March 2024 Newsletter
Read the original March 2024 newsletter here.
Declaration 2023
Important news about tax declarations and using the deferment scheme
Also in this newsletter:
- Fiscal changes for entrepreneurs as of 2023;
- Purchase and declaration of a company bicycle;
- US tax season;
- Extension to the Emergency energy Fund;
- New prizes 2024.
Tax return 2023
Its that time again! Soon Lupacompany will be busy preparing your annual tax return. In order for us to complete your tax return correctly and on time, its important that you provide us with the necessary information in a timely manner.
Do you want to get started? No problem! Our “Hand in Help” for customers indicates per subject which documents we need to file the declaration correctly and completely. You can bring the documents to us, send them in or email them.
Go directly to the Hand in Help >>
Would you like to know the deadline set by the tax authorities for tax returns?
We have provided information about the 2023 tax return deadlines on our website.
Declaration deferment scheme
Do you make use of the deferral scheme? Then you do not have to file the tax return before May 1.
Read more about the postponement scheme here >>
Applying for a deferment for a BV or a foundation works differently than for the income tax return.
Read more about postponement regarding corporate income tax here >>
New for entrepreneurs as of January 1, 2024
The most important legislative changes
On January 1, 2024, sixteen new laws/legislative changes came into effect that may affect the tax situation of your company. Lupacompany has published information about this in a previous newsletter: it explained what could be expected following the 2024 tax plan. Listed below are the final legislative changes that have been implemented for business taxes and levies, for this year.
- As a self-employed person or SME, you will see a decrease in the profit exemption on income tax (therefore you will pay more tax on your profit);
- In addition, the Box 3 income tax rate has been increased from 32% to 34%, effective from 1st January;
- ...and from 2024 onwards, 2 rates in box 2 of income tax will apply to partners and DGAs with a substantial interest (> 5% shares).
Do you want to know if and how you are affected by new (fiscal) rules?
To the article detailing legal changes for entrepreneurs >>
COMPANY BICYCLE DECLARATION
Are you an entrepreneur, employee, director or employer and do you and/or your staff want to cycle (more often)? Cycling is good for people and the environment, so why not take advantage of the government led initiatives, aimed at stimulating an increase in cycling across the workforce. Did you know As an entrepreneur, you can buy a ‘Company Bicycle'? Of course the rules and regulations do differ for different situations.
Company bicycle for entrepreneurs
As an entrepreneur, you can place a bicycle that you use for business purposes 'on the business'. This has consequences for your income tax return and sales tax.
>> Here you can read more about those consequences
Cycling plan for employees and DGA
As an employee, would you like to go to work by (electric) bicycle on a regular basis? Then you can make various agreements with your employer for the reimbursement of the costs. Are you a DGA? Then you are on the payroll of your BV with the Tax Authorities and can therefore use the same rules as employees.
Cycling plan for your employees
As an employer, you can purchase company bicycles for your staff. He or she then uses a company bicycle and may use it for work-related travel as well as privately. Regarding the personal use of the bicycle, you must - just like with company cars - pass on a small monthly addition to income tax.
Do you have questions about the tax rules for a company bicycle?
Please feel free to contact us!
US Tax Season
For our American (expat) customers: The US tax season has begun!
For expats, the deadline for the annual declaration is June 15. The IRS gives American taxpayers living abroad a two-month extension on top of the usual cut-off deadline of April 15. It is possible to request an additional extension until October.
As a US citizen you are obliged to file an annual tax return. If you, as an expat, make transactions across the US border, you may also be required to report this in a Foreign Bank Account Report (FBAR). Are you involved as an entrepreneur or shareholder in a non-American company? Then its advisable to check whether you need to submit Form 5471.
Moneywood (part of Lupacompany) offers support for expats negotiating the tax system in the Netherlands. Including English-language articles about:
Do you want to postpone your tax return? It is advisable to request this deferral before April 15 and to make an advance payment. This should ensure you avoid any penalties.
>> Payments to the IRS can be made here
Extension of the Emergency Energy Fund 2024
Are you or do you know someone who has difficulty paying their monthly energy bill? Because there has been a heavy demand on the Emergency Energy Fund, extra money has been made available for an extension. But don't wait too long to apply. The extension of the Emergency Fund only runs until mid-March 2024.
Finally: Price corrections in line with inflation
Lupacompany's rates follow inflation, as measured by the Central Bureau of Statistics. The name of the inflation index is the Consumer Price Index or CPI. Inflation for the whole of 2023 was 3.4%. Lupacompany will be adjusting some of the prices.
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So far the latest updates from Lupacompany. Do you have questions? Please feel free to contact us! |