The Bookie Subscription and the KOR (Dutch small businesses scheme): how does that work?
Working under the KOR, the small businesses scheme ? Then read below what you have to think about.
NB You may not end your participation in the interim because for example you want to make a large investment. But as soon as your turnover exceeds € 20,000 in one calendar year, you must immediately notify the Tax and Customs Administration. Because from that moment your participation in the KOR expires (Dutch only). So it pays off to keep a good overview of your administration together with The Bookie.
Notify us ...
... when you start - Send your Bookies an email to notify the, from which quarter you use the KOR.
... when the KOR ends - Also send us an email as soon as your turnover exceeds €20.000.
Read here how to estimate your turnover, using the tool of the Belastingdienst (Dutch only).
4 advantages in having a Bookie subscription
A number of advantages have been listed for you here below:
1. SALES: You can still send invoices/receipts that appear directly in your income statement. However, this is not mandatory. If you decide to send invoices, you no longer send VAT invoices and you mention that a VAT exemption applies. If you invoice private individuals, you may of course invoice the original amount. Because of this, the former VAT amount is for you. You can still use the iDeal option if you want. Especially if you work with private individuals, which you probably do, because this works very easily. Individuals pay faster via an iDeal link and the payment is immediately registered in The Bookie Webapp.
2. EXPENSES: You do need to keep your purchase invoices. With the Bookie Bonnen app you can process these receipts and invoices easily. However, you do NOT deduct VAT on your business costs and investments anymore. That means you will not get it back. So you process the VAT as you are used to do. However, you won't get it back and we will process it at the end of the year (see explantion under 4)
3. CONTROL: We check everything so that you have insight into your income and expenses and we're on top of it together to prevent it from failing to meet the KOR-conditions unnoticed. You participate for a period of at least 3 years or until your turnover exceeds € 20,000 in 1 calendar year.
4. INCOME TAX RETURN: As you still need to have a thorough administration for the income tax return, you have to keep this neat and tidy. At the end of the year we will process the VAT, which you have paid but which was not previously included in your expenses. This way it will be listed in your Profit and Loss Account after the end of your financial year.