00:00:05:16 - 00:00:11:04 As an entrepreneur, you are required to keep records and save them for at least 7 years. 00:00:11:07 - 00:00:14:06 You can get a lot of information from good business records. 00:00:14:09 - 00:00:18:09 This can help you make the right decisions for your business at the right time. 00:00:18:12 - 00:00:21:16 Your records also form the basis for your tax returns. 00:00:21:19 - 00:00:25:12 Most business owners have to file quarterly returns for turnover tax... 00:00:25:15 - 00:00:29:05 also known as VAT (or btw in Dutch). 00:00:29:08 - 00:00:33:04 Depending on the product or service, you charge 21 per cent... 00:00:33:07 - 00:00:37:00 9 per cent, or 0 per cent VAT to your customer. 00:00:38:00 - 00:00:41:08 You also pay VAT on your purchases and expenses. 00:00:41:11 - 00:00:45:07 The difference between the VAT received and the VAT paid... 00:00:45:10 - 00:00:49:18 you either reclaim or pay to the Tax Administration. 00:00:49:21 - 00:00:51:05 You might be exempt from VAT… 00:00:51:09 - 00:00:54:23 or you might be able to make use of the Small Businesses Scheme. 00:00:55:01 - 00:00:57:08 You file your income tax return once a year… 00:00:57:11 - 00:00:59:17 before 1 May, for the previous year. 00:00:59:20 - 00:01:03:02 Use the Tax Administration's online tool “OndernemersCheck”… 00:01:03:05 - 00:01:06:23 to find out if you are an entrepreneur for income tax purposes. 00:01:07:01 - 00:01:11:13 If so, you can use the entrepreneur allowance to get additional tax benefits. 00:01:11:16 - 00:01:17:01 To do so, you have to spend at least 1225 hours per year on your business. 00:01:17:04 - 00:01:20:04 You keep a record of those hours in a timesheet. 00:01:20:20 - 00:01:22:12 You can outsource your administration and... 00:01:22:15 - 00:01:24:23 tax returns to a bookkeeper or accountant. 00:01:25:01 - 00:01:27:24 But it is still important to keep an overview yourself. 00:01:28:08 - 00:01:30:14 Let's see how these entrepreneurs handled this... 00:01:30:17 - 00:01:34:16 Administration is really Elke’s thing. I don't do that. Horrible. 00:01:34:19 - 00:01:37:06 I think it's terrible too, but I do it. 00:01:37:09 - 00:01:39:16 And nowadays there are very handy apps for that. 00:01:39:19 - 00:01:44:11 That you just scan a receipt and your accountant receives it right away. 00:01:44:14 - 00:01:46:13 I’m not good at it myself. My husband is. 00:01:46:16 - 00:01:51:08 But he always says: You should always keep up with your own records too. 00:01:51:11 - 00:01:55:07 Income tax, what should I set aside for it? What goes out? 00:01:55:10 - 00:01:59:13 So you know approximately what is expected of you at the end of the month. 00:01:59:16 - 00:02:03:05 We soon hired an accountant to manage our accounts. 00:02:03:08 - 00:02:06:17 Because we soon found that we didn't feel much like it ourselves... 00:02:06:20 - 00:02:10:03 and because we couldn't really deal with it in a structured manner. 00:02:10:06 - 00:02:14:23 Plus, it gives you more hours to do other things. 00:02:15:01 - 00:02:17:08 It is important that you outsource things in time. 00:02:17:11 - 00:02:20:19 Especially the things you're not good at or that others do better. 00:02:20:22 - 00:02:24:01 If you have a good bank, then you can just create a reserve. 00:02:24:04 - 00:02:28:00 So that when an amount of money is deposited into your account... 00:02:28:09 - 00:02:33:01 my bank automatically makes sure it goes straight into my VAT reserve. 00:02:33:04 - 00:02:35:24 So the VAT is automatically put into another account. 00:02:36:02 - 00:02:37:14 I didn't even know that. -Yes. 00:02:37:17 - 00:02:41:19 We do have set consultations every week. Once a month also the MT meetings... 00:02:41:22 - 00:02:44:10 in which we discuss the figures of the previous month. 00:02:44:13 - 00:02:48:13 Obviously important to get a good idea of how the business is running... 00:02:48:16 - 00:02:51:14 and also to be able to make timely adjustments, if necessary. 00:02:51:17 - 00:02:55:15 In terms of time-tracking, I didn't really do this in the beginning. 00:02:55:18 - 00:02:58:23 But at the end of the year I had to be able to prove it... 00:02:59:01 - 00:03:00:16 so it cost me a lot more work. 00:03:00:19 - 00:03:05:01 My advice is, just put the appointments in your diary, then it will always be there. 00:03:05:04 - 00:03:07:12 We use software in our salon... 00:03:07:15 - 00:03:11:24 that keeps all the time records of our staff and our clients. 00:03:12:02 - 00:03:17:01 That's very nice. It's really work that you can leave to the software. 00:03:17:04 - 00:03:20:00 So the most important thing is that it is entered properly. 00:03:20:15 - 00:03:22:19 And now it is time for action. 00:03:22:22 - 00:03:25:18 Decide whether to handle your administration and taxes yourself 00:03:25:21 - 00:03:28:21 or outsource it to a bookkeeper or accountant. 00:03:28:24 - 00:03:30:21 With your accountant, choose... 00:03:30:24 - 00:03:33:21 online accounting software that suits your business. 00:03:33:24 - 00:03:37:04 That way, you will save time and make fewer mistakes. 00:03:37:07 - 00:03:42:06 Schedule a set time for updating your records and make sure you carefully track your hours. 00:03:42:09 - 00:03:47:10 Check out all the information for a good start at belastingdienst.nl/starters. 00:03:47:13 - 00:03:51:13 About administration requirements, VAT, income tax... 00:03:51:16 - 00:03:54:10 deductibles, filing tax returns, and more. 00:03:54:13 - 00:03:55:12 Want to know more? 00:03:55:15 - 00:04:00:02 Visit KVK.nl/en/starting.