Don't forget to include start-up costs

August 1, 2022

Don't forget to include start-up costs!

Starting a business is usually a large investment. It not only takes a lot of time but also a lot of money. Many entrepreneurs forget that they can also include these costs in their first VAT return. This is, of course, very unfortunate because the start of a business is a very expensive phase.

What are start-up costs?                                                               

Start-up costs are costs that you incur before registering your business with the Chamber of Commerce. Start-up costs are deductible when they are directly related to the start of your business. Of course, you do need invoices to include start-up costs as business expenses.

Examples of start-up costs                                           

Below are some examples of "forgotten" start-up costs:

  • Incorporation costs for a sole proprietorship or private limited company
  • Notary or legal fees
  • Training costs such as courses
  • Equipment such as a computer that you will use for business purposes
  • Marketing costs such as business cards
  • Website costs
  • Travel expenses

VAT on start-up costs                                                                     

For all entrepreneurs who have to file VAT returns, the VAT on start-up costs is also deductible. Just like with other expenses, you can include this paid VAT as input tax and reclaim it with the first VAT return you file.

Hours before starting your business                                             

The hours you spend on starting your business can be counted towards the hour criterion. These are simply business hours.

Make sure you are not one of those people who forgets to include start-up costs. That would be a shame!