Tips and advice

How to incorporate a company or create a branch office? Should you register for VAT? What to look out for when doing a business on a trade license? Read our tips on how to stay on top of your business, tax, and accounting requirements.


Some mistakes are repeated in tax returns every year, even though the tax administration draws attention to them. Find out which ones - you'll increase your chances of getting your return right first time. Plus, we've prepared a guide on what to do if you've filed a return with an error. WHAT TO LOOK OUT FOR TO AVOID MISTAKES IN YOUR TAX RETURN …

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Do you want to start a business, but don't know whether it is better to set up a trade or a company? We have prepared a comparison of the most common forms of business in the Czech Republic! Take a look at the differences, read the advantages and disadvantages and specific practical examples. We hope that at the end of the article you will be clear which…

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The closing of the accounts for the previous year and the compilation of the statements is in full swing. This is often linked to decisions about profit-sharing payments. How to proceed from a tax perspective? HOW ARE DIVIDENDS PAID IN THE CZECH REPUBLIC TAXED? Unfortunately, the payment of a profit share is subject to taxation, namely a withholding…

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You are probably most familiar with data digitization in connection with the IT world. But what about the digitisation of accounting - do you know what to think of this term and how to automate and simplify accounting processes? We will answer your questions in this article. After reading it, you'll have a clear understanding of what digital and online…

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Under the flat-rate scheme, you pay one amount each month, which includes social security, health insurance and income tax. The flat-rate tax gives you relief from administration so you don't have to worry about filing your tax return. But beware, it doesn't always apply! Find out which exemptions to look out for. FLAT-RATE TAX AND TAX RETURN - WHEN…

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There are over 500,000 registered legal entities in the Czech Republic, but 20% of them are not actually doing business. The number of "dormant companies" has declined in recent years, but their owners should beware. What about the tax return for an inactive company with no income? Find out in this article. CORPORATE INCOME TAX RETURNS: WHAT IF YOUR…

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Are you thinking about getting a ready-made company and want to know what benefits you will get from your purchase, what to look out for when choosing and what all is included in the price of a ready-made company? Let's take a closer look at the advantages and disadvantages of ready made companies. IN SHORT: WHAT IS A READY-MADE COMPANY A ready-made…

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The year 2022 brought major changes in the use of data boxes. As of 1 January, an amendment came into force that automatically sets all data box users to receive so-called postal data messages (PDZ). Let's explain in detail what the change actually is, what you should look out for and what benefits it brings to you. In another article, we have already…

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Did you sell stocks or other securities in 2021? Then watch out for tax liabilities! The last two years have been quite busy on the capital markets. Many people have been selling their shares, fearing what the next developments in the coronavirus pandemic will bring. But now, at the start of 2022, tax returns are slowly starting to be compiled. So it's a…

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When you want to start working for yourself, a sole proprietorship is the easiest and fastest way. Before you go to the office, think about which type of business and what you want to do. You already know what you will be doing, but how do you translate your business into the language of the authorities? Our article will help you with that. BASIC…

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You may have really gone to the trouble of coming up with a name for your company, but now you need to change it. Maybe because the name contains the name of a partner who is no longer in your company. There are countless reasons to change your company name, but it's important to know that an owner can change their company name at any time. So how does…

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The taxation of cryptocurrencies is not yet firmly anchored in Czech legislation. However, there is no doubt that cryptocurrencies are intangible movable property and you should not forget to include a number of transactions in your tax return. How is the possession, exchange or sale of cryptocurrencies taxed? Find out in our article. …

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I'm sure you've heard these terms before - mergers and splits. Although they both sound very sophisticated, they are basically the merger of two (or more) companies or, on the contrary, the demerger of their assets. Learn about the types of a corporate conversions and find out what rules you shouldn't overlook. MERGERS BY ACQUISITION AND CONSOLIDATION…

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You know each other well, maybe you've been partners, siblings, classmates or best friends since kindergarten. You have a great business idea, so you decided to start a company together. What could go wrong, you think. Know that even the best personal relationships won't guarantee you a successful business partnership. What to look out for when you're…

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Tax records and accounting are two different things. It is common for new entrepreneurs to be confused about these concepts and not know which one to choose. So let's explain both terms. We will describe the differences and you will learn who has to keep tax records and who has to keep accounting records. WHAT IS TAX REGISTRATION? The main objective of…

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Even if you are not a VAT payer in the Czech Republic, be careful when trading with foreign countries. You may be obliged to register as an identified person. WHO MUST REGISTER AS AN IDENTIFIED PERSON? In short, an identified person (IP) is a VAT payer only for cross-border transactions. As an IO, you get your VAT number, but unlike VAT payers, you…

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VAT may not be a simple matter even for experienced entrepreneurs, especially when it comes to foreign transactions. In this article, you will find basic information on the VAT rules that apply to sales of goods to EU countries and beyond. PLACE OF SUPPLY AND VAT FOR FOREIGN TRANSACTIONS When you trade with foreign countries, you need to correctly…

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A virtual office for your company at an address in the centre of Prague or Brno - that sounds great. But how can you access your company correspondence if you live elsewhere? To keep you in the loop, we've described the mail service that comes with every virtual office we offer. VIRTUAL REGISTERED OFFICE IS NOT JUST AN ADDRESS IN THE COMMERCIAL REGISTE The…

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In the context of the Pandora Papers case, words like ‘tax haven’ and ‘offshore company’ have come back to the fore. What do we mean by these terms? Here is an easy-to-understand explanation that makes sense even to those with zero business involvement. TAX HAVENS: EXPLANATIONS AND EXAMPLES In normal market economies, such as in the Czech Republic, the…

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A foreigner can start a business in the Czech Republic in several ways and, in this article, we will look at the two most common ones: a trade licence and a limited liability company. How does a business with a trade licence (formerly a trade certificate) differ from setting up your own company? What advantages and disadvantages do both options offer? …

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