Prepayment of taxes: all self-employed persons or companies have to pay tax on estimated profits in advance. Otherwise a tax increase will be applied, which is logical, given the final statement usually comes a year later.
The sooner you pay, the higher your tax advantage. You can easily obtain a prepayment credit by your bank.
Paye: all those who work through an organisation have to address themselves a monthly salary. You better discuss this matter with us in advance; then we define the amount of paye that has be payed every quarter, we also take care of your quarterly tax return and necessary documents (this doesn't apply for those who have this done by an agency). If you like to profit of an reduced tariff, at least 1 director has to be granted with a gross salary of 36.000 € (*); unless your profit is lower.
Personnel: all formalities regarding personnel are best taken care of by an agency; in that regard: we have good contacts with all agencies.
Retention: invoices, summaries, quotes, ... you need to store all professional documents for at least 7 years. We advise you to keep storing all documents, when needed in a cardboard box on the attic.
We hand over all prints, balance sheets, archives of more than 3 years old (gathered in a archive box) to our customers, yet again to store on the registered office of your business.
Storage is your obligation!
Cash-book: those wo work with daily receipts (restaurants, bakeries, shops, ...) need to register their daily receipts. These are usually based on a cash register (Z-total) that you need to store for tax audits.
You also need to keep your cash journal up-to-date, where you register all daily expenses and bank deposits. You store these daily receipts and cash-books in a notebook (A4), in order to prevent unnecessary discussions with your tax controller.
In case you need more information or samples, you better contact us.
Loans: you have to provide us an amortisation table of all your (new) loans!
Single person business or organisation: in Belgium, as self-employed person, you work as a single person business or under the form of organisation. You can always make the transition to an organisation, with all benefits or drawbacks.
In order to have an extensified discussion regarding your company, feel free to contact us for an appointment.
You need to make a profit of at least 40.000,00 € (*) before you can profit on a fiscal benefit.
Social contributions: every quarter you will pay social contributions; these are calculated on your income of 3 years back. Starters are given the benefit of a minimum; we recommend starters who make an immediate substantial profit to pay more.
These contributions are set to a minimum of 650 € (*) and a maximum of 3.400 € (*) per quarter. Cooperating partners need to be registered.
Contributions can be limited to 60 € (*) per quarter; given the fact that you run your business as a secondary activity, that your profit is limited and that you work at least part-time as employee (18h / week) (*).
VAT: all VAT-chargeable persons have to submit a VAT declaration by:
regarding the activities of the past quarter.
Businesses who make an annual turnover of more than 1.000.000 € (*) have to submit a VAT declaration every month.
You need to provide us all invoices and statements of the past quarter by the 10th of the new quarter. Otherwise we cannot guarantee your VAT declaration in time.
Payment of VAT has to be done by the 20th. You also have to pay VAT provisions, this provision needs to be equal to 1/3 of the amount of the previous quarter. Every quarter we notify you concerning the amount on VAT that has to be payed and payable provisions.
Non payment within a month means an increase by 10 % (*) as well as intrests; please do respect these deadlines; the VAT-department is a bad financier.
How to pay VAT? The address is:
BTW ontvangsten Brussel
Account number : 679-2003000-47
You must use the OBLIGATORY REFERENCE (always the same - see VAT note – VAT number with an 0 in front of it and 2 digits at the end).
Click here in order to get your structured communication number needed for payment to the VAT-department.
Is your address, activity or bank account nummer correct?
Taxes: every year you will receive a tax notice regarding personal income tax; companies will receive a separate tax notice on corporate income tax.
Please hand this notice over to our agency; you best keep a copy for yourself for you might need it for the day care center of your children. We will check the notice; all objections have to be submitted within 6 months.
Every year you also will receive a tax notice (brown envelope); please hand it over to our agency instantly.
You also need to hand us over all statements (bank, childrens day care, social contributions, insurances, ...), wage fact sheets, ...
Insurances: we advise you to check all your insurance policies to make sure all risks are covered. In that way you have the best insurance for fire, occupational accidents, civil liability, cars, hospitalization, income, life, etc ...
As a self-employed person you must ensure that you yourself will realize your retirement. Therefor we recommend every customer the next ' insurances' (= investments), for they provide you a substantial fiscal advantage. 1. pension savings: € 830 per partner (*) 2. PSPS (free supplementary pension self-employed): max. about 2,500 € (*) 3. Group insurance or individual pension commitment (IPT): only for companies.
We cannot stress enough that you need this to be arranged as soon as possible in order to provide you your future retirement, partly at the expense of the government.
If you like we can always have your policies reassessed or optimized by a professional agency; then you can compare your existing situation and do what you think is best for your situation.
If you are interested please contact us.
Fee: we usually work by a flat-rate billing system, per month, per quarter and a balance invoice by the end of the fiscal year. So you always know how much we will cost and you don't have to be 'afraid' to contact us.
Tax controls, dissolutions, new business ... are charged separately.
We dare to say that - due to limited wage costs and general costs - our fee is below average. Given the constant expansion of our office we can only work for those customers who settle our invoices in a timely manner; when needed you can always send us a debt reduction plan proposal.
We often notice that irregular payers usually are companies that are being mismanaged, and as such do not get out of that vicious circle; please contact us promptly so that we can help you.
Our office cannot be held responsable concerning files that are not payed in time, or companies that do not hand over their books or partially hand over.
Formalities: By-laws: 'old' companies basically had to have their by-laws adapted to the euro and the new company law. Contact your solicitor to make this revision if necessary. This may cost you about 600 € (*).
Central Social Security Data Bank (earlier Register of Companies): is your address still correct, are there new branches, etc.
Balance sheet: every year, all limited companies (BVBA) or public limited companies (NV) have to file their balance sheets this on an electronic manner. Therefor a submission fee has to be paid. All limited or public limited companies have to pay this fee in advance on our special bank account, being 140,79 € (*), indicating name and balance sheet of the fiscal year (YYYY), and has to be done by 15/06 of the following year (YYYY + 1)
Submission of financial statements at the Central Balance Sheet Office has to be done within 30 days after approval by your general assembly and no later than seven months after date of closure of the fiscal year. In principle, non-approved annual accounts can not be lodged.
(*) All listed amounts and/or rates may change as a result of changing regulations.