The start date of my enterprise
Are you looking to start your own enterprise? If you wait too long with registration at the Chamber of Commerce this can be disadvantageous. Do not wait too long and read below what you should take into account.
Registration Chamber of Commerce
You have a business idea and maybe even some clients. After brainstorming about your business plan and the approach to your business, the time has come to register in the Trade Registry of the Chamber of Commerce. The date of registration of your enterprise with the Chamber of Commerce is often a joyous occasion. It is the day you have made your enterprise official and this moment is celebrated by many new entrepreneurs.
The registration of your enterprise is not just the official start of your enterprise. The starting date is also the date that the Tax Authorities consider you an entrepreneur as well. this has consequences for the deduction of expenses and the entrepreneurial deduction.
The date on which you register in the Trade Registry is for the employees of the Chamber of Commerce often the official starting date of your enterprise. The actual starting date of your enterprise does not necessarily need to match the date of registration. Usually it takes longer to start your enterprise and the decision to register at the Chamber of Commerce is made when you are further along in the process.
If you have a sole proprietorship or general partnership (V.O.F) and you work more than 1.225 hours annually in your own enterprise. You are entitled to the self-employed deduction. In the first three years you are also entitled to the starters deduction. De self-employed deduction and starters deduction together can amount to a maximum tax benefit of around €4.500.
It can, therefore, be advisable to take this into consideration when you want to register in the Trade Registry. For example, if you register on the 1st of October or November, it can be difficult to prove that you worked more than 1.225 hours on your enterprise in that year. Even if you did, but you only registered later in the year and the starting date is the same as the date of registration in the Trade Registry.
We recommend, therefore, to keep a log of all your hours, from the first moment and save the documentation of all your entrepreneurial activities.
The expenses you have made prior to the registration date at the Chamber of Commerce are deductible until around three months before you registered. Expenses for this date can only be considered as business expenses if you can demonstrate that these expenses are entirely business related.
Would you like more advice about your starting date at the Chamber of Commerce or do you have more questions regarding this?
Please do not hesitate to contact us.