What deadlines do I have to consider when submitting my annual financial statements?
December 14, 2022 | 40,00 EUR | answered by Louis König
Dear tax advisor,
I am Philip Schäfer, CEO of a medium-sized company, and I am facing the challenge of submitting my annual financial statements on time. I am unsure about the specific deadlines I need to adhere to and the consequences of a late submission.
We are currently in the fourth quarter of the fiscal year and nearing the completion of the annual financial statements. Since this is my first time being responsible for the submission, I am unsure of the steps to take and the deadlines to meet. I want to ensure that all documents are complete and the submission is done correctly to avoid any fines or penalties.
My main concern is not accurately estimating the deadlines and falling behind. This could not only have financial consequences for the company but also damage my reputation as CEO. Therefore, it is very important to me to take all necessary steps in a timely manner and submit the annual financial statements on time.
Could you please explain to me exactly the deadlines I need to observe when submitting my annual financial statements? Are there differences depending on the company's legal form or size? And what are the consequences of a late submission? I would greatly appreciate your support and expertise in this matter.
Thank you in advance.
Best regards,
Philip Schäfer
Dear Mr. Schäfer,
Thank you for your inquiry regarding the timely submission of your annual financial statements. As a tax advisor with many years of experience in this field, I am happy to assist you and explain the necessary steps to avoid potential consequences of a late submission.
First and foremost, it is important to know that the deadlines for submitting the annual financial statements are legally regulated and depend on various factors. Generally, capital companies such as GmbHs or AGs must submit their annual financial statements to the relevant registry court within 12 months after the end of the fiscal year. For partnerships such as OHGs or KGs, the deadline is 11 months after the end of the fiscal year. Small capital companies have an extended deadline of 9 months.
Therefore, it is important to plan the fiscal year properly and start preparing the annual financial statements in a timely manner to allow enough time for any adjustments or corrections. In case of a late submission, various consequences may occur depending on how long the deadline is exceeded. Initially, the registry court may impose a penalty payment, which can amount to several thousand euros depending on the severity of the violation. In case of repeated violations, even the dissolution of the company may be threatened.
It is advisable to consult a tax advisor in a timely manner to ensure that all documents are complete and correct, and that the submission is made on time. A tax advisor can also help you consider any special regulations for specific types of businesses and monitor compliance with deadlines.
I hope this information is helpful to you and supports you in the timely submission of your annual financial statements. If you have any further questions or need assistance, please feel free to contact me.
Best regards,
Louis König
