After a year of working in a secondary occupation, I am considering stopping it. However, I have purchased some work equipment this year that I would like to keep. I acknowledge that I should issue a sales invoice to myself for this? Does this actually have to be proven to the tax authorities as a monetary transaction? Or is this purely for accounting purposes? I also have a light truck that I recorded over four years. If I were to sell it now, how would I go about it?
For a sole proprietor, this is purely an accounting matter that you have to record; there does not have to be a cash transaction involved.
More information on how to record this correctly can be found here: https://app.arcade.software/share/8hN3xSVj3prS2BIAwMKv?utm_source=learning_center&utm_medium=referral.
The same applies to light goods vehicles. You will need to calculate this proportionally.
So you will still sell it for its residual value, which is 3/4 of your depreciation.
See: https://dexxter.be/stoppen-met-je-eenmanszaak-depreciations/.
You really should try it out for yourself. Even if you don’t have a company number yet, you can already go ahead.
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