Tax advice

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....

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...

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...

We have had a busy time preparing tax returns and paying taxes for 2022. We have seen many legislative changes. Although we have kept you informed, we consider it useful to summarise and remind you of the most important ones. Where appropriate, we have listed what to look out for. Road tax In 2022, fuel...

Reduction of the entry price of a low-emission vehicle when using the car for business and private purposes The Income Tax Amendment Act reduces from 1% to 0.5% of the entry price of the vehicle for each calendar month the so-called add-on when using the vehicle for business and private purposes for low-emission vehicles.  A...

Under Section 38v of the Income Tax Act, individuals are obliged to report income exempt from income tax if it exceeds the threshold of CZK 5 million. Such an obligation may arise, for example, in the case of a transfer for consideration of a share in a business corporation that is exempt from personal income...

Decree 511/2021 Coll. on travel allowances has already been amended twice this year. In both cases, the decreed price of fuel was changed. As of 20 August 2022, the price of 98 octane petrol for the purpose of travel reimbursements has been increased to CZK 51.40 per litre. The price of 95 octane petrol will...

You need different document flows for different sized companies /clients/. For an accounting firm /its employees/ you need a uniform flow. Flow that you can automate, thus reducing the cost of document processing... ISDOC will improve the life of the company, but it won’t save it... You need to have both a combination option and...

With effect from 1 June to 30 September 2022, the excise duty rate on petrol and diesel will be temporarily reduced by CZK 1.50 per litre. After VAT, the final price for drivers at the pump should drop by up to CZK 1.80 per litre.

Not everyone who has a child is entitled to the 5,000 allowance... The government has backed a law on the conditions under which the allowance can be drawn. Part of the parents will get it automatically and the other part after meeting the conditions. The main criterion, the child’s residence in the Czech Republic and...