PREPARATION AND SUBMISSION OF ANNUAL REPORTS FOR A LEGAL ENTITY

Preparation and submission of annual reports for a legal entity of a Limited Liability Company (LLC) is an important stage in the completion of the annual activity of any enterprise in Ukraine. In this article, we will consider the main requirements for the annual reporting of an LLC under the laws of Ukraine.

What types of reporting are there for an LLC?

The main types of reporting under Ukrainian law for an LLC are:

• Accounting statements, consisting of:

a) Balance – contains information about the state of property, liabilities and equity of the company at the end of the reporting period. The balance sheet is the basis for assessing the financial condition of the company and its ability to pay obligations.

b) Statement of financial results (profit and loss) – contains information on the company’s income and expenses for the reporting period, as well as on net profit or loss.

c) Cash flow statement – contains information about the company’s cash flow for the reporting period. This report shows where the company gets money from and how it uses it.

d) Equity Statement – contains information on changes in the company’s equity capital for the reporting period. This report shows how the company makes money and how it distributes it to the owners.

• Tax reporting, which includes (not a complete list of declarations is noted):

a) Income tax return – contains information about the company’s profits and the amount of tax that must be paid for a certain period. The declaration includes the calculation of the tax base, the calculation of tax liabilities, as well as other information about the tax situation of the company.

b) Declaration on payment for land – contains information on land plots owned by the company, as well as the calculation of the amount of payment for the use of land for a certain period.

c) Declaration of payment for real estate – contains information about the real estate owned by the company, as well as the calculation of the amount of payment for the use of real estate for a certain period.

d) Pollution charge declaration contains information about the level of environmental pollution that the company creates, as well as the calculation of the amount of the payment for environmental pollution for a certain period.

What are the annual reporting requirements for an LLC?

It should be noted that the annual accounts must be prepared and submitted before March 1 of the next year following the reporting period. The reporting period for an LLC is a calendar year, that is, from January 1 to December 31.

The preparation of annual accounts involves maintaining proper accounting and tax records during the reporting period, including the registration of all financial transactions and cash flows, the preparation of financial documents and reports on the financial condition of the LLC.

Before reporting, it is necessary to check its compliance with the requirements of the law, taking into account all the operations carried out during the reporting period and the obligations fulfilled. If errors or inaccuracies are found in the reporting, it can be corrected by submitting amendments.

What actions should be taken if you have already prepared annual reports?

After compiling annual reports for LLC, it must be submitted to the relevant state authorities. To do this, follow these steps:

• Register an electronic account on the website of the State Statistics Service of Ukraine and receive an individual number of the registration card of the payer of statistical fees in it.
• Generate an electronic copy of the annual reporting and sign it with an electronic digital signature.
• Submit annual reports to the relevant government authorities. Usually this is the State Statistics Service and the State Tax Service of Ukraine.

Once a report has been submitted, it may be reviewed by the appropriate government authorities to ensure compliance with legal requirements. In case of violations or inaccuracies in the report, the company may receive sanctions or fines.

If you need help with the preparation and submission of annual accounts for your legal entity (LLC), then Prikhodko & Partners law firm can help.

Our company has experience in preparing and submitting annual reports for various legal entities, including Limited Liability Companies, so we can provide a professional and high-quality approach to your reporting.

We are always happy to help our clients with all your legal needs, so don’t hesitate and contact us!