Your tool for taxes
It’s important for self-employed individuals to have a good system for their accounting, administration, and taxes.
Whether you’re a freelancer, self-employed in a sole proprietorship, or self-employed exempt from VAT, Accountable makes tracking, managing, and filing your taxes simple and stress-free. Accountable’s software even guarantees error-free tax returns: in case of an error, we reimburse the fine imposed by the tax authorities, up to €5,000.
What can you do with Accountable:
• Send professional invoices: Create accurate invoices with precise legal notes for exceptional and complex cases.
• Save on taxes with every expense: Scan receipts and see immediately how much you save.
• Monitor how much tax you owe 24/7: Connect your bank account and see how much money you have left after taxes.
Understand your business costs
As a self-employed entrepreneur in Belgium, the best way to reduce your taxes is to deduct specific professional expenses. Navigate through this search engine of Deductibles.be, specially developed for self-employed individuals like you and me.
FAQ about professional expenses for self-employed in Belgium
Deductible expenses or professional expenses are costs incurred in the course of your professional activity as a self-employed individual. These costs are tax-deductible from your taxable income. By deducting specific professional expenses, you can lower your taxable income, resulting in reduced tax payments. Some common deductible expenses include:
- Your office, commercial space, or home office
- Internet and telephone expenses
- Travel and restaurant expenses
- Costs related to a car, public transportation, etc.
All expenses with a clear professional character are (partially) tax-deductible for self-employed individuals in Belgium. Here is a list of common deductible expenses:
- Business expenses, including office rent, office supplies, website hosting, marketing costs, software, and subscriptions.
- Travel and transportation expenses, such as fuel, public transportation costs, accommodation during business trips, and meals while traveling for business.
- Accounting fees, which can include fees paid to lawyers or tax advisors for business-related services.
- Professional development costs, including training, seminars, and workshops.
- Expenses related to a home office, such as the home office deduction, rent, utilities, etc.
- Bank charges, like fees associated with your business bank account or charges for international payments.
- Business meetings, such as dinners with clients or client gifts.
These expenses can be deducted from your taxable income, reducing your overall tax liability as a self-employed individual in Belgium.
If you purchased your home, it is possible to deduct the mortgage interest for tax purposes. If you are renting a home, it is not possible to deduct the rent as a business expense unless it is specifically described in your lease agreement.
You can only deduct expenses that are directly related to your professional activities. In most cases, a fitness subscription has a predominantly private character, as its purpose is to promote your health and personal well-being. Even if it may improve your performance, your fitness subscription does not have a business character.
In most cases, your car is considered a mixed cost, especially if you are a self-employed individual in a sole proprietorship. This means that you can only deduct the expenses related to its professional use as a business expense. For example, if you use your car for professional purposes for 4 out of 7 days, you can deduct expenses for that same percentage. These expenses include the purchase of your vehicle (note that there is a difference between electric and non-electric cars), gasoline, accessories, cleaning costs, etc.
Get your professional insurances in order
Many self-employed individuals forget this step, but there are several professional insurances that can be highly beneficial. Consider the following professional insurances:
- Guaranteed income insurance
- Hospitalization insurance
- Professional liability insurance
- VAPZ (pension insurance)
Most professional insurances are also almost entirely tax-deductible, making it a win-win situation, in our opinion.