Preparing tax returns is a process in which even a small oversight can lead to additional costs: fines, late payment interest or the need to submit corrections. We have compiled the most common mistakes we come across when working with companies of different sizes.
Incomplete or late submission of supporting documents.
If invoices, receipts or contracts are passed to the accountant irregularly or with delays, the risk increases that a transaction will be recorded in the wrong period or missed altogether.
Incorrect tax rate or exemption applied.
The application of VAT and corporate income tax often depends on the specifics of the transaction: the status of the parties, the type of transaction or the country with which the business is done. Mistakes occur most often here when transactions are not assessed in good time.
Inaccurate recording of personnel costs.
Payroll calculations and the application of taxes and mandatory contributions require precision. Mistakes here can affect the obligations of both the company and the employee.
Missed return deadlines.
Missed deadlines cause unnecessary additional costs, which can be avoided with timely planning and a clear work schedule between the company and the accountant.
To reduce these risks, it is advisable to set up a regular schedule for exchanging documents, to seek advice on non-standard transactions in good time and to entrust bookkeeping to a partner who keeps up with changes in legislation. If you want to make sure your company’s tax accounting is in order, contact SolConto: we will assess the current situation and suggest practical solutions.
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