What deadlines apply for the preparation and submission of the annual financial statements?
January 20, 2024 | 50,00 EUR | answered by Fanni Ehrig
Dear Tax Advisor,
My name is Peter Weber and I am the managing director of a medium-sized company. I have some questions and uncertainties regarding the annual financial statements. I would like to know what deadlines apply for the preparation and submission of the annual financial statements, and what happens if these deadlines are not met.
Currently, we are in the process of preparing the annual financial statements for the last fiscal year. We want to ensure that we comply with all legal requirements and do not risk any sanctions. However, I am not entirely clear on when the annual financial statements must be prepared and submitted to the tax office. Additionally, I am wondering if there are possible extensions for the deadlines and what consequences may arise if we are unable to meet the deadlines.
I am concerned that due to the complex legal regulations, we may lose track and potentially risk fines or penalties. Therefore, I would like to know from you what specific steps we need to take to meet the deadlines for the preparation and submission of the annual financial statements, and how we should proceed in case of delays.
Thank you in advance for your help and support.
Best regards,
Peter Weber
Dear Mr. Weber,
Thank you for your inquiry regarding the annual financial statements and the associated deadlines. It is very important to comply with these legal requirements in order to avoid potential negative consequences.
First of all, I would like to inform you that the deadlines for the preparation and submission of the annual financial statements are legally regulated. In Germany, corporations such as GmbHs or AGs must prepare their annual financial statements within 12 months after the end of the financial year. This means that the annual financial statements for the previous financial year must usually be prepared by December 31 of the following year.
The submission of the annual financial statements to the tax office must also be done within this deadline. Typically, this is required by July 31 of the following year. However, there are exceptions depending on whether the tax office grants an extension or not.
Failure to comply with the deadlines for the preparation and submission of the annual financial statements can lead to various consequences. Primarily, this can result in fines. The amount of fines may vary depending on the type and size of the company. Additionally, there may be penalty payments if the deadlines are repeatedly not met. In the worst case scenario, this could even lead to the dissolution of the company.
To ensure that you comply with the deadlines, it is important to start preparing the annual financial statements early. If there are any delays, you should timely request an extension from the tax office and provide reasons for the delay. It is advisable to seek support from an experienced tax advisor to avoid potential issues.
I hope that this information has been helpful to you. If you have any further questions or need assistance, feel free to contact me.
Best regards,
Fanni Ehrig
