VAT law has become an extremely complex matter. Although there is harmonization at the EU level, the rules of individual countries sometimes differ significantly from each other. Mistakes are inevitable; however, ignorance is no excuse. Even in the case of VAT, small mistakes can prove to be very costly. Here are a couple of important […]
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Below you can find a list of VAT-related mistakes made by our clients. In most of cases, we were able to help, but sometimes the damage was already done: Lack of knowledge whether there is VAT on sales invoices No distinction made between between private individuals (B2C) and companies (B2B) when invoicing clients in foreign […]
What is a Tax CMS? CMS means Compliance Management System. Compliance is an adherence with regulations and corporate guidelines, so a Tax CMS should make sure a company complies with tax rules. Who needs a Tax CMS? Large companies, esp. listed companies and those in the form of an “AG” (joint stock company) as […]
Why is a certified tax advisor required for monitoring travel expenses? Checking of the travel expense reports of your employees can be done in the best possible way either by you or by the supervisors appointed by you. Upon your request, we can reduce your work and can do arithmetic controls of the submitted travel […]
The regulations regarding wage taxation and social security for the accounting of travel expenses change frequently. When you don’t work with regularly updated programs and the latest legislations, it is possible that you submit incorrect wage tax notifications and statements of contributions to social security and record the travel expenses incorrectly in the accounting. Our […]
While checks of the invoices and and receipts had priority in tax field audits in past times, this is now taken care of by the IT of the tax auditor. The auditors mostly obtain the accounting data in an electronic format in preparation of the audit. Thus, e.g. your cash account is checked for credibility […]
Not meeting disclosure and cooperation obligations can generally lead to penalty payments, surcharges for the tax payer. It can also give the tax authorities the right to estimate the income, which is most often used in favor of the authorities. Furthermore, some employees must be delegated as contact persons, space must be provided and the […]
Depending on size and legal form, certain financial data such as balance sheets, notes, etc. must be disclosed or deposited in the Federal Gazette. At www.unternehmensgegister.de, anyone can find out about the data disclosed in the electronic business register. If the disclosure does not take place within 12 months of the end of the financial […]
If you are not obliged to prepare annual accounts, it is sufficient to calculate the profit as the surplus of the operating income over the operating expenses. These are then compiled in a so-called surplus income statement and sent to the tax office once a year together with the corresponding tax forms. Since the income […]
The most significant differences between the commercial and the tax balance sheets are in the following items: Depreciation’s Goodwill or company value Simplified methods of stock evaluation Future increases in prices and costs for calculation of provisions Accruals for pensions Contingent loss provision Intangible assets in fixed assets. Did we get your attention? See here […]