FREQUENTLY ASKED
QUESTIONS
Do you have questions about our services? On this page you will find answers to the most frequently asked questions that will help you better understand our processes and services. If you don't find an answer, don't hesitate to contact us – we will be happy to help.
If you fail to file the tax return even within the extended deadline, the tax authority may impose a fine ranging from EUR 100 to EUR 30,000 depending on the amount of tax and the length of the delay. In addition, late payment interest may arise, since the tax was not paid within the prescribed deadline. Therefore, whenever there is any risk of delay, it is worth applying for an extension before 31 March.
As of 1 January 2025, two thresholds monitored over the calendar year apply: when turnover reaches EUR 50,000, the obligation to file a registration application arises (however, you only become a VAT payer from 1 January of the following year), and once EUR 62,500 is exceeded, the company becomes a VAT payer immediately on the day the threshold is crossed.
The tax return must be filed within three calendar months after the end of the tax period – for the 2026 calendar year, the regular deadline is 31 March 2027. With an extension, the deadline is most often postponed by three months to 30 June 2027, and by six months only for taxpayers with income from abroad (until 30 September 2027).
A company may voluntarily decide to have its financial statements verified by an auditor, without this obligation arising from the law. A voluntary audit is often required by banks for loans, by investors during due diligence or by foreign parent companies, as it provides independent assurance regarding the true and fair view of the financial statements.
The financial statements must be verified by an auditor within one year from the end of the accounting period for which they are prepared, unless a special regulation provides otherwise. For the 2025 calendar year, this means a deadline of 31 December 2026, but in practice the audit is completed earlier – before the general meeting and the filing of the statements in the register.
A business company or cooperative is subject to a mandatory audit if, in two consecutive accounting periods, it meets at least two of the following three conditions: total assets exceeding EUR 4,000,000 gross, net turnover exceeding EUR 8,000,000, and an average converted number of employees of more than 50. The thresholds were increased by approximately 25% with the amendment to the Accounting Act.
No, switching to a new accountant is possible at any time during the year – however, it requires a complete handover of accounting documents, the general ledger and the status as of the handover date. To minimise complications with VAT and year-end closings, it is recommended to make the transition either on 1 January or at least on the first day of a month.
For most small and medium-sized companies, outsourced accounting tends to be cheaper, since you only pay for work actually performed, usually in the form of a fixed monthly fee or based on the number of documents. At the same time, the risk of losing a single accountant (for example due to sick leave or resignation) is eliminated, and the client does not have to deal with compliance with tax obligations on their own.
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