What are the consequences if I incorrectly fill out my trade tax return?
September 10, 2023 | 50,00 EUR | answered by Jens Meier
Dear tax advisor,
I recently submitted my business tax return for my company, but I am unsure if I have provided all the information correctly. I operate a small sole proprietorship in the trade sector and filled out the business tax return independently, as I have not had any issues with the tax office so far.
However, I am now worried that I may have made mistakes and would like to know what consequences I could face if the business tax return is incorrect. I have heard that the tax office can impose high penalties for incorrect information and I definitely want to avoid that.
Could you please explain to me what possible consequences I could face if the business tax return is not correct? Are there ways to correct my information afterwards or should I expect serious penalties? I want to make sure that my tax return is accurate and I do not encounter any problems with the tax office.
Thank you in advance for your support.
Sincerely,
Fred Evers
Dear Fred Evers,
Thank you for your inquiry regarding your trade tax return. It is understandable that you are concerned if you are unsure whether your information is correct. It is important that your tax return is accurate and complete to avoid issues with the tax office.
If your trade tax return is incorrect, various consequences may arise. Firstly, the tax office will review your information and may find that incorrect information was provided. In this case, the tax office may make a tax estimate and determine the trade tax accordingly. This means that you may have to pay additional tax if too little trade tax was paid.
Furthermore, the tax office can impose fines or penalties for incorrect information. These penalties can be very high depending on the severity of the violation and can lead to financial burdens. Therefore, it is important that your tax return is correct to avoid such consequences.
If you find errors in your trade tax return, it is advisable to correct them as soon as possible. You have the option to submit a corrected tax return to the tax office. It is important that you disclose the errors and provide the correct information. In most cases, the tax office will accept the corrected tax return and make the necessary adjustments.
So, it is possible to correct errors in your trade tax return as long as you do so in a timely manner. It is better to correct errors on your own before the tax office discovers them and potentially imposes penalties.
I hope that this information has been helpful to you. If you have any further questions or need assistance with correcting your tax return, I am at your disposal.
Sincerely,
Jens Meier
Tax Advisor
