The deadline for submitting the 2024 tax return is approaching, and with it comes an obligation that many companies leave until the last minute. To avoid stress and potential penalties, it is crucial to have everything prepared on time. We bring you an overview of the most important steps and tips, considering the latest legislative changes.
Who Needs to File a Tax Return?
A tax return must be filed by all business entities, especially:
• Legal entities (limited liability companies, joint-stock companies, etc.),
• Business entities with income from abroad,
• Individuals with income outside of employment.
Important Deadlines
• April 1, 2025 – Standard deadline for submitting the tax return in printed form.
• May 2, 2025 – Deadline for electronic submission.
• July 1, 2025 – If the tax return is prepared by a tax advisor.
Remember, late submission may result in penalties from the tax office!
Tax Relief Options
• Deduction for research and development,
• Investment incentives,
• Deduction for donations to public benefit purposes,
• Corporate income tax optimization,
• Application of tax losses from previous years.
Electronic vs. Paper Submission
The most reliable option is to turn to our company, Intras Consulting. If you grant us power of attorney, we will ensure the complete preparation and timely electronic submission of your tax return. This eliminates the risk of errors and delays.
What to Do If You Are Running Out of Time?
If you are unable to meet the submission deadline, you can request an extension or contact us. By working with Intras Consulting, you may be able to submit your tax return as late as September and avoid the stress of approaching deadlines.
Beware of Common Mistakes
• Inaccurate company details,
• Incorrect tax liability calculations,
• Unclaimed tax reliefs,
• Inadequate documentation for tax audits.
Professional Accounting and Tax Management
At Intras Consulting, we specialize in comprehensive accounting and tax services, helping businesses meet all legislative obligations with maximum efficiency. Our expertise and individualized approach ensure not only an error-free tax return but also overall optimization of accounting and payroll processes.
By partnering with us, you gain an ally who helps minimize your tax burden and ensures the smooth operation of your business. Visit our website to explore our full range of services.
Don’t hesitate to contact us and schedule a consultation today!
Current Legislative Changes for 2025
As of January 1, 2025, several significant changes in tax regulations have come into effect:
• Changes in VAT: More than 400 amendments to the VAT Act have been approved, most of which took effect on January 1, 2025. However, some provisions will come into force later, for example, on July 1, 2025, or January 1, 2026. We recommend familiarizing yourself with these changes in detail.
• Changes in Income Tax: Introduction of separate limits for health and leisure benefits, an increase in the maximum meal allowance. Leisure benefits are tax-exempt up to half of the average wage, which for 2025 amounts to CZK 23,278.50.
• Changes in Property Tax: The second part of the amendment to the Property Tax Act took effect on January 1, 2025, bringing several modifications, such as adjustments in the subject and base of the tax for forest land.
• And more.
To ensure compliance with the latest legislation, we recommend consulting these changes with experts. At Intras Consulting, we are ready to provide you with the necessary support and ensure that your tax obligations are met in accordance with the applicable regulations.