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End of year tips 2024: closing the year in a tax-efficient way
With the introduction of new legislation and tax rules as of 1 January 2025, it is advantageous for agricultural entrepreneurs to arrange certain fiscal matters this year. At the same time, there are also opportunities to realise tax benefits by postponing certain expenses to the new year. Flynth has put together a selection of important end-of-year tips for you.
In this article we discuss the most relevant end-of-year tips that apply to you as an entrepreneur. For a comprehensive overview, you can download Flynth's End-of-Year Special.
Limit your income tax
If you anticipate a positive operating result for 2024, it is advisable to investigate how you can reduce the income tax levy. This can be done in various ways. For example, you can still create a provision in 2024 or make an additional investment, so that you can make optimal use of the small-scale investment deduction.
Preparing for business transfer
Are you planning to transfer your company to the next generation soon? Please note that there are new requirements for the business succession schemes, the transfer scheme. It may be advantageous to donate your company this year to a successor who will not be 2025 in 21, provided that this successor has already been employed by your company for 36 months.
Reduce your wealth by donating
If you are facing high tax assessments in box 3 for 2024, you may consider reducing your assets in this box by donating. By donating to (grand)children within the gift exemption this year, they can benefit from tax-free gifts. And it helps you reduce the tax burden in box 3.
For more end-of-year tips, visit the Flynth website.
More information?
Are you looking for more tips to end the year well? Then download the extensive overview with end-of-year tips on Flynth's website.
