For starters

What to expect when you start a business

As soon as you start as a self-employed individual, it seems like there are a million things to do. You might ask yourself: What costs may or may not be deducted for business purposes? Am I going to do the accounting myself or will you outsource it? On this page we hope to give you a little more insight into your options as starter. What is important, is looking at what is relevant to you. That is also why we offer a tailor-made service, since one person needs an extra pair of eyes to look at tax returns, but the other needs advice for a credit application. Do you have questions after reading this page? Please contact us, we can help you in no time.

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Frequently seen situations

  • General accounting, deductions and private use
  • Bookkeeping: DIY, outsourcing or a combination of both?
  • VAT declaration
  • Income tax return with or without partner
  • Annual reports
  • Financial forecasts (eg for credit application, mortgage)
  • Company car or private?
  • Starter benefits

Frequently seen situations explained

Do you really want to spend so much time on daily accounting, or worry about whether this one lunch receipt has been booked correctly, with the right percentage of private use? Then outsourcing your accounting is a great option. You can also make a calculation yourself with how much time you “save”. Time in which you can work normally. The price for worry-free bookkeeping is approximately € 800 per year incl. 4 quarterly returns. Do you work longer as a self-employed person? Then we can set a price even more accurately, since you already have historical data.

Nowadays you have lots of useful online tools where you can send the receipts to your accounting program with an app on your phone. They do a lot for you, but you still need to have a good basic knowledge of accounting. When do I book something to what account? And what about partial private expenses? With a number of “tutorials” you can do a very large part yourself, and if you choose the right bank, you can load your mutations into your program. However, to be sure that your tax returns are correct, and you are not confronted with surprises in your income tax return, a “hybrid” solution is recommended. You do a lot yourself here, but we help you with certain checks.

Tip!

It is important that your company has its own bank account that is subject to all costs and income. Also make sure you have a debit card for that account and do all expenses with that card or for example with iDeal. Should you still have paid costs for the company privately, you must state this separately. The most convenient is then a spreadsheet table with date, description, total amount and possibly the VAT amount. There is no VAT on coffee / lunch / dinner receipts.

So, if all costs and expenses go over the business bank account, then this bank account is actually already your base administration. In order to make it possible for us to file a VAT return, you should send me a download of your bank statements at the end of each quarter, please in .xls or .csv format. Plus possibly a spreadsheet with privately paid expenses.

Nowadays you have lots of useful online tools where you can send the receipts to your accounting program with an app on your phone. They do a lot for you, but you still need to have a good basic knowledge of accounting. When do I book something to what account? And what about partial private expenses? With a number of “tutorials” you can do a very large part yourself, and if you choose the right bank, you can load your mutations into your program. However, to be sure that your tax returns are correct, and you are not confronted with surprises in your income tax return, a “hybrid” solution is recommended. You do a lot yourself here, but we help you with certain checks.

Tip!

It is important that your company has its own bank account that is subject to all costs and income. Also make sure you have a debit card for that account and do all expenses with that card or for example with iDeal. Should you still have paid costs for the company privately, you must state this separately. The most convenient is then a spreadsheet table with date, description, total amount and possibly the VAT amount. There is no VAT on coffee / lunch / dinner receipts.

So, if all costs and expenses go over the business bank account, then this bank account is actually already your base administration. In order to make it possible for us to file a VAT return, you should send me a download of your bank statements at the end of each quarter, please in .xls or .csv format. Plus possibly a spreadsheet with privately paid expenses.

Which bank do you choose? For a “normal” business account, many banks are virtually the same in their offers. You can of course have a preference for a certain bank, or you already have a private account. This has its advantages. Furthermore, it is ideal if you can download an MT940, .csv or .xlsx file from your internet banking which you can upload in your accounting program. Do you want more from a bank and do you have questions such as: Is it possible to get financing? How will I arrange payment transactions? Or what will happen to my mortgage options? Then first contact us before you go to various advisers and banks.

Every sole trader must file a VAT (Turnover Tax) declaration every calendar quarter. This is now possible through your Digid. You can also authorize us to submit your VAT return via digid.nl/machtigen. In most cases you have to charge VAT to your customers and you have to pay this VAT. You can deduct VAT paid on incoming invoices and receipts.

You must submit an income tax return each year and state your income from business in another category. To be able to do this, a so-called annual statement must also be made. The quarterly VAT returns are added to the financial statements and other costs are also entered. Accounting programs are always smart, they automatically set up invoices when you enter a bank file, or they calculate the annual accounts for you. Just do not copy this indiscriminately, because this is as accurate as the information you enter yourself. A check or help with drawing up an annual statement and a check with filling in your income tax in a recommendation. That way you won’t forget all the start-up benefits! And those are nice windfalls.

Do you use an accounting program online? Then there is often an app, that’s great. Then the vouchers are also immediately linked to the booking. Do you let us do the bookkeeping? Then this is a very easy solution:

Invoices and receipts on Dropbox or Google drive folder.

You must save all your outgoing and incoming invoices as receipts with debit cards. You can do this for example by saving electronic copy / scans on a Dropbox or Google Drive folder. If you then give me access to those folders, I can consult these invoices / receipts should I have any questions about them.

This way we all have digital and paper receipts complete.

In principle, all costs that you incur in the context of your business operations are deductible. Also coffee / lunch / dinner with (potential) customers. Your cell phone etc. Public transportation. Separate rules apply to a car. If this is a private car that you also want to use for your business, please let us know and explain the conditions under which car costs may be deducted from the turnover.

A car company car sounds great and can work out in your favor. But there are rules, for example, private addition; the amount you pay monthly for the private use of the business car changes annually. You also pay this amount over the catalog value including VAT and BPM. And we are not talking about any lease costs and interest on the financing yet. Alright, maybe not a new car. Then just a young occasion! Please note that if you purchase a second-hand car under the age of 15, the current value is a lot lower, but you do pay additional tax on the catalog value. Is the car older than 15 years? Then you can use the so-called Youngtimer rule. This is very popular, because you can drive a car from the higher segment and pay addition to the current market value (purchase price). There are various calculation tools available to calculate when it is wise to buy on the shop, or privately. Because when you use a car for business that is your private property, you may claim 0.19 euros per business kilometer, or deduct maintenance and other costs proportionally in view of the business and private driven kilometers. Because the rules change so quickly, the cabinet comes with new addition rules every year, online calculators are often quickly outdated. Do you want to know what is a favorable option for you? Then we will gladly calculate this for you.

There are also a number of additional tax deductions for (starting) entrepreneurs:

The self-employed deduction € 7,280, provided that a minimum of 1,224 hours is worked in the company; at least 6 months in a calendar year

Starters’ allowance in the first 3 years € 2,123

14% of the profit as a “SME deduction”

Fiscal retirement reserve, a kind of retirement game but (unfortunately) with quite a few snags.

In addition, there is also a “Small business arrangement for VAT” whereby the first € 1,345 in VAT does not have to be paid. If you come above it, this deduction disappears very quickly.

Contact us for more information

For financial advice, help with administration or a customised offer for your situation. Whatever your question, we are happy to help.