Each company, whether it is a sole trader, or a limited liability company (B.V.), has to keep accounts. It goes without saying, that it is essential this is done correctly and in accordance with the applicable company accountancy regulations.
Accounts and VAT return Netherlands
When starting a company in the Netherlands you should seek to keep your administration complete and up to date from the start. If your accounts are processed incorrectly or there is a problem which needs to be sorted out by a bookkeeper or accountant it could take up substantial time to straighten out.
Once a one man business (eenmanszaak), partnership (v.o.f.) or limited liability company (B.V.) is incorporated and registered with the Chamber of Commerce and the Tax Office, the first tax obligation will be the VAT return Netherlands. This is called BTW or Omzetbelasting aangifte in Dutch. In this form the totals of the due and reclaimable VAT will have to be completed, either with the Tax Office program or tax company accountancy software.
After the end of the year you will have to draft the annual business accounts. The financial accounts information during the year will form the basis for this annual report. Some other items will have to be taken into account, such as business mileage of private cars and capital purchases including depreciation. A B.V. company will have to submit the annual financial statement with the Chamber of Commerce, along with notes of the shareholders’ meeting stating approval of the financials.
Interim reports such as quarterly accounts will give you more useful company accountancy and management information.
Once the annual accountancy reports are finalised, the annual tax return can be prepared. A sole trader or partnership is liable to Income Tax, whereas a limited company is submitted to Corporate Income Tax. Both taxes have their own tax facilities and deduction possibilities to reduce tax burden.
Outsourcing company accountancy
Usually the annual company accountancy affairs such as annual business accounts and tax returns are outsourced to an accountancy office. J.C. Suurmond & zn. Tax consultants would like to assist you with these matters. You can outsource all your financial compliance work to our office or we can advise you on a specific part of it. Whatever your wishes are, you can count on a personal service from our side and we will do all we can to make the most of your business accounts.
For more information about our company accountancy services, please click here.