The end of the year is near – the perfect time to get everything in order and step into 2025 well-prepared. This checklist will help you finalize your administration, so it’s ready to hand over to your bookkeeper.
- Collect all invoices you’ve sent out and upload them to your online administration. Also, check if your invoices have been paid, or update the payment date. Check the numbering of the invoices: if there are any invoice numbers missing, there’s probably also income missing. If the missing invoice numbers never existed, make sure that this can be logically explained and notify your bookkeeper.
- Upload all your business expenses to your online administration and add all receipts and invoices to justify. Without a receipt (or, exceptionally, a bank statement) it’s difficult to determine whether the expense has been made. Also, you’re not allowed to reclaim VAT if you do not have a receipt or invoice with a VAT specification.
- Have you submitted all recurring monthly costs, such as telephone or internet costs? Make sure there are always twelve in total: one invoice per month.
- Please note that you need to apply a correction for private use to your internet and telephone costs; assuming you also use your phone and internet for private matters, of course. It’s up to you to determine the percentage for business use. Apply this percentage to the total amount and state this percentage in the description.
- Don’t forget to include other direct debits for which you don’t get periodic invoices, such as bank charges or office space rent. If you don’t have a substantiation, you can also add a copy of your rental contract or a bank statement.
- If you don’t have a company car, but you do use your private car (or bicycle) for business, you’re allowed to add travel allowance to your business administration. In that case, you must be able to provide a kilometre registration, which you add as a substantiation. Calculate the total number of kilometres and multiply by €0.23. Then enter this number in the total amount field and select ‘no VAT’.
- Always double check all major expenses, such as the purchase of a computer, camera, bicycle or airline tickets. It would be a waste if you forgot to add these to your business administration!
- In addition, the end of the year is the perfect time to consider business investments. If you invest more than €2.801 excluding VAT in 2024, you can make use of an additional investment deduction (KIA). So, if you’re just below that threshold at the moment, it might be worth considering making an extra business investment before the end of the year.
- If this is the first time we’re filing your income tax return and another bookkeeper has handled the previous financial year, please add the annual accounts of 2023 and your income tax return of 2023 under the questions about your business data. Have there been any previous investments with depreciations? If so, make sure there is a clear fixed asset statement. Sometimes this is already included in the financial statements. If not, it’s a good idea to request it separately from your former bookkeeper.
If you have any further questions or if you’re uncertain about something, you can click on ‘More information’ within our bookkeeping system, under the frequently asked questions regarding business data and income tax. Also, you can always contact your bookkeeper. Happy fresh financial year!
