Accounting & Documents
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 supporting documents for professional expenses.
Bank account statements and CODA: Statements of your professional bank accounts showing all financial transactions.
Social documents: Statements from the social secretariat (if you have staff) or the notice of due date for your self-employed social security contributions.
Deadlines to be met:
For VAT-registered businesses (quarterly): Your documents must be submitted no later than the 5th of the month following the end of the quarter (April 5, July 5, October 5 and January 5) to ensure that your VAT return is filed within the legal deadline.
Recommendation: For effective management monitoring and up-to-date accounts, the ideal is to encode or send your documents monthly or continuously via your accounting firm's application or digital portal.
How can I efficiently organize and digitize my accounting documents?
Mandatory e-invoicing: Belgian VAT-registered businesses are required to use structured electronic invoicing for their domestic B2B transactions. In practice, these invoices are exchanged directly in structured format (notably via the Peppol network) using accounting software or a compatible solution. (Note: this obligation does not apply to sales to private consumers – B2C).
Good organizational and archiving practices:
Organize your documents methodically (by period and by category: Sales, Purchases, Bank).
Keep documents in their original form, whether paper or digital, ensuring their legibility, authenticity, and integrity for the entire legally required retention period. For electronic documents, also plan for backups on multiple media or locations to minimize the risk of loss in case of a breakdown, disaster, or computer failure.
How long am I legally required to keep my accounting documents and invoices?
In Belgium, the Code of Economic Law and the Income Tax Code define the obligations for financial archiving:
General archiving period (10 years): Accounting documents and documents used to determine taxable income must in principle be kept for 10 years or 10 accounting periods following the taxable period to which they relate.
Special cases (VAT review periods): Certain goods and investments, particularly real estate, are subject to longer VAT review periods. The necessary supporting documents and invoices must be kept for the entire legally applicable review period.
Storage format: Archiving is carried out in physical format or in secure electronic format, provided that the documents remain directly accessible and usable in case of verification.
What do I need to submit for the annual closing of my accounting period?
For a company, closing involves preparing the annual accounts (balance sheet and profit and loss statement) according to legal rules.
For a sole proprietorship, it is used to determine the exact business income to be declared.
To do this, an inventory of the assets of the company or sole proprietorship on the last day of the financial year must be drawn up:
Inventory of stocks and work in progress: The detailed, itemized statement of goods in stock at the closing date, as well as the value of work in progress not yet invoiced.
Statement of receivables and payables: The list of customer invoices remaining unpaid on the last day of the financial year and the details of invoices owed to suppliers.
Year-end bank statements: Account statements on the closing date confirming the official bank balances.
Social documents: Annual social report and annual payroll expenses
Documents relating to investments and pensions: Amortization schedules for business loans, insurance contracts and proof of payments made during the year (Advance Payments, PLCI, EIP, etc.).
How does a tax or VAT audit work and how can you prepare for it?
Tax or VAT audit is a normal verification procedure designed to ensure that the declarations submitted comply with the accounting documents.
The procedure unfolds as follows:
Notice of audit or inspection: When an audit is announced, the tax authorities will provide advance notice of the period covered and the practical arrangements. However, some audits (particularly those related to VAT) may take place without prior notice.
Document review: The auditor will review your books, invoices, supporting documents, bank statements, and legal registers (share register, UBO). Depending on the agreed or mandated procedures, the review may take place at the company's headquarters, at the administration's offices, or with the assistance of your representative.
Outcome of the audit: If no irregularities are found, the procedure is closed. In case of disagreement or if a correction is planned, the tax authorities will send you a notice of adjustment (or a proposed VAT adjustment), granting you the legal deadline (generally one month) to submit your observations with your accountant.
How to best prepare for it?
Notify your accountant immediately: Forward the audit notice to your chartered accountant as soon as you receive it. They will verify that the file is complete and will assist or represent you throughout the process.
Centralize supporting documents: Ensure that all accounting documents, supporting documents and official records for the audited period are archived, legible and immediately accessible.