Bookkeeping services for an ehf.: books, payroll, VAT and annual accounts at a fixed price

Kassify · 6 November 2026

Kassify is an accounting firm that runs all the bookkeeping of an Icelandic private limited company (ehf.): entries and bank reconciliation, VAT returns, payroll and withholding tax, the annual accounts and the tax return. AI reads, categorises and matches every transaction, so no entry is typed in by hand, and accredited bookkeepers and certified auditors stand behind the work.

One fixed monthly price covers bookkeeping, payroll, VAT returns, the app, the annual accounts and the tax return, and you get the price in writing before you start. The yearly bookkeeping cost is 20% lower than at a traditional accounting firm, and the move from your old system takes less than 7 days.

Who it is for

The owner of an ehf. The company can be a one-person ehf. where the owner is the only employee, or a company with dozens of people on the payroll and more than one bank. The duties are the same: an ehf. must keep books from the day it is founded, files a VAT return if it is on the VAT register, withholds tax from salaries and files annual accounts every year.

What sets companies apart is scale: the number of transactions, employees and bank accounts. Scale sets the monthly price at Kassify. The tasks are the same for everyone. If the company is not founded yet, the steps are in the article on how to start an ehf.

What an ehf. must do every year

Eight duties come back every year.

• Bookkeeping. Under the Bookkeeping Act no. 145/1994 every entry is recorded as soon as possible, in date order and with a numbered supporting document. Bookkeeping records are kept for 7 years from the end of the financial year, and annual accounts for 25 years.
• VAT returns. Six returns a year, each due one month and five days after a two-month period ends. The rules and the surcharge are in the article on VAT returns.
• Withholding and social security tax. A return every month, due on the 15th, also in a month when no salary is paid. Social security tax is 6,35% of salaries plus the employer's pension contribution. The calculation is in the article on the payslip.
• Calculated remuneration. An owner who works for the company, holds 5% or more personally and 50% or more together with family or working shareholders pays themselves at least the minimum salary for their category. In category B(5) the minimum is 933.000 kr. a month in 2026. The categories are in the article on calculated remuneration.
• Dividends, if paid. The company withholds 22% of the dividend and pays it over quarterly, due 4 February, 4 May, 4 August and 4 November. When a dividend may leave the company is in the article on share capital and dividends.
• Annual accounts. Filed with the annual accounts register within a month of the annual general meeting and no later than eight months after the financial year ends, which is 31 August for a company on the calendar year. Late filing costs a 600.000 kr. administrative fine. The fine and the size classes are in the article on annual accounts.
• Tax return. The company pays 20% income tax on its profit. The return is prepared from the same numbers as the annual accounts, and the Director of Internal Revenue sets the filing deadline each year.
• Beneficial owners. Under Act no. 82/2019 any change to the beneficial owner information is reported to the company register within two weeks. Daily fines run from 10.000 to 500.000 kr. a day.

What is included

Each task and who does it. All of it is in the monthly price.

Two things stay yours. Money leaves the company's account only when you approve the payment in your online bank, whether it is salaries, VAT or withholding. And the board signs the annual accounts. Everything else in the table is Kassify's work.

The year 2027 for an ehf.

Assume an ehf. with the calendar year as its financial year, standard two-month VAT periods and salaries paid every month. Withholding and VAT due dates are checked against the 2027 calendar: a due date that falls on a weekend or public holiday moves to the next working day.

If a dividend is paid, four withholding due dates on it are added.

How the price works

At Kassify there is one invoice: a fixed monthly price for bookkeeping and bank reconciliation, VAT returns, payroll, sales invoices and reports, the app, access to the bookkeepers, the annual accounts and the tax return. The price is set by the size of the business.

You get the price in writing before you start. There are no hidden fees, and the price does not go up because the bookkeeper answers more questions in a month.

There are three ways to keep the books of an ehf. The order goes by how much work comes off your plate.

Assume the company takes option 2: Payday's full package, the Simplex plan that covers payroll, and the annual accounts and tax return at Endurskoðun & ráðgjöf, at the prices the companies publish on their own sites on 5 November 2026.

At Simplex and Endurskoðun & ráðgjöf these are minimum prices. Simplex says its final monthly fee depends on scope and does not state whether the price includes VAT. At Endurskoðun & ráðgjöf hours above the base fee are added, and an hour of a certified auditor costs 38.000 kr. excluding VAT. What the year costs at more firms is in the article on bookkeeping cost.

How the move works

Kassify moves the books of an ehf. from Payday, dk, Regla, Netbókhald, Uniconta, Business Central and other systems. The switch takes less than 7 days and costs the company nothing extra.

1. 1
   The bookkeeper's name is enough

   Kassify contacts the old bookkeeper and accountant and collects the company's records from them. That conversation sits with Kassify, not with you.

2. 2
   The company's history moves

   The year's books, issued invoices and the payroll history of staff and owner come over, and the balance of every account is compared with the old system before the switch.

3. 3
   The next returns come from Kassify

   The next VAT return and the next payslip go out from Kassify, from the same books the company's annual accounts will be made from.

A move mid-year works the same way: the year's books are brought in and reconciled, so the annual accounts cover the whole year. If older years are unfiled, Kassify reviews where things stand and agrees a price for each year before the work starts. How the conversation with the old bookkeeper goes is in the article on how to change bookkeeper.

Who is responsible and who signs

• The books. The AI books, and Kassify's accredited bookkeepers review the exceptions. Your bookkeeper replies within 24 hours, in the app or by email.
• The VAT return. Kassify prepares it from the books and sends it to Skatturinn after you have seen the amount.
• Payroll. Kassify sets up the salary payments, and they do not go out until you approve them in your online bank. The company pays salaries from its own account.
• The annual accounts. Kassify prepares them from the books, and they are reviewed by a certified auditor. The company's board signs them, because the annual accounts are its responsibility under the Annual Accounts Act no. 3/2006, and Kassify then sends them to the annual accounts register.
• The tax return. Prepared alongside the annual accounts from the same numbers, so the work is not done twice.

Kassify is designed and run with Gunnar Freyr Guðmundsson, certified auditor and owner of Endár ehf. What the bookkeeping service covers is on Kassify's bookkeeping page.

Questions

The company on time. A fixed price, known in advance.

Leave your email. Kassify goes through the company's year with you, from the first entry to the annual accounts, and sends you the price in writing before you sign.