Important responsibilities of individual entrepreneurs in July — what to do at the midpoint of the year.

Individual entrepreneurs must regularly conduct an internal audit of their activities to avoid potential problems. This involves checking for risks that may lead to tax or financial inspections. Such an audit is recommended to be conducted in July.

According to lawyer Bohdan Yankiv, it is important to check if you have approached the annual limit, avoid fines, and timely fulfill tax obligations. In particular, new rules regarding the use of cash register systems will come into effect from August 1, 2025.

Annual limits and taxes

The annual income limits for different groups of individual entrepreneurs are: Group 1 - 1,336,000 UAH, Group 2 - 6,672,000 UAH, Group 3 - 9,336,000 UAH. If you are close to the limit, it is better to foresee the possibility of changing groups or switching to the general tax system.

It is also worth checking the accuracy of inventory accounting and complying with all requirements for cash discipline, as fines for violations are being imposed under new, stricter rules.

Cash registers and inventory accounting

New fines for violations of cash register rules will come into effect from August 1, 2025, which will be significantly higher. Also, mandatory fiscalization for individual entrepreneurs selling goods through certain payment systems or receiving money on bank cards will be introduced.

It is important to timely check the inventory accounting, as violations in this area can lead to serious fines and penalties.