Analytical recommendations for expense deduction
- Scanning of receipts and invoices
- Depreciation of fixed assets
- Linked bank account for automated upload of bank statements
- Invoicing
- Remote payment acceptance by card or bank transfer
- Payroll accounting
- Quick questions to an accounting and tax expert
Pro
Save more
€170
/ per year
VAT included
- Value Added Tax (VAT) declaration for the taxation period
- Depreciation and value write-off calculation for fixed assets and intangible investments
- Operations journal
- General ledger
- Corporate income tax declaration
- Annual report
- Balance sheet
- Profit and loss statement
- Employer’s report
- Information about employees
- Statement on amounts paid to a natural person
- Income and expense ledger
- Self-employed person's social security contributions report
- Social contributions report for MUN taxpayers
- Value Added Tax (VAT) declaration for the taxation period
- Depreciation and value write-off calculation for fixed assets and intangible investments
- Employer’s report
- Information about employees
- Statement on amounts paid to a natural person
- Register of transactions starting from current month
- Adding transaction history starting from 2019
- Analytical recommendations for expense deduction
- Scanning of receipts and invoices
- Depreciation of fixed assets
- Linked bank account for automated upload of bank statements
- Invoicing
- Remote payment acceptance by card or bank transfer
- Payroll accounting
- Quick questions to an accounting and tax expert
Premium
Earn more
€270
/ per year
VAT included
- Value Added Tax (VAT) declaration for the taxation period
- Depreciation and value write-off calculation for fixed assets and intangible investments
- Operations journal
- General ledger
- Corporate income tax declaration
- Annual report
- Balance sheet
- Profit and loss statement
- Employer’s report
- Information about employees
- Statement on amounts paid to a natural person
- Income and expense ledger
- Self-employed person's social security contributions report
- Social contributions report for MUN taxpayers
- Value Added Tax (VAT) declaration for the taxation period
- Depreciation and value write-off calculation for fixed assets and intangible investments
- Employer’s report
- Information about employees
- Statement on amounts paid to a natural person
- Register of transactions starting from current month
- Adding transaction history starting from 2019
- Analytical recommendations for expense deduction
- Scanning of receipts and invoices
- Depreciation of fixed assets
- Linked bank account for automated upload of bank statements
- Invoicing
- Remote payment acceptance by card or bank transfer
- Payroll accounting
- Quick questions to an accounting and tax expert
Basic
Automātiskās atskaites
€7
/ per month
VAT included
- Value Added Tax (VAT) declaration for the taxation period
- Depreciation and value write-off calculation for fixed assets and intangible investments
- Operations journal
- General ledger
- Corporate income tax declaration
- Annual report
- Balance sheet
- Profit and loss statement
- Employer’s report
- Information about employees
- Statement on amounts paid to a natural person
- Income and expense ledger
- Self-employed person's social security contributions report
- Social contributions report for MUN taxpayers
- Value Added Tax (VAT) declaration for the taxation period
- Depreciation and value write-off calculation for fixed assets and intangible investments
- Employer’s report
- Information about employees
- Statement on amounts paid to a natural person
- Register of transactions starting from current month
- Adding transaction history starting from 2019
- Analytical recommendations for expense deduction
- Scanning of receipts and invoices
- Depreciation of fixed assets
- Linked bank account for automated upload of bank statements
- Invoicing
- Remote payment acceptance by card or bank transfer
- Payroll accounting
- Quick questions to an accounting and tax expert
Pro
Save more
€17
/ per month
VAT included
- Value Added Tax (VAT) declaration for the taxation period
- Depreciation and value write-off calculation for fixed assets and intangible investments
- Operations journal
- General ledger
- Corporate income tax declaration
- Annual report
- Balance sheet
- Profit and loss statement
- Employer’s report
- Information about employees
- Statement on amounts paid to a natural person
- Income and expense ledger
- Self-employed person's social security contributions report
- Social contributions report for MUN taxpayers
- Value Added Tax (VAT) declaration for the taxation period
- Depreciation and value write-off calculation for fixed assets and intangible investments
- Employer’s report
- Information about employees
- Statement on amounts paid to a natural person
- Register of transactions starting from current month
- Adding transaction history starting from 2019
- Analytical recommendations for expense deduction
- Scanning of receipts and invoices
- Depreciation of fixed assets
- Linked bank account for automated upload of bank statements
- Invoicing
- Remote payment acceptance by card or bank transfer
- Payroll accounting
- Quick questions to an accounting and tax expert
Premium
Earn more
€27
/ per month
VAT included
- Value Added Tax (VAT) declaration for the taxation period
- Depreciation and value write-off calculation for fixed assets and intangible investments
- Operations journal
- General ledger
- Corporate income tax declaration
- Annual report
- Balance sheet
- Profit and loss statement
- Employer’s report
- Information about employees
- Statement on amounts paid to a natural person
- Income and expense ledger
- Self-employed person's social security contributions report
- Social contributions report for MUN taxpayers
- Value Added Tax (VAT) declaration for the taxation period
- Depreciation and value write-off calculation for fixed assets and intangible investments
- Employer’s report
- Information about employees
- Statement on amounts paid to a natural person
- Register of transactions starting from current month
- Adding transaction history starting from 2019
- Analytical recommendations for expense deduction
- Scanning of receipts and invoices
- Depreciation of fixed assets
- Linked bank account for automated upload of bank statements
- Invoicing
- Remote payment acceptance by card or bank transfer
- Payroll accounting
- Quick questions to an accounting and tax expert
What customers say
I used to spend hours issuing invoices. Now – just five minutes. And the money comes in faster!
Beauty industry
Riga
Convenient, simple, no explanation needed – I understood right away how easy and clear the system is to use.
Plumbing repair
Daugavpils
When I started working for myself, I thought I wouldn't be able to handle the taxes. But with pats.lv, I don't have to calculate them myself.
IT
Riga
Yes, I had questions about expense accounting and report preparation, but pats.lv is very responsive and helps with everything.
Courier
Liepaja
Frequently asked questions
Fixed assets - all tangible items used in economic activities for the production of goods, provision of services, as well as for administrative purposes. These items are considered fixed assets if they are not purchased for resale and are intended to be used for more than one year. Most often, fixed assets include technological equipment, computer hardware, furniture, office equipment, vehicles, land, buildings, and similar items.
The calculation of fixed asset depreciation in the system is carried out automatically according to one of two possible methods - linear or declining balance. Once a method is chosen, it must be followed for at least 10 years, and all fixed asset depreciations must be calculated using it.
For self-employed persons, if the value of purchased goods exceeds 1000 EUR, it is considered a fixed asset; if it is lower, it can be recorded as low-value inventory. For companies, no such purchase amount is set. The user must create a fixed asset card and choose a depreciation method - linear or declining balance. Depreciation will be calculated automatically, and the data will be included in reports. The system records everything automatically, you only need to provide the data.
The declining balance method calculates depreciation in percentages, while the linear method calculates it in monetary terms. Depreciation can be calculated either monthly or once a year, depending on your choice. Using either method, the total depreciation of a fixed asset is similar.
A fixed asset must meet several criteria:
It must be used for more than 1 year
The item is used for generating income, producing goods, providing services, or for administrative purposes A minimum amount is set from which an asset is considered a fixed asset
