Let’s hear it for good intentions!
A brand-new year has just got under way, bringing with it all kinds of fresh opportunities. This makes it the perfect occasion – in keeping with tradition – to give some thought to good intentions. Business owners will obviously be focused on making their business work. However, running a tight administrative ship is by no means subordinate to boasting the requisite entrepreneurial skills, as this month’s “helpful hints” aptly demonstrate.
- Time sheets – Anyone qualifying as an entrepreneur having liability for income tax whose business takes up a minimum of 1,225 hours per annum of his or her time is statutorily eligible for certain lucrative tax allowances. Please note, however, that you should be able at all times to account for the hours you have devoted to your business during the year.
- Staff disbursements and allowances – An overview is required to be prepared as at year end of the various staff disbursements and allowances you have made available to your workforce in the course of the calendar year, as the month of January is when the payroll tax return is filed (and any overrun of the free margin as per the expense allowance scheme has to be accounted for).
- Mileage records – If you have the disposal of a company car you also use for private purposes, this may impact on your business’ payroll and turnover tax situation where your annual private mileage exceeds 500 kilometres, as this would prompt additional tax being levied. Please liaise with us if you want to find out what he fiscal fallout would be.
Please don’t hesitate to contact us with any financial queries you may have!
Dutch version: Een aantal goede voornemens voor 2018!