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inventory for starting up as a self-employed person

MP
2023-11-21

Question

I recently made the switch from hobby to (side) job. However, I still have an inventory of trade goods that I purchased in the years before starting my own business and for which I did not keep any invoices.

How can I record this correctly and what ‘proof’ do I need to keep for this?

Hi, do you still have the receipts? If so, you can include them in your accounts as expenses. That seems to me to be the best option. Your invoice date is then simply the date of purchases, and your fiscal date is the current month (now).

If you don't have them, it becomes a bit murky. The tax authorities will ask questions of someone who 'already had inventory'.

For example, whether you were already trading 'under the table' for your (side) job. In any case, you will need some kind of purchase data, so you could, for example, buy the inventory from yourself (see buying from a private individual: https://dexxter.be/kopen-van-een-particulier/ ). In this case, as a self-employed person, you would buy the inventory from yourself (private individual).
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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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