Blog

TAX ADVICE / 4. 4. 2024

Our current and potential clients, legal entities or self-employed persons who also use double-entry accounting, ask us in connection with income tax returns what exactly non-tax costs mean to them. How will it affect their tax return and, most importantly, the amount of their tax liability. Non-tax costs are defined in the Income Tax Act....

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Mistakes in accounting

ADVICES, TIPS, EXPERIENCES / 16. 3. 2024

Natural and legal persons engaged in business are obliged to file income tax returns for the calendar or business year. In paper form within three months after the end of the year, in electronic form we have four months to file. If we have a tax advisor or are subject to an audit, we have...

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Beware of inconclusive bookkeeping

CASE STUDIES / 8. 3. 2024

Here we are at a time when we are approaching the closing of the accounts for 2023 and the filing of personal and corporate income tax returns. In this context, we have been approached by the managing director of a private limited company that he needs to “straighten out” the 2023 accounts and file his...

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Management reporting and management accounting: the cornerstones of informed decision making

ADVICES, TIPS, EXPERIENCES / 16. 2. 2024

In today’s rapidly changing business environment, it is crucial to not only understand market dynamics, customer behaviour and internal processes, but also to closely monitor the financial health of the company and its long-term development. Management reporting and management accounting are invaluable tools that lead to a deeper understanding of these aspects and enable business...

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Respond to requests from the Tax Office

CASE STUDIES / 11. 1. 2024

We were contacted by an entrepreneur who had submitted three VAT control reports, which had only sections A, i.e. the supplies made, filled in. He is a quarterly VAT payer. Unfortunately, the former accountant did not enter the documents at the input and the submitted control reports did not correspond to reality. He subsequently submitted...

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The beginning of the year from an accounting and inventory perspective

ADVICES, TIPS, EXPERIENCES / 6. 1. 2024

Here we are in the new year 2024. We wish you all good health, good luck and of course professional success and may it carry us through this year. At the beginning of the new year, we will be closing the previous one in the accounts. Don’t leave the delivery of last year’s and December’s...

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Voluntary registration for VAT

TAX ADVICE / 14. 12. 2023

Voluntary registration for VAT can be considered whenever the conditions for compulsory registration are not met and the person is a so-called taxable person. This means that he/she carries out an economic activity defined in the VAT Act and wants to be a VAT payer. For example, consider the situation of a newly established limited...

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Consolidation package – big news and changes in the area of taxes and levies

TAX ADVICE / 22. 11. 2023

In October 2023, the Chamber of Deputies approved and on 22 November the President of the Republic approved the consolidation package, which will increase levies on the self-employed and all taxpayers. The changes will affect property tax, VAT, income taxes. We now offer you an overview of some of the most significant changes. From...

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An amendment to the Labour Code was approved on 1 October 2023. Attention, it brings significant changes!

HUMAN RESOURCES / 9. 11. 2023

1st area of change: performance agreements A number of changes relate to work performance agreements. As from 1 October 2023, employees working under a work performance agreement are entitled to additional payments for working on rest days and public holidays. The threshold of CZK 10,000 from which social security and health insurance is deducted from...

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Why (not) keep accounting data at an accountant’s home or at a firm that doesn’t know how to treat it

ADVICES, TIPS, EXPERIENCES / 13. 10. 2023

Accounting data: what a company should keep and what should be left to the accountant Accounting data is an important source of information for managing, planning and directing a company. Every company should systematically and regularly work with the data it holds in its accounts and use it to have a comprehensive view of its...

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