117-0036/03 – Accounting and Taxes of an Individual Entrepreneur (UDIP)
Gurantor department | Department of Accounting and Taxes | Credits | 5 |
Subject guarantor | Ing. Yvetta Pšenková, Ph.D. | Subject version guarantor | Ing. Yvetta Pšenková, Ph.D. |
Study level | undergraduate or graduate | Requirement | Compulsory |
Year | 3 | Semester | winter |
| | Study language | Czech |
Year of introduction | 2019/2020 | Year of cancellation | |
Intended for the faculties | EKF | Intended for study types | Bachelor |
Subject aims expressed by acquired skills and competences
1. To define the basic legal, accounting and tax legislation for
individual person – individual enterpreneur
2. To clarify the difference between individual person accounting, financial
accounting and tax evidence.
3. To evaluace the advantages of mentioned legal form choice.
Teaching methods
Lectures
Tutorials
Summary
The aim of the course is to provide information about the accounting entity - individual entrepreneur (natural person) and his accounting and tax obligations. Graduate of the course should acquire during the lectures the knowledge necessary for keeping accounting and tax obligations of an individual entrepreneur, distinguish the advantage or disadvantage of choosing a bookkeeping in a full or abridged scope, or choosing tax evidence, or on the bases of analysis to choose another suitable form of business, e.g. establishment of Ltd., general partnership, etc.
Compulsory literature:
Recommended literature:
Way of continuous check of knowledge in the course of semester
Written credit and written exam
E-learning
Other requirements
Other conditions are not determined.
Prerequisities
Subject has no prerequisities.
Co-requisities
Subject has no co-requisities.
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.
Conditions for subject completion
Occurrence in study plans
Occurrence in special blocks
Assessment of instruction