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All Deadlines for Preparing and Adopting the Annual Financial Statements
As the owner of a GmbH or UG, you are required to prepare annual financial statements: both commercial and tax law demand it. Under commercial law, the balance sheet ensures transparency, and the annual financial statements give business partners insight into your financial position. Under tax law, the annual financial statements serve to determine your profit and, with it, the basis for taxation.
ByKarsten Guhr · Managing Director & Tax AdvisorVerified articleBy when must you fulfil this statutory obligation? That is a question many shareholders and managing directors of limited companies will want answered. A blanket answer is not possible for two reasons:
- There are various differences between obligations under commercial law and tax law, and this applies to the deadlines for annual financial statements as well.
- Under commercial law, the deadlines depend on the size of your limited company. The guiding principle is: the legislature grants smaller companies more time.
The German Commercial Code (HGB) provides that limited companies and entities of other legal forms must prepare annual financial statements each year. These annual financial statements include, among other things, a balance sheet and a profit and loss account that provide detailed information about the economic situation.
The deadline is comparatively tight: medium-sized and large limited companies, as well as equivalent partnerships, must fulfil this obligation by the end of March.
The legislature is more lenient with smaller limited companies: the deadline doubles for them. This maximum deadline applies, however, only where companies are unable to prepare the annual financial statements earlier for justifiable reasons. Are you unsure whether this rule applies to you? As a precaution, enquire with your Guhr Steuerberatung adviser!
It is also worth knowing what comes next. Commercial law allows a period of eight months from the end of the financial year for the formal adoption of the annual financial statements by the shareholders' meeting. For small GmbHs, this period may be eleven months. Companies must publish their annual financial statements by 31 December at the latest.
The deadlines for the annual financial statements relevant under tax law differ from these. You submit your annual financial statements together with your tax return; for limited companies, this is the corporation tax return.
As a general rule, the following deadlines apply to GmbHs, UGs, and other companies: the tax return must reach the competent tax office by 31 July at the latest following the tax year. If you engage a tax adviser, the filing deadline is extended considerably: it falls on 28 February of the following year. In the wake of the COVID-19 pandemic, the legislature temporarily pushed back these filing deadlines. It is best to consult your tax advisory firm!
Do you want to ensure that you meet the deadlines for preparing and publishing your annual financial statements? Then engage an established tax advisory firm for this complex and important task! Guhr Steuerberatung is your trusted point of contact — experienced tax experts will prepare your annual financial statements and keep you fully informed.
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About the author
Karsten Guhr · Managing Director & Tax Advisor
Founder of the firm. Advising entrepreneurs and holding structures on tax planning, structuring and succession for 15+ years.
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