Accounting services for an LLC: bookkeeping, taxes, payroll and reporting

What the law requires of an LLC

As a legal entity, an LLC is a subject of accounting (Article 6 of the Law “On Accounting”), so its requirements are broader than those for an individual entrepreneur (IE):

• keep books using double entry (Article 4 of the Law);
• document transactions with primary documents, including electronic ones (Article 14 of the Law);
• approve an accounting policy, organise internal control and ensure the safekeeping of documents (Article 11 of the Law);
• carry out stock counts of assets and liabilities (Article 16 of the Law);
• keep primary documents, ledgers and financial statements for at least five years after the reporting year (Article 29 of the Law).

Financial statements: what is filed and when

Annual financial statements under NAS (national accounting standards) are submitted no later than 1 March of the year following the reporting year, and under IFRS no later than 1 May (para. 7 of the Regulation approved by Order No. 181 of the Ministry of Economy and Finance, reg. No. 3567, in force from 1 January 2025). Quarterly financial statements have not been filed with the tax and statistics authorities since 1 January 2023 (Presidential Resolution PP-419).

The composition depends on size: for micro-firms and small enterprises the annual statements are the balance sheet and the statement of financial results (para. 10 of the Regulation); others add a cash flow statement, a statement of equity and notes (Article 22 of the Law).

LLC taxes: general regime or turnover tax

The regime sets the rhythm of the accounting work. An LLC with total income of up to UZS 1 billion a year may pay turnover tax instead of VAT and profit tax (Article 461(1)(1), Article 462(1) of the Tax Code), but not every LLC: for example, importers and producers of excisable goods cannot use it (Article 461(2) of the Tax Code).

• VAT — 12% (Article 258 of the Tax Code), the tax period is a month (Article 259); the return with data from the purchase and sales registers and the payment are due no later than the 20th of the following month (Article 273).
• Profit tax — the general rate is 15% (Article 337(1)(12) of the Tax Code), the reporting period is a quarter (Article 338); the return is due by the 20th of the month after the quarter, the annual one by 1 March (Article 339).
• Turnover tax — the base rate is 4% (Article 467(1)(1) of the Tax Code); monthly returns by the 15th, the annual one by 15 February (Article 470). A company can switch to it from the new year by notifying the tax authority at least 10 days in advance (Article 462(2)), and a new LLC chooses its regime at registration (Article 462(4)).
• When income exceeds UZS 1 billion, the company switches to VAT and profit tax from the day the threshold is exceeded (Article 462(7) of the Tax Code).

Returns generated by the tax authority

From 1 January 2026, returns for VAT, turnover tax, PIT, social tax, property tax and land tax of legal entities are generated by the tax authority itself — based on data in its information system and information the taxpayer enters in the personal online account. If a return differs from the books, a corrected return is filed within five days, but no later than the filing deadline; without corrections the return is deemed accepted as generated (Article 81 of the Tax Code). Reconciling these returns with primary documents has become a mandatory part of the accountant’s monthly work.

Payroll, HR and payments to shareholders

• PIT — 12% (Article 381(1) of the Tax Code); the tax is remitted at the same time as the income is paid, but no later than the filing deadline (Article 390). The tax agent’s return is filed monthly by the 15th, and for the year by 15 February (Article 389).
• Social tax — 12% (Article 405(1)(1) of the Tax Code); return and payment monthly by the 15th, the annual return by 15 February (Article 407).
• Salary is paid at least twice a month: the advance and the balance with an interval of, as a rule, no more than 16 days (Article 253 of the Labour Code).
• The monthly salary for a fully worked standard period may not be lower than the minimum wage (Article 245 of the Labour Code); from 1 September 2026 the minimum wage is UZS 1,360,000 (Presidential Decree UP-115).
• On dismissal, all amounts due are paid on the day the employment contract ends (Article 254 of the Labour Code).
• Dividends to shareholders who are individuals resident in Uzbekistan are subject to PIT at 5% (Article 381(2) of the Tax Code).

Electronic invoices

An LLC must issue invoices to buyers, as a rule electronically in the e-invoice (ESF) information system; the exception is a sale with a cash receipt. When the price or quantity changes, an additional or corrected invoice is issued (Article 47 of the Tax Code).

For a VAT payer, data from the purchase and sales registers form part of the VAT return (Article 273 of the Tax Code), so before the 20th the accountant reconciles incoming and outgoing e-invoices with contracts, acts and waybills. Under turnover tax, the obligation to issue invoices and keep purchase and sales ledgers remains (Article 462 of the Tax Code).

How the books are handed over and what the service includes

The handover takes four steps: diagnostics (balances, unclosed periods, returns filed, discrepancies in the personal online account), a contract and a document flow procedure, acceptance of the database and documents under a handover act, and the first reporting cycle. The duration depends on the volume and condition of the books; the reference point is the next filing date, the 15th or the 20th. The regular service includes:

• receiving and checking primary documents, journal entries, ledgers;
• bank, cash, reconciliations with suppliers and customers;
• e-invoices: issuing, accepting, corrections;
• calculating taxes and checking returns generated by the tax authority;
• payroll, PIT, social tax, HR documents;
• the accounting policy for tax purposes: a new legal entity chooses its tax accounting methods during the first reporting period; during the year the policy is changed only if tax legislation or taxation conditions change (Article 77 of the Tax Code);
• stock counts and annual financial statements;
• advice and responses to tax authority requests.

What the company receives and what drives the cost

The result: tax returns and financial statements filed on time, a monthly report to the head of the company on taxes payable, deadlines and risks, an up-to-date accounting database, a document archive and an accounting policy.

The price depends on the regime (monthly work is heavier under VAT), the number of documents and transactions, headcount, imports and foreign currency transactions, several activities taxed at different turnover tax rates — which require separate accounting (Article 468 of the Tax Code) — and the condition of the books at handover. It is fixed in the contract after diagnostics.

Liability and typical risks

• Failure to meet accounting obligations, including unreliable bookkeeping and failure to carry out stock counts, means a fine on officials of 3 to 7 BCV (base calculation value), and for a repeat offence within a year 7 to 10 BCV (Article 175¹ of the Code of Administrative Responsibility).
• Late filing of tax returns means a fine on officials of 10 BCV, for micro-firms and small enterprises 3 BCV; several returns overdue in the same month incur one fine (Article 175 of the Code of Administrative Responsibility as amended from 1 January 2026).
• Late payment interest is 1/300 of the Central Bank refinancing rate for each day (Article 110 of the Tax Code).
• The taxpayer is responsible for the reliability of tax returns (Article 81 of the Tax Code); a contract with an accounting firm does not change this, so the procedure for compensating its errors is set out in the contract.
• If the company is subject to mandatory audit, the contractor’s specialist must meet the same requirements of Article 12 of the Law as a chief accountant: higher education, experience in accounting, reporting or audit, and annual professional development.