Taxes and Accounting

Looking for a deadline for your financial statements? Need to know more about VAT or how to fill out your tax report? In this section you’ll find everything your company needs about taxes and accounting.

The flat tax promises less administration for businesses from 2021 - but it will only pay off for some of them. The following lines will help you find out if you're one of them. What is a flat tax? Flat-rate tax is a special type of tax that self-employed people can volunteer for. It is a flat monthly amount that includes a payment for…

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Millions of Czechs file personal income tax returns each year. However, many of them do not know how and when to submit it correctly. That's why we've summarised the most important rules for you. Read the most important facts: When to file your tax return? Who files a tax return? When is income tax due? What if you file late?…

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As a business, you file a tax return every year. This tells you how much money you pay to the government in income tax. We will advise you on how to correctly determine the tax base and the tax itself. How is income tax calculated? Personal income tax is calculated as 15% of your tax base. Taxpayers with high earnings then apply a rate of 23…

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The recently adopted tax consolidation package brings a number of innovations. Find out the main changes to the real estate tax, who has to file a new tax return and how to do it. What's changing from 2024? Adjustments to the paved area rules One of the modified areas is the so-called paved area. Until now, taxation of paved area was only…

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Fixed assets are usually the most expensive part of a business. However, it comes with a complex depreciation obligation. We'll advise you on how to calculate depreciation so it doesn't make your head spin. What is depreciation? Depreciation is an accounting measure of the wear and tear on tangible and intangible fixed assets. Unlike current…

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The purchase of property, machinery or a company car will also be reflected in your financial statements. How to value and account for the assets correctly so that everything stands up to scrutiny from the tax office? Just keep a few principles in mind. What is a fixed asset? Several regulations govern fixed assets from an accounting and…

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The Financial Administration informed about the launch of a pilot project for pre-filling the real estate tax return. Find out how it works and make your work with the forms easier. The new feature will make it easier for you to fill in the form Finding out data and filling in the real estate tax return is quite complicated. That's why the…

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As part of the consolidation of public finances, the government has introduced measures to help the over-indebted treasury, the so-called consolidation package. It was signed by the President on Wednesday 22 November 2023, followed by its publication in the Collection of Laws. Most of the planned adjustments concern taxes and other compulsory…

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The size of the entity determines what the company is legally required to do. A small newsagent has fewer obligations than an industrial giant with hundreds of branches. Find out which category your business falls into and what not to forget. What is the purpose of categorising accounting units? The classification of accounting units (CUs) and…

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Are you starting a business and hesitating how to tax your income? In the Czech Republic, there are several methods - tax registration, accounting or lump sums for self-employed persons. We have a complete overview to help you choose the best one for you, so you don't pay more in taxes than you have to! Ways of taxing the income of self…

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In addition to tax changes, the consolidation package will also bring innovations in the area of accounting. They will affect the definition of turnover, accounting in foreign currencies and taxation of unrealised exchange rate differences. Read what the government is planning from 2024. Changing the definition of turnover Net turnover was…

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The beginning of the school year brought not only the return of children to their classrooms, but also important news from the world of accounting and taxation. The opinions of the CNB and the Supreme Administrative Court have a major impact. Let's summarise them in a nutshell. Additional tax returns are due to be relaxed The Supreme…

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International tensions are also reflected in the sphere of taxation. Businesses trading with Russia are now facing a higher tax burden. Read what's changing. Russia has suspended an earlier agreement In August, Russian President Putin signed a special decree that will complicate tax relations between the Czech Republic and the Russian…

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There are a number of intermediaries in the market who resell goods or services to end customers. They often carry out their work on the basis of a so-called commission contract. Find out how such cooperation works. What is a commission contract? The principle of commission is legally regulated by Sections 2455-2470 of the Civil Code. Under a…

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After a year's break, we are once again facing the Summer of Grace - a state event aimed at debt relief for citizens. Debtors can easily and cheaply resolve their debts to the state administration. We will advise you how to take advantage of this chance. What debts are affected? This year, the state will forgive various penalties incurred…

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If you file your tax return in paper form, even if you have a data box, you are liable to a penalty of CZK 1,000. This year, however, the authorities have decided to tolerate this mistake. Read on to find out who will be forgiven the fine. The news has confused many people At the beginning of 2023, the state set up data boxes for a number of…

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The invoice is one of the basic accounting documents - sooner or later every entrepreneur will come across it. Learn how to issue it correctly to keep your books in order. What is an invoice? An invoice is a commercial document - it is an accounting document for the sale of goods or provision of services. However, an invoice as such is not a…

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It is not easy to determine which costs a company can deduct from its taxes. This is proved by the current opinion of the Regional Court in Brno. It recently considered a dispute about the tax deductibility of management services costs - and ruled against the plaintiff company. What rules apply to management services? Management services are…

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Tax returns are a nightmare for many entrepreneurs. You'll make a mistake or two when filling it out. That's why, in addition to the regular tax return, there are amended and supplementary returns. We will advise you when to use them. Regular tax return A regular tax return is a tax return filed by the deadline set by the tax code. You must…

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The due date for payment of the real estate tax is approaching - the deadline for payment of the tax (or the first instalment) is 31 May 2023. From this year onwards, the paper postal vouchers traditionally sent to real estate taxpayers by the tax administration during May have been abolished in order to save money. Payment of the tax by postal…

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