Financial statements for sole traders
Financial statements coming up? Let Corosar take care of it for you. We prepare clear reports, handle tax filings, and keep you informed at every step.
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How does the preparation of sole trader financial statements work?
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Not all sole traders are required to prepare financial statements. We’ll go through your situation and advise whether it’s needed in your case.
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When financial statements are prepared, we make sure your bookkeeping is up to date and that the figures form a clear and coherent whole.
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As part of the financial statements, we also review your tax situation and look ahead to the coming year. This gives you a clearer picture of your company’s financial position.
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The financial statements include an income statement, balance sheet, and required notes. They bring together the year’s results, assets, and liabilities and serve as the basis for the annual tax return.
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FAQ – Sole Trader Financial Statements
Most sole traders are not required to prepare financial statements unless their business grows significantly. However, financial statements become mandatory if certain thresholds for turnover, assets, or number of employees are exceeded. For tax purposes, a summary of income, expenses, assets, and liabilities is always required. If you’re unsure, feel free to get in touch.
Yes, it’s possible, but it requires care and a good understanding of accounting and tax rules. Many entrepreneurs choose to outsource the work to an accountant to save time and avoid mistakes that could lead to additional reviews or tax consequences.
Most sole traders are not required to prepare financial statements if their business remains small in scale. Financial statements are not required if the company’s annual turnover is no more than 700,000€, the balance sheet total does not exceed 350,000€, and the business employs an average of no more than 10 employees.
However, if any of these thresholds are exceeded for two consecutive financial years, financial statements must be prepared. Otherwise, single-entry bookkeeping is sufficient, and an income statement and balance sheet are submitted as attachments to the tax return.
Financial statements typically consist of an income statement, a balance sheet, and notes. In addition, tax returns and possible deductions are reviewed as part of the process to ensure taxes are paid correctly.
Yes, you can. Typical deductions include home office expenses, mileage allowances, and per diems. Corosar makes sure that all eligible deductions are taken into account.
We take care of your sole trader financial statements.
We make sure your sole trader financial statements, tax returns, and official reports are handled correctly and on time — all in one go. This helps you avoid mistakes, extra clarifications, and unnecessary stress. If you’re unsure whether financial statements are needed in your case, feel free to get in touch.
Financial statements when needed
Financial statements are not always required for sole traders, but in certain situations they can be useful and worthwhile. We assess your situation and advise when preparing financial statements makes sense — and when it doesn’t add value.
No unnecessary bureaucracy
We prepare financial statements only when they truly support your business as a whole — for example, from a tax, financing, or clarity perspective. This way, you avoid unnecessary work and pay only for what you actually need.
The right partner for everyday decisions
We support you beyond bookkeeping as well. We help you understand the numbers, plan ahead, and make sensible decisions in your day-to-day business — clearly and without unnecessary complexity.