VAT fines are, in our opinion, quite high on the ‘this is really a waste of money’ list. Nevertheless, almost 65,000 entrepreneurs missed the deadline to submit their VAT return and the corresponding payment last quarter. When you want to submit this tax by zip code then making use of the calculator is important.
Always file a report
As a starting company (after registration with the Chamber of Commerce) you will automatically receive your 1st VAT return from the tax authorities. Always complete this declaration form, even if you have not yet made any turnover. If you do not file a return, you risk an additional assessment on the amount that the tax authorities themselves estimate about an estimated turnover amount and you risk a fine.
Save your login details
Keep your login details in the safe, above your bed or simply in your (digital) administration folder. The ‘oops, where are my login codes again’ can result in an expensive VAT fine. Requesting new login details can sometimes take up to 2 weeks.
Keep your records
As an entrepreneur you are obliged to set up and maintain good administration. For VAT, your administration must contain at least the following:
- Invoices that you send
- Invoices that you have to pay
- Private use of goods and services (if you make private use of goods and services of your company)
- Different VAT rates
Not only mandatory for the tax authorities to keep records. Especially more than convenient to be able to fill in your VAT return at all.
Know the deadlines for VAT returns
Most of the freelancers have to submit the VAT return every quarter. If you submit a VAT return per quarter, the tax return AND the payment must be received by the tax authorities no later than the last day of the first month after the quarter. Are you still following? The third quarter lasts until September 30th. Your tax return must then be submitted by 31 October at the latest.
Do you file a declaration per month? Then the declaration and the payment must be received no later than the last day of the following month. The tax return for the month of September must therefore be received by the tax authorities by 31 October at the latest. With the state tax calculator you can find the best solution now.
Underline the deadlines triple in your diary
Don’t forget deadlines and mark, underline and capitalize them in your agenda. Set the deadline for yourself a few days before the actual deadline. This way you prevent moments of stress, clammy hands and arguments with your loved ones on the day itself if the system crashes or you cannot get it out for a while. Also note that if the deadline falls on a weekend or public holiday, some banks may take longer to process your payment.