What happens if I do not submit my trade tax return?
April 27, 2024 | 40,00 EUR | answered by Simon Schaaf
Dear tax consultant,
My name is Ben Schulze and I run a small business in the service industry. Unfortunately, I have neglected to submit my trade tax return and am now worried about possible consequences. I have heard that failing to submit the trade tax return can lead to high penalties, but I am unsure of what exactly these may be and what steps I should take now.
I am currently facing the situation that I have been focusing more on my day-to-day business in recent months and have lost sight of the tax return. Now I fear that I may be in arrears and may have to face financial penalties or other consequences.
My concern is that I could jeopardize my business with unexpected costs or even fines if I do not act in a timely manner. Therefore, I am wondering what options there are to get out of this difficult situation and how best to proceed to submit the trade tax return on time.
Could you please explain to me what consequences there may be if I do not submit my trade tax return and what steps I should take now to solve the problem? I would be very grateful for your support and professional advice on this matter.
Sincerely,
Ben Schulze
Dear Ben Schulze,
thank you for your inquiry and I understand your concerns regarding the overdue trade tax return. It is important to be aware of the possible consequences and to act promptly to avoid further problems.
If you fail to submit your trade tax return on time, this can indeed lead to financial penalties. The exact amount of the penalties depends on various factors, such as the amount of the trade profit and the duration of the delay. In general, penalties for late submission of the trade tax return can amount to up to 25,000 euros.
Furthermore, additional consequences may arise, such as a coercive fine that can be imposed by the tax authorities if you fail to submit the return despite being requested to do so. The tax authorities may also make estimations and determine the trade tax without considering your information. This can result in higher tax payments than if you had submitted the return on time.
To resolve this situation, it is important to take immediate action. My first advice would be to contact your local tax office promptly and explain the situation. Depending on how advanced your delay is, you may be able to request an extension of the deadline or a deferral of the tax debt.
I also recommend seeking professional help from a tax advisor who can assist you in preparing and submitting the trade tax return. An expert will help you gather all the necessary documents and ensure that the return is complete and accurate.
I hope my response helps you and encourages you to take proactive steps to resolve the situation. Please do not hesitate to contact me if you have any further questions or need assistance.
Best regards,
Simon Schaaf
