Which documents do I need to prepare for the advance VAT return?
November 4, 2023 | 50,00 EUR | answered by Oliver Götzinger
Dear tax advisor,
my name is Emma Fischer and I am a self-employed entrepreneur in the event planning industry. Over the past few months, I have steadily increased my revenues, and as a result, I am now registered for VAT. So far, I have not delved deeply into the topic of VAT pre-registration and I am unsure about which documents I need to prepare for the pre-registration.
I generate my income through organizing events such as weddings, company parties, and birthday parties. I work with both private individuals and companies. My business year runs from January 1st to December 31st.
Since I now have to regularly submit VAT pre-registrations, I am unsure about which documents I should have ready. So far, I have only recorded my income and expenses in an Excel sheet and collected my income receipts. I am worried that I might forget important documents or that my pre-registration could be incorrect.
Could you please explain in detail which documents I need to prepare for the VAT pre-registration? Are there specific documents that I need for the preparation or is it enough to record my income and expenses? Is there possibly software that can help me with this?
Thank you in advance for your support and I look forward to your feedback.
Sincerely,
Emma Fischer
Dear Mrs. Fischer,
Thank you for your inquiry regarding the advance VAT return. As a self-employed entrepreneur in the event planning industry, it is important that you familiarize yourself with the necessary documents for the advance return to avoid errors and fulfill your tax obligations correctly.
For the advance VAT return, you generally need to prepare the following documents:
1. Profit and Loss Statement (EÜR): As a self-employed individual, you are required to create a profit and loss statement in which you compare your income and expenses. This serves as the basis for calculating your VAT.
2. Invoices: You should keep all invoices that you issued during the advance return period. This includes invoices for your services, as well as incoming invoices for expenses related to your business activities.
3. Bank statements: It is advisable to also collect your bank statements to track the actual amounts received or spent, and to ensure that all income and expenses are recorded.
4. Receipts: All receipts that confirm your income and expenses should also be kept. This includes receipts for purchases or payment receipts for received payments.
It is important that you prepare all necessary documents carefully and completely in order to submit a correct advance VAT return. Errors or missing documents may result in additional charges and potentially fines.
Regarding your Excel spreadsheet as a tool for recording your income and expenses, it may be helpful to use specialized accounting software that can assist you in structuring and analyzing your data. There are various programs on the market specifically tailored to the needs of self-employed individuals that can support you in the advance return process.
I recommend that you contact your tax advisor to prepare your advance VAT return together and ensure that all necessary documents are correct. Your tax advisor can also assist you in selecting suitable accounting software and provide you with further tips on how to effectively fulfill your tax obligations.
I hope this information is helpful to you and I am available to answer any further questions you may have.
Best regards,
Oliver Götzinger
Tax Advisor
