Limit ConsultingMake sure that you are doing your invoices with the correct withholding (Retention) percentage.
Find here a table with the most frequent retention types for self employed and small business.
| Applicable Rates for With-holdings (Rententions) | ||||
| 2015 | From 2016 to date. |
|||
| Before July,12th | After July,12th | |||
| New Business (1) | 9% | 7% | 7% | |
| Businesses in General(2) | 20% | 15% | 15% | |
| Rental retentions | 20% | 19,5% | 19% | |
(1) New Businesses can apply a lower retention rate during the first year of business and the following two years. This is not compulsory. If you anticipate a final tax bill, you may prefer to advance some payments in your retentions.
(2) The obligation of including ‘retention? in your invoices only applies if you are to invoice a SL Company.
Related Posts:
What to include on an invoice.
