Depreciation Depreciation is the process of allocating the depreciable cost of a long-lived asset, except for land which is never depreciated, to expense over the asset’s estimated service life. Depreciable cost includes all costs necessary to acquire an asset and make it ready for use minus the asset’s expected salvage value, which is the asset’s…
You are obliged by law to record anything with financial implications for your business in a systematic administration. It is also important for yourself to keep a proper financial administration. It gives you a wealth of business information and insight into how your company is progressing. Keep your administration for seven years Books and documents…
Period of retention of documents Private individuals For private individuals the law does not officially state how long the administration should be kept. So it is not determined how long for example pay slips and bank statements must be kept. But because the tax authorities can call in additional tax for the last 5 years…
The following statements are required for VAT purposes on invoices: date of issue; a specific number; where necessary, the VAT identification number of your company and your client (basically in international situations); full name and address of your company and your client; description of the goods or services; quantity of goods supplied or, if necessary,…