Budget

In order to run a business profitably, you need to have a good idea of revenue streams and costs. Now let's put together a rough budget for the start of your restaurant. Fill in the requested information below!

Financial administration 3/4

  • The amount of fixed costs is not dependent on the sales volumes, which means that they can be considered to arise from the maintenance of production capacities. Fluctuations in production volumes do not affect fixed costs at all. Fixed costs are generated in equal amounts even though the production was halted.

    Given an estimation on the annual fixed costs in euro below.

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  • Personnel

  • Give an estimation of your annual turnover in euro. Enter the figure without spaces.

  • The minimum salary to be paid for the employees is provided in the generally binding collective agreement of the sector. In the absence of such a collective agreement, a reasonable salary regarded as ordinary in the sector that reflects the demands of the work must be paid.
  • The employer is always responsible for the indirect salary costs.

    It is mandatory to take out TyEL insurance for an employed person if the person receives a monthly salary of EUR 59.36 or more. The TyEL contribution, which for small employers with contracts is 25.2% of the employee’s salary, is paid to the insurance company. This contribution includes also the employee’s share. The employee’s share of the TyEL contribution, which the employer deducts from the salary, is for 17–52- and 63–67-year-olds 6.75% and for 53–62-year-olds 8.25% of the salary.

    The employer’s health insurance payment is 0.77% of the salary.

    The unemployment insurance premium is 0.5% of the salary when the maximum amount of salaries paid by the employer is EUR 2,086,500 annually. For the share exceeding this amount, the insurance payment is 2.05%. The employee’s unemployment insurance premium is 1.5%. The unemployment insurance premium is paid to the Employment Fund.

    The insurance for occupational accidents and diseases varies, being 0.1–7.0% of the salary depending on the sector (average 0.8%).

    The group life assurance premium is, on average, 0.07% of the salary.
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  • Property costs

    Give an estimation on the annual fixed costs in euro below. Enter the figures without spaces.

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  • Other fixed costs

    Given an estimation on the annual fixed costs in euro below. Enter the figures without spaces.

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  • Depreciation

    The acquisition costs of fixed assets subject to wear and tear, such as the buildings, machines and equipment, are recorded in the balance sheet as assets upon acquisition and will be deducted as depreciation per each financial year when it is financially advantageous.

    Give an estimation on your annual fixed costs in euro below. Enter the figures without spaces.

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  • Taxes

    Give an estimation on the annual interests and other financing costs and payable taxes here. Enter the figures in euro and without spaces.

  • Are you familiar with the VAT rates?

    The most common VAT rate is 24%
    Most goods and services.
    Some goods and services are subject to a reduced tax rate:
    14%
    Foodstuffs
    Feed
    Restaurant and catering services (*however, alcoholic beverages and tobacco products 24%*)
    10%
    Subscribed newspapers and magazines (*also e-books, audio books, electronic newspapers and magazines and single-copy sales of newspapers and magazines as of 1 July 2019.*)
    Books
    Medicine
    Sporting services
    Film screenings
    Entrance fees of culture and entertainment events
    Transport of passengers
    Accommodation services
    Compensation for television and public broadcasting activities