Accounts

If you have a business in the Netherlands, you are legally obliged to keep accounts and to retain them for seven years. The accounts constitute the basis for your tax returns. Accordingly, it is essential to record the number of hours worked, as this number will determine whether you are eligible for certain income tax allowances.

Requirements for the accounts

Your accounts must satisfy various requirements. For example, for the purposes of turnover tax, you must keep a record of the invoices paid and issued, of your income and expenditure, of the volume of your imports and exports and whether the imports/exports involve EU Member States or non-EU countries. Special requirements also apply to your invoices and business correspondence. In addition, you must maintain such documents as receipts, bank statements and diaries for seven years.

Begin on time

Create your accounts in a timely manner. The hours you work prior to the official launch of your company also count towards the hour criterion for the tax allowances. In addition, costs incurred before the official start of your business can count as operating expenses as well.

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