Insurance touches your bookkeeping at three different moments. Here's how to handle each one.
Your insurance premium: book it as a normal expense.
A claim, insurer pays the repair company: only part of the invoice is deductible for you.
A claim, insurer pays you directly (e.g. an omnium payout): book it as revenue.
The invoice you get for having the policy itself is a normal business expense. There's no VAT on insurance premiums in Belgium. Accountable has a specific category for each type of insurance.
Vehicle insurance: choose Car insurance, Utility vehicle insurance, Motorbike insurance, or (e-)Bike insurance, depending on what you're insuring.
Other professional insurance: choose Pro insurance, Fire insurance, Professional liability insurance, Legal protection insurance, or Guaranteed income insurance.
Match the same professional-use percentage you already use for that asset's other costs.
Only professional insurance is deductible: personal policies, like hospitalization insurance, don't belong in any of these categories.
If your insurer settles the repair invoice directly, the repair itself isn't a cost to you, it was covered by the insurer. Usually, two things are still deductible:
The VAT on the invoice (or the deductible % of it)
Your deductible excess (franchise), if your policy has one
In short: you only book what you actually paid out of pocket. The rest is neutralized, since the insurer already covered it.
Book the invoice under the expense category that fits best (e.g. Maintenance and repairs), split into 3 items:
Enter the full invoice amount, with its correct VAT rate. Use the same professional-use % you already use for the asset.
Enter the same amount excl. VAT again, as a negative (-) line, marked exempt (0% VAT — "exempt from VAT or not taxable"), at the same professional-use %.
→ This cancels the part the insurer paid for you.
Enter your deductible excess (franchise), as a positive, exempt (0% VAT) line. Set the professional-use % that applies to this cost.
→ This is a real cost to you, so it stays deductible.
Item 1 — Full invoice: € 3 986,28 incl. 21% VAT (€ 691,83), 35% professional use
Item 2 — Negative line: € -3 294,45, 0% VAT (exempt), 35% professional use
Item 3 — Excess: € 650,00, 0% VAT (exempt), 100% professional use
Result, under Expense tax impact: € 242,14 VAT to recover + € 650,00 deductible for income tax = € 892,14 professional amount, matching what you were actually billed.
If your insurer transfers the payout to you instead, for example an omnium payout, or a fire insurance reimbursement, book it as income, not as an expense.
✅ Only do this for professional claims and only record the amount you actually received!
Go to the Revenues tab and record the full payout as a non-invoice revenue.
Step 1: Under Revenues, add a non-invoice revenue (Ticket)
Step 2: Add the document, enter the Amount, this is the total amount you received, (in this example €1,466.77)
Step 3: Under Category, choose "Insurance payout for lost asset"
Step 4: Press save
Does this also apply to other business assets, like stolen equipment or fire damage?
Yes. The same method applies any time your insurer pays a repair or replacement invoice directly, whether it's your vehicle, a stolen laptop, or fire damage to your equipment. Just book it under that asset's usual expense category, using the professional-use percentage that applies to it.
My car is only partly professional. What now?
Use your car's usual professional-use percentage for the premium, and for the full invoice and negative line (items 1 and 2). The deductible excess (item 3) is a separate, real cost, set its own professional-use percentage based on your actual situation.
Still have questions? We're always here to help in the chat 😊
Author - Valesca Wilms
As content marketing lead at Accountable Belgium, Valesca writes about freelancing, self-employment, and taxes based on her own experience as a freelancer.
Who is Valesca ?Thank you for your feedback!
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