Tax Accountant

How is the transition from my old accountant to Ascend Accountant going? In accordance with ITAA's ethical rules, we are contacting your former accountant directly to inform them of the transfer and request the transfer of your file. For your part, it is up to you to pay attention to the notice period indicated in the engagement letter of your former accountant and to inform him of your decision. To proceed with taking over your file, we ask your former accountant to send us

How to start a business in Belgium? The installation procedures vary depending on the legal structure chosen for your project. 1. To create a business as a sole proprietorship (individual business) The launch is very quick and the initial cost is generally between €200 and €300: Access to the profession (if applicable): Check if your activity requires a specific diploma or proof of professional skills. Bank account: Opening a business account is optional but strongly recommen

How does the remuneration of a company executive work? The company and its director constitute two separate legal and tax entities. The money generated by the company belongs exclusively to the legal entity. To generate income, the company allocates remuneration to its director as decided by the competent body (according to the company's legal structure and articles of association). This remuneration is a business expense for the company and reduces its taxable profit. What i

What are the conditions for an expense to be deductible? For the tax authorities to accept the deduction of an expense from your professional income, you must meet the three main conditions set out in Article 49 of the Income Tax Code: A link to your business: The expense must be incurred to acquire or maintain your professional income and have a real link to your business. The correct year: The expense must be related to the relevant tax period and have actually been incurre

What documents do I need to send to my accountant and by what deadline? To ensure the proper maintenance of your accounts and the preparation of your tax returns (VAT, withholding tax, taxes), you must submit all your supporting documents on a regular basis: Documents that must be provided systematically: Sales invoices (receipts): All invoices issued, credit notes and cash register statements. Purchase invoices and receipts (expenses): All supplier invoices, stubs and suppor

How can I analyze my profit and loss statement to determine if my business is profitable? The income statement summarizes, for a given accounting period, your company's revenues (sales) and expenses ( purchases ). It allows you to determine the profit or loss for the period. To analyze the profitability of your business, several elements of the income statement can be examined: Gross operating margin: this corresponds to the balance generated by the business activity before t

How does a tax or VAT audit work in Belgium and how can you prepare for it? An administrative audit follows a legally defined procedure. Whether it's a documentary review (remote) or an on-site audit (at your company's premises or at the firm's offices), the steps remain predictable: The notification or request for information: The tax authorities send you a notice of audit or a request for information specifying the period and the taxes concerned (VAT, Corporate Tax, Persona

What are the steps and timeline for closing the accounting period? The preparation of annual accounts is organized around a series of accounting operations and legal formalities: Inventory and gathering of documents: Physical inventory of stocks, verification of cash balances and collection of supporting documents for the financial year. Adjusting entries: Recording of depreciation, invoices to be received and issued, and adjustment of expenses and revenues to the correct fin

How much does it really cost to hire a first employee in Belgium? The total cost of an employee exceeds the gross salary amount stated in the contract. It consists of three main elements: Gross salary: The minimum salary is determined according to the scales of the joint committee (CP) of your sector of activity. Employer social security contributions: Basic contributions theoretically amount to approximately 25% of gross salary, before the application of any reductions or ex

A lump-sum reimbursement is not granted at random. For it not to be considered remuneration, the expenses must correspond to costs incurred on behalf of the company and have a direct professional character. When a lump sum is used, its amount does not have to be justified receipt by receipt, but it must be based on an administrative standard or on serious, concordant criteria (such as a supported preliminary evaluation). Even when a lump sum is used—where it is not necessary