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Consult: year-end overview and options

What should I pay attention to before the financial year ends and will my Bookie help me? A question we're often asked. The completion of a financial year often offers several options. These are not obligations, but extra options. Below we will explain some of the options.

On this page:

What is an end of the year consultation?
Which are the important fiscal elements?
1. income tax to be paid
2. investments
3. jaarruimte
4. zelfstandigenaftrek icm urencriterium
5. benefits

End of the year consultation

Choices are often not that easy to make. That's the mean reason that many of our customers schedule an extra consultation at the end of the financial year, also in preparation for their income tax return. For example, you can discuss a number of options with us online that require some more time. A consultation costs € 95 ex VAT per hour.

During your consultation you can ask any questions you have in the field of tax options. Since we often hear the same type of questions at the end of the year, we have made an overview below of frequently asked questions during an end-of-year consultation. Ultimately, you choose what you want to discuss.

Interested in a consultation? Schedule a consultation by emailing your Bookies or calling Danica. 

Completion of the 2023 financial year

1. Prepare for the income tax to be paid

You pay income tax on the taxable profit. So in a simple way it works like this:

  • turnover - expenditure = profit (see here where you can find your profit in The Bookie Webapp)
  • profit - entrepreneur deductions = taxable profit
  • you pay income tax on taxable profit (view the income tax rates here)

In 2023, the tipping point for income tax is € 73.032: on all taxable profit that exceeds this, you do not pay 36,93%, but 49.50% income tax. There are a number of factors that determine how much income tax you end up paying.

2. Invest when needed  - KIA

If you invest above a certain amount in a year (at least € € 2.601 ex VAT in 2023), you may be eligible for the KIA, also known as the small-scale investment deduction. This includes, for example, a laptop, telephone, machines and other business assets that will last for several years and cost at least € 450 ex VAT each. Read here how the KIA works.

During your consultation, we examine the state of your investments for this financial year.

3. Think of the future -  annual space

If you have had a good year financially, it can be advantageous to set aside part of your income for your pension in a tax-beneficial way. You reserve a part of your profit, so that you have tax deferral on that part of the profit. So it provides you with a tax benefit in the short term. Now it often seems advantageous, there are a number of risks, where it may be that it costs you more than it yields if, for example, you quit your company earlier.

The so-called annual margin is a fiscal advantage that can bring you a lot. In addition, you can still overtake unused annual spaces from the past seven years. This is called reservation space. We can also apply this for you.

Since it is important to carefully weigh all the pros and cons, we only give advice on this during a consultation. We actually apply it at the time of the income tax return, but by knowing in advance what the options are, you can make a better and faster choice and indicate this to us.

4. Check your hour registration and kilometer registration or private correction

To be able to use entrepreneurial discounts you must have invested 1225 hours in your company. 

Do you also drive for business with your own (private) vehicle? Then you can get kilometers 'reimbursed', provided you keep a kilometer registration.

5. Check if you are entitled to Benifits (Private)

Benefits are financial contributions from the Tax Department towards the costs of your care (insurance), rent or child. Whether you are entitled to these allowances depends on your personal circumstances.

The benefits themselves and applying for them are not part of your company and therefore not part of your subscription. Yet your income from your company and the granting of these allowances are indeed linked. 

> Tax Benefits by The Tax Administration

Rent benefits

Preparation for the 2024 financial year


Continuitity and Entrepreneurship

In this situation, we mainly look at the independence of your company, for example if you only have a few clients. In addition, we think along with you whether you carry out your work in the right form.


 

by Mari Last update: 21 Nov, 2023