How to find and save money

Forced closure and other corona restrictions can severely affect your turnover and income. You could probably use some extra financial support. Research how you can attract extra money or spend less.

To help entrepreneurs during the corona crisis, the government has set up an extensive range of schemes. But there are more ways to get by financially. You may be able to get money, spend less, or delay payments. Make sure you understand your finances. Only then can you have a handle on the situation. Here are 5 tips.

1. This is where you find money

  • Call clients who are overdue in paying their invoices. This is often more effective than sending a reminder.
  • Reclaim VAT paid on unpaid invoices. You paid the VAT on that invoice when you sent your invoice. If your customer ultimately does not pay, you can reclaim the VAT on the unpaid invoice.
  • Use allowances and support schemes. Calculate (in Dutch) in a few steps which amounts you may be entitled to. You can also see where you can apply for them. Do you use childcare? Then check every quarter with the Childcare Allowance App (in Dutch) whether the allowance still fits your income (situation).
  • Use municipal facilities for low-income residents. As an entrepreneur you are also eligible for this financial support. Do you want to know what your municipality does? Then go to Bereken uw recht (in Dutch) where you can see what municipal funding you are entitled to. Click on the municipality where you are a resident and answer the questions. Note: not all municipalities are participating yet.
  • Use benefits for the self-employed. Check whether your situation fits one of the available benefits for the self-employed.

2. This way you pay less

  • Do you have a provisional income tax or corporate tax assessment, and do you expect a lower profit than in other years? In that case, you can request an adaptation of your provisional assessment (wijziging van uw voorlopige aanslag, in Dutch).
  • As a self-employed professional, you may also qualify for a remission of municipal taxes that have no connection with your company or the profession you practice. Each municipality can decide whether to offer this option. It is not mandatory.
  • Do you mainly supply consumers and is your turnover below €20,000? Then research whether the small businesses scheme (KOR) is interesting for you.
  • Do you use all the tax deductions in your annual income tax or corporate tax return? Make sure you do not forget any.
  • Do you employ staff? Investigate whether you can (temporarily) save by asking your staff to agree to a temporary salary reduction (in Dutch).
  • Groceries, snacks, (online) shopping. Many small expenses add up to a large amount that you may be able to save on if you think about it a little more. Ask yourself if they are really necessary. Nibud's saving tips (in Dutch) can help.
  • Investigate whether switching to another energy supplier, insurer, or telecom provider is beneficial for you. You can go to various comparison sites on the internet for this.
  • Start engaging in business bartering (in Dutch). You exchange your services or products with other companies without money changing hands and thus keep the money in your company.
  • Learn about bootstrapping. This method allows you to use available resources optimally and organise your financial space without external financing. Use the checklist (in Dutch).

3. Postpone your payments

  • Up until 1 October 2021, you can agree with your bank on a payment extension for your mortgage for a maximum of 12 months. The bank determines what the payment break looks like. You pay the unpaid instalments later.
  • Use the payment term that suppliers offer you. Cannot pay on time? Contact the supplier and propose a payment arrangement.
  • Until 1 October 2021 you can request a special extension of payment for various taxes. Do you already have a special tax payment extension? Then you can also request an extension until that date.

4. Gain insight

  • You may have made a financial plan when you started your business. Now that the situation is changing, it is good to take look at it again and revise it, if necessary.
  • Also see which actions you can take to improve your cash flow (in Dutch) without accepting new financing.

5. Need Help?

If you cannot figure it out on your own and you need help, or if you have any questions, contact the KVK Advice Team on 0800 2117. We understand what might be on your mind, also in times of corona. We will answer your questions and are happy to think of solutions with you. In addition, we are also happy to put you in touch with organisations (in Dutch) that can give you just a little more time and attention. They often offer support to entrepreneurs for a longer period of time.

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