2018 – das bringt das neue Jahr für Selbständige

New Year’s Eve and maybe the New Year’s cat connected with it are over – the new year has now really started. For self-employed and entrepreneurs there are also in 2018 some novelties. We have put together the most important changes for you.

New deadlines for tax return

The good news first: From the tax year 2018 you have more time to submit your tax return. If you make your own tax return for the year 2018, you will not have to go to the tax office until 31st May 2019 instead of 31st May. If you have a tax adviser, even February 28, 2020 is the deadline. Unfortunately, with the longer deadline, there is also a delay more quickly.

A small downside is that for the financial year 2017, so the filing of the tax return in 2018 nor the old dates apply. You’ll need to finish and submit your tax return this year by the end of May this year.

Less paper – more EDP

2018_PapierkramFrom the tax year 2018, documents will no longer have to be submitted with the tax return. You should not be too happy, however: these can be requested at any time from the tax office. However, as of this year, you can also submit your supporting documents and additional explanations for the tax return electronically. In addition, you can choose whether you want to have the tax assessment in the future by mail or would prefer to retrieve this online.
More information on the tax-related innovations 2018 can be found on the taxes.de page .

Higher allowances and more depreciation

For 2017, the basic allowance has risen to 8820 €, from this year this is even 9000 €. This means that as a self-employed person you do not have to pay taxes up to a (theoretically taxable) income of € 8820, and this amount will not be taxed if you are above it.

So-called « minor assets » with a value of up to € 800 (previously € 410), which are acquired after 1.1.2018, may be tax deductible directly as operating expenses from this year onwards and no longer have to be amortized over several years , More about depreciation and the price limits can be found on the page steuersparen.de .

More formalities for small business owners from the tax year 2017

If you earn less than 17500 € a year, you are a small business taxation. So far, you’ve been able to make an informal earnings calculation for the tax return, listing your expenses and revenue. From the tax declaration for the year 2017, this is no longer sufficient – here, an income surplus calculation (EÜR) is required from now on. More about the EÜR and a free template can be found here on our blog .

More data protection with GDPR

2018_DataThe new EU General Data Protection Regulation – GDPR for short – will come into force on 25 May 2018. This policy and the associated innovations are especially important for companies that work online. Non-compliance may be subject to severe penalties. GDPR is primarily about the storage and processing of data that can be used to identify a person. All information is listed
on the eugdpr.org page .

Take care, 500 € note!

2018_500EuroThere will be a sad farewell in 2018 – the € 500 note will no longer be printed and will not be issued by the end of the year. But do not panic: bills that are already in circulation, but keep their validity and must not be exchanged.

We wish you a happy new year 2018!