Tax benefits for new entrepreneurs: key bookkeeping tips

If you are just starting out as an entrepreneur, it is essential to know which financial benefits can help you. It is good to know that these options exist, but it is just as important to make sure you don’t forget about them!

Let’s take a look at some of the tax benefits that apply specifically to new entrepreneurs (such as freelancers):

• Self-employed deduction (zelfstandigenaftrek): in 2023 you can get a self-employed deduction of €5,030, provided you spend at least 1,225 hours a year on your business and are active for at least 6 months of the calendar year.
• Starter deduction (startersaftrek) in your first 3 years: in your first three years as an entrepreneur you can use a starter deduction of €2,123.
• SME profit exemption (mkb-winstvrijstelling): you are entitled to a 14% reduction of your profit thanks to the SME profit exemption.
• Old-age reserve (fiscale oudedagsreserve): this is a kind of pension scheme for entrepreneurs, but it can be complicated because of its many rules and conditions.

On top of that, there is the “small business scheme for VAT” (kleineondernemersregeling, KOR), under which you do not have to pay VAT but also cannot reclaim any. This applies as long as your annual turnover stays below €20,000, but whether it pays to use this scheme depends on your specific situation. Of course, we are always happy to think it through with you.