Most entrepreneurs have one task in their work they dislike above all else: Bookkeeping. Accountancy and keeping the records up-to-date are a close second, with filing for Tax returns coming in third. This is not something new, nor even strange, as these tasks can become rather frustrating and tedious if they’re not part of your day-to-day activities. It feels for most like an obligation standing in the way of the ‘real’ job you have when being a business owner.
Small mistakes can have major consequences when filing for VAT returns and updating company records. Many roles, laws and exceptions within those laws must be considered (differing per industry, type of company, service, country, etc.), which becomes a very precise job. Because of this, many entrepreneurs outsource their bookkeeping and tax returns to certified advisors.
VAT declaration and turnover tax
In the Netherlands, most business owners are obliged to file their VAT returns. In order to successfully submit a VAT return, you are required to accurately document your VAT records and submit them monthly, quarterly or annually. You must clearly state which invoices you have issued and paid (with the corresponding VAT amounts), in addition to your income, expenditure and your private use of services or goods.
The VAT amount you have to remit is deducted from the VAT you need to receive.
Missing the deadline of VAT return submission means risking a fine. If you trust us to handle your bookkeeping and VAT declarations, we will ensure that you’ll receive a timely reminder in order to avoid such fines.
Please note: if you do business outside of the Netherlands, there are additional rules that need to be taken into consideration when filing your VAT declarations. At Keijer and Rademakers Advies, we have experience with international SME companies and taxes. We can help you with any question you might have.