The end of 2014 is fast approaching. What do you still need to look at before you uncork the champagne to toast 2015? Below is a list of briefly some possible action points.
If you think one or more of these points applies to you (or your B.V.), please contact an adviser at VWGNijhof. We will be happy to help you.
* Anticipate the new legislation in employment law.
*Report owner-occupied home loan(s) taken out in 2014 that were not taken out with a bank.
* Pay off home equity debt (in view of penalty interest).
* Pay stamps can still be redeemed at 20% discount.
* Lifetime credits can be redeemed at 20% discount again in 2015.
* Take advantage of the additional increased gift tax exemption of up to €100,000.
* Take advantage of regular gift tax exemptions.
* Exploit the rate step (22%) in the substantial interest tax.
* Adapt your pension schemes to the rules from 1 January 2015 (VWGNijhof has a model approved by the Tax Authorities).
* Assess whether action is required in relation to a reinvestment reserve (HIR).
* Is the set-off of outstanding losses at risk (expiry of the set-off period, change of interests, company downsizing)?
*Take advantage in 2014 of tax-free allowances and benefits in kind that will be taxed in 2015 under the work-related costs scheme (e.g. company bicycle).
* Enter into tax partnership still in 2014.
* Make large expenses charged to your (savings) account still in 2014 to reduce the return base in Box 3.
* Request the Inland Revenue to impose a provisional assessment for 2014, which will still be paid in 2014 (this should be done well before 31 December 2014).
* Critically assess the (negative) provisional assessment of income tax/national insurance contributions 2015.
* Assess whether it is advantageous to bring your (savings) assets into a B.V. (or borrow money from/to the B.V.).
* Use the remaining free space (for employers already applying the work-related costs scheme).
* Deposit annuity premiums/insertions into an annuity bank savings account, for deduction in the annual and/or reserve margin in 2014, no later than 31 December 2014.
* Assess whether your salary as a DGA needs to be adjusted due to the amended customary pay scheme.
Keep an eye on this website. The above action point list will be completed in the coming weeks.