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How can I include private purchases in my sole proprietor without inviting the tax authorities to look into my personal finances?

dJ
2024-02-11

Question

Hello fellow entrepreneurs,

I have just started my sole proprietor and I have a question that I would like your advice on. I have purchased certain items privately that I would like to include as expenses in my sole proprietor. However, I have heard that the tax authorities can question access to my private account and credit card statements because of these transactions, as they were all made using my personal account.I would prefer the tax authorities not to look into my private accounts. I question whether it is possible to create purchase receipts from myself for my sole proprietor and to cost these expenses in my accounts in this way, so that my private account is not taken into consideration. Is this a legitimate strategy or does it entail risks?

I would like to hear your experiences, tips and any alternative methods for entering private purchases into my sole proprietor in a safe and legal manner, without inviting the tax authorities to view my personal finances. Thank you in advance for your input!

When you make purchases for your business, you deduct the vAT (so it is not paid). When you sell these goods to yourself, you simply add them at purchase price and add the vAT by creating a corresponding invoice to yourself. That seems like a neat and simple solution to me. There may be others...

Hi KC,

Thank you for your reply.

Here, it concerns items such as a PC, monitor, mobile phone, etc. that were purchased BEFORE the business started and therefore in my private name, without mentioning 'VAT number pending', as I was not really involved in the business at that time.
I no longer have invoices for many of these items, or if I do, they were paid for with a private account. If I were to submit those invoices, the tax authorities would be able to check all the bills, credit card statements, etc. used to pay for those items privately at the time.

Search the learning center for:
Can I submit purchases from before I started as a self-employed person? It gives a detailed explanation.

Gr J

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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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