What tax obligations do I have as a start-up entrepreneur?
May 18, 2024 | 40,00 EUR | answered by Martina Köhler
Dear Tax Advisor,
My name is Mia Koch and I am planning to start my own business. I already have a business idea and want to become self-employed. However, the tax aspect of starting a business is causing me great concern. I am unsure of the tax obligations that I will face and how best to fulfill them.
Currently, I am still employed and therefore have no experience with tax returns for self-employed individuals. I have heard that there are different types of taxes that I need to consider as a business owner, such as sales tax, income tax, and trade tax. Accounting is also a new area for me.
My question to you as an expert is: What specific tax obligations do I have to fulfill as a new business owner? How can I best prepare for these obligations and what support can you offer me as a tax advisor? Are there specific deadlines or forms that I need to be aware of?
I would greatly appreciate your help and support with this important matter. It is very important to me to do everything correctly from the start and avoid any tax problems. Thank you in advance for your professional advice.
Sincerely,
Mia Koch
Dear Mrs. Koch,
Thank you for your inquiry regarding the tax obligations in the context of starting a business. It is understandable that you are thinking about this topic, as it can be a complex and often confusing matter for many founders. I would be happy to assist you with detailed information and tips.
As a business founder, you do indeed have various tax obligations to fulfill. The most important types of taxes that you must consider as a self-employed individual include value-added tax, income tax, and trade tax. Usually, you must remit value-added tax to the tax office once you reach a certain turnover. Income tax concerns your personal income as a self-employed individual, and trade tax applies to business owners if they register a business.
In order to fulfill these tax obligations, it is important that you familiarize yourself early on with the topic of accounting. Proper bookkeeping is the foundation for correct tax processing. Therefore, you should implement a suitable bookkeeping system and carefully retain all relevant documents. If you are unsure, you can also seek assistance from a tax advisor like myself, who can support you with bookkeeping.
As a tax advisor, I can help you fulfill your tax obligations by offering you individual advice and support. I can explain to you which deadlines and forms you need to consider, and assist you in preparing your tax returns. Additionally, I can help you utilize tax benefits and save on taxes by presenting you with suitable tax strategies.
It is important that you address the topic of taxes early on and seek professional assistance in order to do everything correctly from the start. I am available for further questions and look forward to accompanying you on your journey to self-employment.
Sincerely,
Martina Köhler
Tax Advisor
