It is that time again: tax return submission is just around the corner and is causing increased stress levels in many SMEs. But with the right preparation and organisation, there is nothing to worry about. Here are some tips on how to organise your tax documents easily and effectively.
Before you start filling out the tax return for your limited company or public limited company, effective preparation is crucial. After the general meeting, in which the annual financial statements are approved and the profit distribution is decided, you should ensure that you have all the necessary documents to hand.
Here is a list of the documents required:
Correctly prepared annual financial statements, including annexes and profit distribution. Do not forget that every single page of the profit distribution must be signed by the authorised signatory.
Bank details in case you have a tax credit that has to be transferred.
If you are completing the tax return for your company for the first time, a copy of the commercial register extract should be included.
The main tax administration form with your PID number and your UID number.
Account sheets from your accounting, either in paper form or as a PDF. Although you do not necessarily have to submit it, we recommend ensuring that no important information is missing.
The tax return
Once you have all the documents together, you can start filing your tax return. Completing the tax return for your limited company or public limited company yourself is not rocket science, provided you have kept the books properly and prepared your annual financial statements. You will also receive instructions with your tax documents that explain everything step by step. It is worth going through these thoroughly, even if it is not your first time filing your tax return. However, if there have been changes to tax-related issues in your company, it would be advisable to involve a trustee.
What can be deducted from your taxes
Knowing what you can deduct from your taxable profit is an important aspect of your tax return:
Depreciation: amounts invested in vehicles, equipment or property can be deducted as depreciation over several years to reduce income.
Accruals: if there is risk on future payments, you can create accruals.
Losses: losses from the seven previous financial years can be deducted from net profit.
Donations: donations to charitable organisations are deductible provided they do not exceed 20 percent of net profits.
How to optimise your tax return
Keep an eye on deadlines: adhering to deadlines is important in order to avoid late filing fees.
Electronic submission: most cantons now offer the option of submitting tax returns online. This not only makes the process easier and saves time, but also contributes to sustainability by reducing paper consumption. At the same time, digital document management, as offered by ePost, is a secure method for storing your documents and retrieving them when required.
Tax optimisation: with effective accounting methods and strategies, you can potentially reduce your tax burden.
Knowledge about tax changes: tax laws and regulations change frequently. Stay up to date so you do not miss any important changes that may affect you.