Which documents are required for the trade tax declaration?
December 16, 2023 | 40,00 EUR | answered by Jens Meier
Dear tax consultant,
My name is Anna Hirschberg and I have been running a small business for several years. Up until now, I have always done my business tax return myself, but recently the requirements have become more complex and I am unsure about the documents I need for it.
Currently, I am in a situation where I have various income from my business, as well as expenses and investments. I have read that both income and expense receipts are required for the business tax return. However, I do not have a clear idea of exactly which receipts are needed and how best to organize them.
My concern is that I may forget important documents when preparing my business tax return, which could result in tax payments or penalties. Therefore, it would be very helpful if you could provide me with an exact list of the required documents for the business tax return and perhaps some tips on how to best sort and store them.
I hope you can assist me with my request and look forward to your support.
Sincerely,
Anna Hirschberg
Dear Mrs. Hirschberg,
Thank you for your inquiry regarding the preparation of your trade tax return. It is understandable that the tax requirements have become more complex over time, and it may therefore be advisable to seek professional help.
For the preparation of your trade tax return, you will indeed need a number of documents to accurately represent your income and expenses. Here is a detailed list of the required documents:
1. Income receipts: These include invoices, receipts, bank statements, profit and loss statement (EÜR), as well as any other documents that prove your generated income from your trade.
2. Expense receipts: These include invoices for goods and services, rental agreements, vehicle costs, insurance, personnel costs, advertising costs, office supplies, telephone and internet expenses, as well as any other expenses incurred in the course of your business activities.
3. Investment receipts: If you have made investments in recent years, you will also need the corresponding documents such as purchase contracts, invoices for the acquisition of machinery, vehicles, or other investment goods.
4. Depreciation receipts: If you want to claim depreciation on business assets or machinery, you will also need the corresponding documents to prove the depreciation amounts.
To organize and store your documents for the trade tax return optimally, I recommend using a suitable filing system. You can categorize your receipts, for example, into income, expenses, and investments, and store them in a folder or a digital file folder structure. Additionally, you should make sure to keep your documents for at least 10 years, as this is the legal retention period for tax-relevant documents.
If you are unsure which documents are exactly required or how to best prepare your documents, I am happy to assist you. You can contact me anytime during my online office hours or schedule a personal appointment to clarify your questions and receive support in preparing your trade tax return.
I hope this information helps you and I am available for any further questions you may have.
Kind regards,
Jens Meier
Tax advisor
