Many people work at home due to the corona crises. As a result, they discover the free existence of life and see opportunities from home to start a business themselves. Others out of necessity due to job loss. Examples are setting up a web shop, online advice and coaching, music lessons via YouTube, professional investor or day trader, etc.
For starting entrepreneurs, the mandatory accounting is often a problem or even an impediment.
You cannot escape having to comply with the mandatory requirements of the Dutch tax authorities.
Such as adding and keeping:
- Purchase and sales invoices
- Time registration
- Bank statements
- Travel expenses
- (cash register) receipts
The legal retention obligation is seven years for:
- The general ledger
- The debtor and creditor administration
- The stock administration
- Purchase and sales administration
- Bank statements
- Payroll administration
In principle, you can do the accounting yourself. Self-employed entrepreneurs are obligated to file an income tax return every year. An orderly accounting is important for this, which must contain all records and information about your company and forms the basis for the tax return. Incomplete accounting records or a late filing can lead to substantial fines!
You can outsource all or part of the accounting to an accountant from an accounting firm, which saves you a lot of time. Time that you can use for actual entrepreneurship: running your company, finding customers, thinking about new initiatives and realizing growth.
In addition to unburdening your accounting, there is also the advantage of having to immerse yourself less into all kinds of tax matters, such as depreciation, VAT returns and deductions. In addition, the accountant is fully aware of the Dutch rules that apply to starting entrepreneurs, such as:
- Self-employment deduction
- Starter’s deduction
- SME profit exemption
- Fiscal Retirement Reserve (FOR)
You can make agreements with an accountant which activities you will do yourself and which you will have him or her take care of. Moreover, your accountant often knows examples from his own practice and can actively think along and help you formalize new initiatives.
With Digital accounting from Direct Financial Control you can choose for the complete care of your accounting and provide the option to do part of it yourself. Such as making your own sales invoices with software that also has the ability to maintain your customer base and prepare quotations. No hassle with file folders, deliver everything digitally. We work together with highly experienced partners to take care of tax returns and personnel and payroll administration.
If you would like advice on setting up your accounting or having it taken care of, please do not hesitate to contact us. If you do the entire accounting yourself, we can monitor online and give advice where necessary. For non-Dutch freelancers and SME entrepreneurs, we can also provide the entire accounting in English, as well as the annual accounts and tax returns.