What deadlines do I have to observe for the preparation of the annual financial statements?
January 8, 2024 | 40,00 EUR | answered by Jens Meier
Dear Tax Advisor,
I am Renate Richter and I run a small family business. So far, I have never delved into the topic of annual financial statements, as my tax advisor has always taken care of this for me. However, due to a sudden illness, my tax advisor is currently unavailable, and I am now faced with the challenge of preparing the annual financial statements myself.
I am unsure of the deadlines I need to adhere to in order to submit the annual financial statements on time. My main concern is to avoid penalties or sanctions and to comply with legal requirements. I know that deadlines can vary depending on the legal form and size of the company, but I am not sure which ones apply to my business.
Furthermore, I am concerned that I may not have enough knowledge and experience in the field of accounting to accurately prepare the annual financial statements. It is important to me that the annual financial statements are accurate and error-free in order to avoid potential tax consequences.
Could you please explain to me in detail what deadlines I need to consider for the preparation of the annual financial statements? Which legal requirements are relevant, and how can I ensure that the annual financial statements are prepared correctly and on time? Are there any assistance or tools that could help me in preparing the annual financial statements?
Thank you in advance for your support and guidance.
Sincerely,
Renate Richter
Dear Mrs. Richter,
Thank you for your inquiry regarding the annual financial statements for your family business. It is understandable that you may feel unsure in this situation, as the preparation of the annual financial statements is an important task that must be carried out carefully and correctly to avoid tax consequences.
First and foremost, I would like to emphasize that the deadlines for the preparation and submission of the annual financial statements actually depend on various factors, such as the legal form and size of the company. In your case, as the operator of a small family business, the legal requirements for small corporations generally apply. For these companies, the statutory deadline for the preparation of the annual financial statements is usually twelve months after the end of the financial year. The submission to the tax office must be done within one month after completion. It is important to adhere to these deadlines to avoid penalties or sanctions.
To ensure that the annual financial statements are accurate and error-free, I recommend that you consult with an experienced tax advisor once your tax advisor is available again. A professional tax advisor can assist you in preparing the annual financial statements and ensure that all legal requirements are met.
If you still wish to prepare the annual financial statements yourself, there are various aids and tools that can assist you. For example, there is specialized software for accounting and financial reporting that can support you in preparing the annual financial statements. Additionally, there are online courses and training sessions that can help you understand the basics of financial reporting.
In any case, it is important that you address the issue of the annual financial statements in a timely manner and seek professional help if necessary to ensure that your annual financial statements are prepared properly and on time. If you have any further questions, please feel free to contact me.
Best regards,
Jens Meier
Tax Advisor
