Which is the best choice? Employ a bookkeeper or outsource it to an accounting firm? Read more about it here.
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The end of the year is approaching, and that means it is time to put your finances and tax affairs in order. Whether you have a sole proprietorship or run a bv, the right tax choices can save you a lot of tax. In this article, we share practical year-end tips for entrepreneurs.
One of the most important things to do at the end of the year is to check all your outstanding invoices. Do you have customers who haven't paid your invoices yet? If so, take action. Send a friendly reminder or follow up the payment by phone. This way, you reduce the chances of these invoices going unpaid and jeopardising your liquidity.
Also make sure that all outgoing invoices for the current financial year are correctly listed in your records. Do not forget to check the payment deadlines. This is because unpaid invoices can still be taken into account when preparing your balance sheet.
Are you considering investing in business assets soon? If you do so still in 2024, you may be able to benefit from the small projects investment credit (KIA) or other investment deductions, such as the energy investment allowance. By arranging this before the turn of the year, you will reduce your taxable profit and pay less tax.
For self-employed people, make sure your total investments this year are between €2,701 and €353,973 to be entitled to KIA. For a bv, other deductions may also apply, depending on the investment.
For sole proprietorships, the retirement reserve is an interesting scheme. You can reserve part of your profits for your retirement, which immediately reduces your taxable profit. Note that this scheme will be phased out by 2023, but existing old-age reserves will remain in place.
Do you have a bv? Then check whether your pension scheme is optimally set up. Think about using available annual spaces and reserve spaces for fiscal pension accrual.
Are you a director-major shareholder (DMS) of a bv? Then it is a good idea to check whether it might be clever to still pay dividends in 2024. In 2025, the tax rates will change, so get informed about this by a tax expert.
Start by preparing a budget for 2025. Look critically at your income and expenses from this year and use that data as a starting point. What costs can you expect? And what do your revenue targets look like? By mapping this out clearly, you create a financial basis you can build on throughout the year. It gives you peace of mind and confidence to go into the new year well-prepared.
A common mistake entrepreneurs make is not keeping the provisional tax assessment up to date. Have you earned more or less than expected this year? By updating your provisional assessment for 2025 in time, you will avoid unexpected tax assessments.
The end of the year is a good time to review all your business expenses. Think about training costs, subscriptions, marketing expenses or other investments. Take advantage of the opportunity to still include these costs in 2024 so that they are deducted from your taxable profit this year.
Want to benefit from tax advice all year round? We can take care of your business administration for a fixed monthly fee. We ensure that your administration is always up to date. That way, you will not miss a single tax opportunity and you will be optimally prepared for the year-end and the new year.
Our team constantly monitors your tax position so that you can focus on your business. No surprises afterwards, but transparent and personal advice tailored to your needs.
Wondering how we can help you? Then contact us today.
Which is the best choice? Employ a bookkeeper or outsource it to an accounting firm? Read more about it here.
What is the role of a shareholders' agreement and why should you include it when setting up a bv? Read more about it here.
Read here what you need to consider when setting up a bv with a foreign shareholder.
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