The financial statement is the official summary of the company's financial year ended and is intended to state the company's results and assets. The financial statements include the income statement, the balance sheet, and the notes to the financial statements, as well as a list of accounts and materials. As a rule, a private trader is not required to prepare financial statements, except in the following cases.
When does a private trader need to file financial statements?
As a private trader, you are only required to prepare financial statements if your financial year is different from a calendar year or two of the following conditions are met for two consecutive financial years:
- The balance sheet total is at least 350,000 euros.
- Turnover is at least 700,000 euros.
- During the financial year, the average number of employees is 10 or more.
As you can see, the readings of the conditions listed above are high for private traders. In practice, the obligation to make financial statements only applies if, for one reason or another, you want a non-calendar year for your financial year, which is currently not possible with us. In principle, entrepreneurs who use our service do not need financial statements.
In the UKKO Private Trader service, it is not possible to get the financial statements.