- More than two million entrepreneurs in the Netherlands must submit their VAT returns for the third quarter of 2023 by November 1st.
- Late submission can result in penalties for both late filing and late payment.
- Errors in the VAT return can lead to additional charges and penalties.
- VAT returns are mandatory for most entrepreneurs, with exceptions for those offering exempt products or services or those with an annual turnover below €20,000.
- Even if no sales were made in the quarter, entrepreneurs still need to submit a VAT return.
- Late submission can result in a penalty and a reassessment of the owed VAT.
- Late payment can result in a penalty of 3% of the amount owed.
- The deadline for submission is October 31st at 23:59.
- The date of the invoice, not the payment date, determines which quarter the VAT should be included in.
- Private purchases cannot be deducted for VAT, but for items used for both personal and business purposes, only the portion used for business can be deducted.
- Btw on meals and drinks consumed in a restaurant or provided by a caterer cannot be deducted, but VAT on hotel stays during business trips can be deducted.
- If a customer does not pay an invoice in full, entrepreneurs can request a refund of the VAT paid on the unpaid amount.
Source: nextens.nl
Note that this post was (partially) written with the help of AI. It is always useful to review the original source material, and where needed to obtain (local) advice from a specialist.
