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If you have a business in the Netherlands, you are legally obliged to keep accounts and to retain them for seven years. You must keep data related to immovable property for 10 years. This fiscal retention obligation applies to both paper and electronic versions of your administration. The obligation also applies when your business ceases trading within the specified period.
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.
From paper to digital format
You may safe your paper administration digitally. Contact your tax office for more information and advice.
Accounts kept by civil-law notaries and court bailiffs
As a civil-law notary or court bailiff you are required to keep accounts detailing your office’s assets and your private assets. Every year, you must compile a balance sheet for your office and your personal situation, as well as a profit and loss statement for your practice. You must have these documents reviewed by an accountant before submitting them to the Financial Supervision Office (BFT). BFT has developed financial report formats for this purpose.
