Save time, every time with our new Update 12 bunq Business features!
Our commitment to business owners is to continue to build a business banking platform that saves your most precious asset: your time.
Now you can automatically have your VAT ready when the tax man comes around - for both incoming and outgoing payments!
How does outgoing Auto VAT work?
Imagine you own a house-painting business. You need to buy paint to complete a project for your client.
If you buy €42 worth of paint (which has a VAT of 9% in the Netherlands) to renovate the house, €3,78 will then be taken out of your VAT sub-account and added to your main sub-account automatically.
How does incoming Auto VAT work?
You finish painting the house for your client.
Your client pays you for your work and you receive €121, including VAT. By enabling incoming VAT, €21 will automatically be set aside in your VAT sub-account. No extra effort from your side required!
How do both VATs work together?
Incoming and outgoing VAT will now both be taken into account. In relation to the scenario above, you’ll now have a balance of €17,22 (€21,00 - €3,78) in your Auto VAT account.
How does this help my business?
Automatically claiming VAT from all your expenses helps you simplify your taxes and save money for those unexpected moments that happen in life. In short, saving you time and money, everytime. 👍
How do I set it up in the bunq app?
See the step-by-step guide on how to start setting aside VAT for all your payments below:
Ready to turn VAT from a headache to a piece of cake?
Sign up for bunq Business to start using saving VAT automatically today. 🌈