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Accounting and Taxes of an Individual Entrepreneur

Type of study Bachelor
Language of instruction Czech
Code 117-0036/03
Abbreviation UDIP
Course title Accounting and Taxes of an Individual Entrepreneur
Credits 5
Coordinating department Department of Accounting and Taxes
Course coordinator Ing. Yvetta Pšenková, Ph.D.

Subject syllabus

1. Duties of an individual entrepreneur in starting of a business.
2. Choice between accounting and tax evidence or to claim a percentage of income as deductible expenses, minimum set tax, advantages and disadvantages, accounting and tax aspects.
3. Starting of business and opening an accounting books in case of individual entrepreneur.
4. Choose of the form of bookkeeping - accounting (abridged scope of accounting).
5. Specific accounting transactions during the accounting period in case of natural person - individual entrepreneur (differences in comparison to accounting in a business corporation), contributions to business, subsidies, accounting of cars contributed or non-contributed into the business assets of an individual entrepreneur.
6. Transformation of accounting profit into tax base in case of individual entrepreneur.
7. Closing of accounting books – annual accounts in case of individual entrepreneur and preparation of financial statements in an abridged scope.
8. Possibilities of tax liability optimization in case of individual entrepreneur.
9. Tax return by individuals.
10. The methods of calculating social security advances payments in case of individual entrepreneur, the major and minor activities, minimum and maximum advance payments.
11. The methods of calculating of advance payments for social and health insurance in case of individual entrepreneurs, minimum advance payments.
12. Comparison of advantages of tax keeping tax evidence, bookkeeping or business corporation establishment, advantages and disadvantages.
13. Accounting of value added tax in case of individual entrepreneurs within the Czech Republic, intra-Community transactions and transactions within third countries.

Literature

AGIANNI, Vasiliki et all, eds. European Tax Handbook 2022. 33nd ed. Amsterdam: IBFD, 2022. 1383 p. ISBN 978-90-8722-760-9.
TERRA, Ben a Julie KAJUS. A guide to the European VAT directives. Volume 1, Introduction to European VAT. Amsterdam: IBFD, 2021. ISBN 978-90-8722-680-0.
TERRA, Ben a Julie KAJUS. A guide to the European VAT directives. Volume 2, Integrated texts of the VAT directives and the former sixth VAT directives. Amsterdam: IBFD, 2021. ISBN 978-90-8722-681-7.

Advised literature

ŠIROKÝ, J., K. KRZIKALLOVÁ a M. KRAJŇÁK Trend, Development, Role and Importance of Personal Income Tax in the EU. Brno: CERM, 2020. 116 s. ISBN 978-80-7623-037-8.
TERRA, Ben a Julie KAJUS. A guide to the European VAT directives. Volume 1, Introduction to European VAT. Amsterdam: IBFD, 2021. ISBN 978-90-8722-680-0.