Accountancy

What is USt-IDNr? The German VAT ID explained

Contents What is a VAT ID (USt-IdNr)? Who needs a USt-IdNr? What does the USt-IdNr look like? Where can you apply for the USt-IdNr? Where does the USt-IdNr appear? What is meant by intra-Community acquisition? FAQ How can I check a VAT-ID number? What happens if the number is wrong? Can foreign entities utilise a …

Bookkeeping for the GmbH: DIY or get a tax adviser?

Contents DIY bookkeeping Compliance requirements Bookkeeping strategies Time is money Should I do the bookkeeping for my GmbH myself? It is a widespread belief that one can save tax adviser costs by handling the bookkeeping of a GmbH or any other type of company oneself. But does this really make sense, and does it …

Input VAT deduction in Germany simply explained

Contents What is input VAT deduction? Can all businesses use input VAT deduction? Which invoices are eligible for deduction? When can I make input VAT deduction? Which invoices can I not deduct VAT from? What are the common pitfalls? Would you like to know more? What is the input VAT deduction? When you buy …

Tax optimisation in Germany with holding structures: How to lower your LLC’s tax burden

Contents Holding structures for SMEs Splitting up a company Case study: Forming 4 UGs in 40 minutes Advice from experienced entrepreneurs An insider tip for selling a company Would you like to know more? [BEGIN: Insert an Image between this tag] [END insert Image] I can help you set up a holding structure I’m …

Double entry bookkeeping in Germany: An accounting guide for founders

What exactly is double-entry bookkeeping? As the name suggests, doppelte Buchführung is the double-entry method of bookkeeping that involves entering each business transaction into two different accounts. Double-entry bookkeeping involves significantly more effort than single-entry bookkeeping, but it also provides more transparency, as discrepancies are much more noticeable. Each transaction is recorded in the debit …

Profit and loss statement in Germany: EÜR explained in English

Contents The basics Dealing with VAT Who can prepare a profit and loss statement? What to consider EÜR & your tax return Profit and loss statement vs. balance sheet Data transfer EÜR submission FAQ Small business regulation Profit and loss statement: The basics The Einnahmenüberschussrechnung is a simplified type of profit calculation. In Austria, the …