VWGNijhof Accountants and Tax Advisers wishes you all the best, both in your business and personal life, Happy 2016. It goes without saying that we look forward to being of service to you again in 2016! There are plenty of things which it would be wise to tackle at some point in the new year.
Happy 2016
Due to the €5 billion that the Government allocated in 2016 to tax relief distributes, the purchasing power of almost all Dutch people will improve. In that respect, 2016 is sure to be a happy year for many of you, although we are all well aware that financial resources are merely a means to an end when it comes to achieving happiness.
First WKR settlement
The 2015 work-related expenses scheme (WKR) must be settled in the final payroll tax return for 2015, which is due to be submitted in January 2016. Many employers will be doing this for the first time. We have therefore previously referred to this as The moment supreme.
Naturally, the tax due under the law must be paid. However, in our view, it is more interesting to consider whether you can structure the allowances and benefits in kind paid to employees in such a way that as little payroll tax as possible is due. And perhaps the WKR might even offer scope to do a little extra for your employees.
VAT return for the last period
In the VAT return for the last return period (December 2015 or the fourth quarter of 2015) you will need to deal with a number of specific matters. And as most business owners also close their financial year at the end of the calendar year, this is a good time to check whether all VAT obligations for the past year have been met correctly. Any inaccuracies identified in the process must be rectified without delay (usually by submitting a supplementary return).
If you purchased property in 2014 and you and the seller agreed not to apply the VAT exemption, you must issue a declaration to the seller by 28 January 2016. A copy of this declaration must be submitted to the tax authorities.
ZZP-ers
As things stand at present, the Senate is due to decide at the end of January on the bill to abolish the VAR (Declaration of Employment Relationship). Entrepreneurs who work with self-employed contractors as part of their “flexible workforce” must therefore consider how to deal with this. We have already prepared some of you for this during our workshops in November 2015.
The abolition of the VAR is currently scheduled for 1 April 2016. If you are self-employed model agreement If you wish to work and would like to obtain approval from the Tax and Customs Administration before 1 April 2016, you must complete the form before 1 February 2016 submitted to the Tax and Customs Administration.
Planning
With regard to gift tax, we are eagerly awaiting the (re)introduction of the €100,000 exemption for gifts relating to one’s own home. In the meantime, we can of course assist you with your financial and estate planning by standard exemptions in inheritance and gift tax.
How much longer will the highest inheritance and gift tax allowance remain at its current level? Under the BOF (Business Succession Facility) Over €1 million of the business assets acquired is fully exempt, and for amounts above €1 million, 83% of the acquisition is exempt. This is more than enough to assess whether you can make (optimal) use of this scheme.
Pension
Just before the Christmas recess, State Secretary for Finance Wiebes announced that a solution to the problems surrounding self-administered pensions had not yet been reached. He did, however, reveal a little more about the direction(s) in which his thinking is heading in this regard. See also our article Self-administered pension scheme.
The costs incurred by the employer in connection with the transfer of pension entitlements Payments from a former employee are capped at €15,000 pending a review of the rules governing such transfers.
Tax Treaty between the Netherlands and Germany
On 1 January 2016, the agreement signed back in 2012 will come into force Tax Treaty between the Kingdom of the Netherlands and the Federal Republic of Germany into force. It will still be a happy 2016, though, as you can still opt to apply the old 1956 treaty in 2016 if that is more advantageous for you. From 1 January 2017, the treaty will apply to everyone. In the early years, a number of compensation schemes will still mitigate the effects of the new tax treaty to some extent.
Grant scheme for sports facilities
After 2015, sports clubs will no longer receive compensation for energy tax. From the start of 2016, however, they will be able to grant applications for energy-saving measures.