What deadlines apply for the preparation of the annual financial statements?
February 22, 2024 | 50,00 EUR | answered by Alice Heck
Dear Tax Consultant,
I am Jakob Krause, owner of a small business, and I am facing the challenge of preparing the annual financial statements for my company. Unfortunately, I lack the expertise and I am unsure about the deadlines that I need to adhere to.
The current situation is that the financial year of my company ends on December 31st, and therefore I need to prepare the annual financial statements for the past year. Since I have no experience in preparing annual financial statements, I am concerned about meeting the deadlines.
I am aware that the deadlines for the preparation of the annual financial statements are legally regulated and there can be consequences for not meeting them. Therefore, it would be very helpful for me to know which specific deadlines I need to meet and what steps I can take to adhere to them.
Could you please detail the deadlines for the preparation of the annual financial statements and what I need to do to meet them? Is there a possibility to request deadline extensions, and if so, under what conditions?
Thank you in advance for your assistance.
Sincerely,
Jakob Krause
Dear Mr. Krause,
Thank you for your inquiry regarding the deadlines for preparing the annual financial statements for your company. It is understandable that as the owner of a small business, this issue may be causing you some concern, especially if you have no prior experience with it. I would be happy to provide you with all the necessary information so that you can meet the deadlines and avoid any consequences.
It is important to know that the deadlines for preparing the annual financial statements are legally regulated. The deadlines for the preparation of the annual financial statements for companies are set out in the German Commercial Code (HGB). According to § 242 para. 1 HGB, the annual financial statements must be prepared within three months after the end of the financial year. In your case, since your financial year ends on December 31st, you would need to have prepared the annual financial statements by the end of March at the latest.
However, it is also possible to apply for an extension of the deadline. This application must be submitted to the relevant tax office and may be granted under certain conditions. Reasons for an extension may include unforeseen circumstances that make it difficult to prepare the annual financial statements on time. It is important, however, that the application for an extension is made in a timely manner, before the regular deadline expires.
To meet the deadlines, I recommend starting the preparation of the annual financial statements early. If you are unsure or need assistance, you can also consult a tax advisor like myself, who can assist you with the preparation. A tax advisor is familiar with the legal requirements and can ensure that the annual financial statements are prepared on time and correctly.
I hope this information is helpful to you and that you now have a better understanding of the deadlines for preparing the annual financial statements and how to meet them. If you have any further questions or need assistance, please do not hesitate to contact me.
Best regards,
Alice Heck
