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Year end is coming, is your company administration up to date?

The year end is coming and before that happens you have time to set things straight. After December 31 it can be too late. Below you find certain aspects that need to be addressed:

The most common thing to happen within a BV company, or LTD type of vehicle, is that there is a current account relation with the shareholder. Have you paid the interest amount due over the debt to the BV or have you been paid interest over the receivable. If the debt is too high related to the collateral you provided, income earned or taking the near future income into account, then this is the time to settle this debt with a dividend payment. The dividend tax you pay to the tax office and with the balance you compensate in the current account.

Is your salary correct? Is it enough to keep the 30% ruling? That implies your salary cannot be lower than EUR 35.700 in 2013. If it is too low, the tax office will nullify the 30% ruling in 2014 automatically and you cannot have it again. Is your salary high enough to maximize the mortgage refund, in case you own your house. If you anticipate that your salary will exceed in 2014 the EUR 150.000 amount and then you are most likely due 16% excess wage tax, can you increase your salary now already to the maximum amount of EUR 150.000? Although the Government stated that the 16% excess charge was a one time tax due to the crisis, we are not sure it not done again.

Have you collected long outstanding debtors? If you have not, you are still due income tax over this not received turnover. Best is to do your utmost to collect the invoice amount, in order to be able to write of the invoice, should no payment be collected. Naturally you have to take into account the client relation, but is a non paying client your desired client?

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