Every year thousands of entrepreneurs in the Czech Republic face the need to fill in a tax return.
An incorrectly filled in tax return can lead to fines and other unpleasant consequences.
Let’s look at the most common mistakes that should be avoided.
Check that all your personal details, full name, are correct and without typographical errors. Make sure that the address of registration or residence is up-to-date. Incorrect phone number or email may result in the tax service not being able to contact you.
The deadline for filing a declaration depends on the tax regime chosen and the method of filing (paper or electronic). Do not miss the deadline! Penalties may be charged for late submission of a declaration.
Indicate all income, including wages, income from entrepreneurial activity, rental of property, etc. If there are several sources of income, you must provide a certificate of taxable income from each employer.
Not all benefits can be applied at the same time. Read the terms and conditions of each benefit carefully. You must provide the appropriate documents (e.g., children’s certificate, lease agreement) to prove your eligibility for the benefit.
Be sure to sign the paper declaration in your own hand. For an electronic one, use a qualified electronic signature.
All necessary documents (certificates, contracts, etc.) must be attached to the declaration. Make sure that the data in the annexes correspond to the data in the declaration.
Select the appropriate depreciation method depending on the type of property. Calculate the amount of depreciation accurately.
Carefully examine which income and expenses are included in the tax base and which are not.
VAT rates: Apply the correct VAT rates for different types of transactions.
Accurately calculate the amount of VAT payable or refundable.
Keep all primary documents for a set period of time (usually 5 years).
Additional advice to entrepreneurs:
Use specialized programs: They will help you avoid many mistakes. Consult an accountant: A professional will help you fill in the declaration correctly and avoid problems with the tax authorities. Follow changes in legislation: Tax legislation is constantly changing, so keep up to date with the latest news. Our website always has the latest and most up-to-date information.
Important: This article is informational and is not a substitute for expert advice.
Order a consultation with our specialist – entrust your reporting to professionals!
Our success depends on the success of our customers!
We will become a reliable partner that will solve any legal and accounting problems. Just make an appointment for a consultation