This paper describes the lump sum taxation for independent profession, from the very beginning until the very end or cessation of independent profession. The first chapter talks about the very beginning, that is, the registration of independent profession or trade. It also states the activities subject to a lump sum taxation. There is a word about the conditions that are to be met for the lump sum taxation of both independent and joint activities. This chapter lists mandatory accounts and records, as well as mandatory public dues/levies that are to be paid. The following chapter provides an example of compiling annual tax reports for a joint venture. The second chapter uses both theory and examples to describe a change in the method of taxation from a lump sum determination of an income to a determination of income based on business accounts and vice versa. In addition, the specifics in the seasonal business and during the temporary suspension of independent profession are stated and explained. At the end, the second chapter explains all the ways in which the cessation of independent profession can occur and the deadlines for keeping business documents. The aim of this paper is – through theory and numerous examples – to present in a simple way the entire life expectancy and certain specifics of performing an independent activity, the income and income tax for which are determined in a lump sum.