- Annual report to the tax authority.
- To whom do we prepare annual reports to the tax authority?
- Difficulties in preparing annual financial statements.
- 4 reasons to order an annual report from us.
The tax system of Israel is quite diverse and complicated. For each type of business there is its own way to settle accounts with the state bodies and a particular form of reporting. But one thing is mandatory for all entrepreneurs (be it osek murshe or hevra ba’am) — the final annual report. It is on the basis of this document that reconciliation of disbursement of monthly advance payments, verification of the correctness of accounting records and of many other nuances are made. A competent drawing up of this document will help not only to avoid a lot of problems with the tax authorities, but also to get additional finances in the form of return of advance payments.
The company “Shmuel Brodetsky Rohe Heshbon” is engaged in preparing annual reports for private entrepreneurs, large companies and individuals. We will help you to produce the most competent tax documentation, take into account all expenses and incomes of the enterprise and sum up the balance sheet results to obtain the most profitable tax deductions for the business.
- Hevra ba’am. The report is formed on the basis of the final balance sheet audit based on the results of the fiscal year, which must necessarily be compiled by a professional rohe heshbon!
- Osek Murshe. The document is formed on the basis of current reports compiled during the year for submission to the tax authority and other documents concerning expenses.
- Osek Patur. The document is drawn up on the basis of receipts and other documents related to expenses.
- Owners of companies (hevra ba’am). Their annual report is submitted separately from the enterprise report.
- Anyone who claims refund of the income tax for the past year.
The main difficulties that an entrepreneur may encounter when preparing annual financial statements:
- Calculation of income. Thus, in the annual report of the businessman it is necessary to specify not only the profit received directly from the business, but also additional incomes. For example, to a practicing lawyer it may be fees for lectures, the publication of books and much more. Naturally, correctly calculating all these amounts and reconciling the overall balance can be quite difficult.
- Expenses of the enterprise. It is often difficult to determine which expenses went directly to the needs of the business and are accordingly taxable, and which did not. So, for example, you may have a single car which you drive when doing your job (delivering the goods made in the home workshop) and in which you ride about because of your own needs. Only an experienced specialist will be able to correctly calculate in this case the expenditure on gasoline, repairs, etc., which are subject to taxation.
- Privileges. In Israel there are quite a lot of tax benefits (for new immigrants, military personnel, enterprises in certain regions of the country). To know about all of them and to run business in parallel is almost impossible. Thus, it is possible to lose your money on paying taxes if compiling the annual report on your own.
This is only a very small part of the difficulties with the compilation and submission of reports in Israel. In fact, they are ten times larger. Not surprisingly, according to statistics, about 96% of the country’s residents trust the decision of this issue to professionals.
- Comprehensive service. We will not only do the paperwork for you, but also submit the papers to the tax authorities. Thus, you take off the burden of wandering around the cabinets and filling out different forms and you can spend this time with some benefit for the business.
- Work with all subjects. We are engaged in compiling and submitting reports for individuals and enterprises of any form. Please keep in mind that only the licensed auditor (roe heshbon) can file the annual report of the hevra ba’am!
- The client’s interests are above all. This is not an empty phrase but the main principle of our work. We will not only draw up a final tax return, but we will also help to optimize the taxation system and will help you to minimize costs within the framework of Israeli legislation, taking into account the individual characteristics of your business.
- Complexity. In addition to drawing up the annual report, with us you can order a number of additional services (consulting, bookkeeping, audit, etc.). Thus, for moderate money we can completely free you from the issues attached to financial red tape and allow you to concentrate on doing business.
Just order the compilation of the annual report in “Shmuel Brodetsky Rohe Heshbon” and you will understand how much time, effort and money you can save by relegating this task to professionals.