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Blog: This is useful to know about your tax return

Many self-employed people and entrepreneurs are looking back on a successful 2024. That usually also means that you will pay more income tax. The amount you end up with as a final assessment is partly in your control. These tips can make just the difference in your tax return.

1. Turned in a good year? Increase your advance payment and avoid tax interest

At the beginning of each year, you will receive a preliminary assessment income tax. The Inland Revenue makes an estimate, based on previous years. When you file your tax return, the final assessment is determined. If after
have to pay extra, tax interest is charged. These are hefty. For 2024, tax interest for the:
  • Corporate tax: 10%
  • Income tax and all other taxes: 7.5%
Note! You pay tax interest on the amount of tax you have to pay if you file your tax return later than 1 May (Vpb: 1 June). If you have had a low provisional assessment, you will be charged tax interest on the final assessment. You can avoid this by amending the provisional assessment in time.

2. Business expenses: the tax authorities will carry out extra checks in 2025

The tax authorities are paying extra attention to assessing business expenses in 2025, including in single-person limited companies. You may only deduct expenses that are necessary for your business. These are expenses that fall within normal limits and are directly related to your business.
Private expenses, such as streaming services or sports subscriptions, are often wrongly claimed as business expenses. Business lunches and dinners are limited deductibility, as well as study tours and representation. Study costs (to maintain professional knowledge) are again deductible.

3. Have you invested? Then don't miss the extra deduction that awaits

Have you bought tools, a laptop or other large investments. If so, you may be entitled to the small-scale investment deduction (KIA) This is for the purchase of business assets. Exactly what amount you can deduct depends on how much you invested. For investments between €2,801 and €69,766, for example, it is 28 per cent of the investment amount. If you made a sustainable purchase, you may also be eligible for the Energy Investment Allowance or the Environmental Investment Allowance.
Note! When calculating the profit, you have to include an asset of €450 and more depreciate. That means you usually split the purchase price over five years.

4. The final year for the averaging scheme

If you had a strong change in the last three years, you might get money back through the averaging system. This calculates the average tax over the 3 annual incomes. If this differs from the tax you paid, you will get the difference back if it is above the threshold of €545. This is the last year of the scheme.

5. There is so much more to be gained from tax breaks

If you have tax partners, you may split joint income and deductions, such as mortgage interest and Box 3. This can sometimes be very beneficial. And so there are lots of tax credits and expenses that are deductible. As an entrepreneur, you are easily missing opportunities in your tax return. A NOAB advisor knows all the deductions, rebates and other benefits you are entitled to.

Source: deZZP.nl

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NOAB KEURMERK

The Dutch Association of Administration and Tax Experts (NOAB) is a trade association with over 1,050 member firms.
Together, these member administration and tax consultancy firms serve more than hundreds of thousands of entrepreneurs in the SME segment,
focusing on unburdening, guiding and advising entrepreneurs.

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