Nevertheless, there are some cases in which you as a small business owner are obliged to keep accounts, which often depends on the respective legal form. The following applies:
Freelancers and small business owners are subject to simplified accounting and, according to the VAT Act, must prepare an income surplus statement (EÜR) in which income and expenses are offset against each other
Documents must always be kept . When receiving and sending electronically, the GoBD requirements also apply.
With the entry in the commercial register, philippines email data additional obligations apply such as double-entry bookkeeping, balance sheet preparation and much more
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What taxes do small business owners have to pay?
Which taxes you have to pay as a small business owner depends primarily on whether you are a freelancer or run a small business. Without exception, you have to pay income tax.