Annual transition 2024-2025: what you need to know (+ year-end checklist)
Want to quickly complete your 2024 administration? It seems simple, but it often takes more time and research than you think. At the beginning of 2025, well prepared and worry-free. In this blog, you will find practical tips for organizing your administration. From the DBA Act to your tax return: with this checklist, you can start 2025 flawlessly.
📺 Sign up for the free Masterclass: Prepared for 2025. Learn all about the 2025 HR changes, how to prepare for them and how to make optimal use of TimeChimp.
1. Enforcement of the DBA Act
From 1 January 2025, the tax authorities will actively enforce the DBA Act in order to prevent false self-employment. Incorrect or unclear agreements can lead to fines or additional taxes from the tax authorities. Good preparation and your administration in order prevents risks.
Action points:
- Check whether the cooperation between self-employed person and employer meets the criteria of independence. Read more about these criteria here.
- Make sure that the work agreements match the actual situation. This, for example, should not involve a relationship of authority.
- Keep track of time: this way you keep an overview of how many hours you worked on which project for which client. As soon as the tax authorities carry out an audit, you have your administration in order and you can demonstrate that there is no false self-employment.
The DBA Act is just one of the HR changes that are planned in 2025. Curious about the other changes? Read this blog for a complete overview.
2. How to arrange your 2024 year-end
The end of the year ensures that you can start the new year with a clean slate. This process involves more than just closing the books. It's important to check all finances and correct any mistakes before entering the new year.
Action points:
- Check all outstanding invoices and make sure they have been paid or are correctly booked as outstanding.
- Process all declarations, expenses and ridings for a complete overview of your financial situation.
- Complete projects that are linked to the current 2024 financial year.
- Generate reports about turnover, costs and profits to analyze how your organization performed in 2024.
💡 Tip for Timechimp users: By connecting TimeChimp to Power BI you can easily create comprehensive reports and perform analyses.
3. Make a plan for the year transition
The transition from one financial year to the next is a good time to evaluate and optimize processes. By making a concrete plan, you ensure that you are ready for a flying start in January.
Action points:
- Project evaluation: Analyze ongoing projects and identify which ones will continue in 2025.
- Set budgets per project and by department, based on previous year's results.
- Planning: Make sure you plan the first weeks of the new year in a clear and organized way, so everyone knows what is expected of them.
Make sure your team is aware of the plans for 2025, so that the year transition is as smooth as possible.
💡 Tip for Timechimp users: Plan the first weeks of the new year effortlessly and conveniently with the Planning module. Distribute tasks within your team and easily keep an overview. This way, you can start the year efficiently and well prepared.
4. Minimum hourly wage 2025
From 1 January 2025, the minimum wage rates will be increased. In this blog you will find an overview of these new rates for next year.
💡 Tip for Timechimp users: Make sure your hourly rates are collaborators and operations be up to date in your environment, so that your cost insight is always up to date.
5. Mobility budget and sustainable travel
Sustainable travel is becoming increasingly important, both for employees and employers. With the introduction of Work-related Passenger Mobility Act, companies with more than 100 employees will receive new obligations to contribute to a more sustainable mobility policy.
A mobility budget offers a flexible solution for employees and encourages more sustainable behavior, while the company can save costs and gain tax benefits.
Action points:
- Provide insight into the declarations and reports of all ridings so that the mileage registration can be easily managed.
- Communicate to your employees what the mobility budget includes and how they can make use of it and register it.
- Make sure you can submit the requested 2024 data for the reporting obligation by 30 June 2025.
💡 Tip for Timechimp users: With TimeChimp, you can: easily record commuting and business travel.
6. Granting leave to employees
Allocating a correct leave balance to your employees ensures transparency and prevents employee frustration. With a good overview, you can start 2025 organized and transparent.
Action points:
- Check the current balance: ensure that leave days from 2024 are properly transferred or expired, depending on the policy.
- Add current balance: Read in this blog more about the different types of leave and add the balance at once to all your employees.
- Communicate clearly: Let employees know what their new balance is and make it clear where they can apply for leave.
- Create different “pots”: already create different types of leave cards for statutory and non-statutory leave.
💡 Tip for Timechimp users: With TimeChimp, employees have real-time insight into their leave balance and can easily request leave, and you can do it immediately authorizing. So organized.
7. Preparation of tax returns
Good preparation prevents stress and ensures efficient tax returns. This starts with a complete overview of your administration.
Action points:
- Start collecting all the necessary documents for your tax return on time.
- Make sure that employees have entered all their declarations and kilometers.
- Make sure that all your 2024 hours have been offered and that the rejected hours have been processed.
- List possible deductions and discuss them with your tax advisor.
- Write down important dates for the declaration in your agenda, so you will never be faced with surprises.
8. Schedule holidays
Good holiday planning ensures that your employees can leave the office behind with peace of mind. During peak periods, keeping an overview of these days is crucial.
Action points:
- Make an overview of the holidays so that everyone knows which days the organization is closed.
- Encourage timely leave requests; by planning leave early, you can prevent last-minute chaos and avoid gaps in the schedule.
💡 Tip for Timechimp users: In this article, you'll read how to set up the holidays for your employees in your area.
9. Invoicing prefix
A billing 'prefix' provides a professional look and makes your administration organized. This way, you know immediately when the invoice has been created.
Action points:
- Make sure you have created all the 2024 invoices so that you can close the financial year. Be aware of which invoices are still outstanding, have not been paid and which hours still need to be invoiced.
- After the last 2024 invoice, set the new prefix for 2025: For example, use the year followed by a unique number (e.g. 2025-001).
💡 Tip for Timechimp users: Add the new invoice prefix to your settings once you've completed all invoices before 2024. In this article you'll find where to do this.
10. Updating prices
A new year also means new prices. Updating prices at the beginning of the year ensures that you continue to respond to inflation, higher costs or market developments.
Action points:
- Analyze your current rates and see if they are still in line with costs and market prices.
- Communicate any price changes to your customers in good time so that they are aware of the new rates.
- Adjust the new rates in your systems, make sure the costs for your employees, projects and tasks are updated. For example, registrations before 2025 are automatically charged with these new costs.
Conclusion
With these tips, you have everything you need to complete your administration before 2024 and start 2025 organized. Whether it's about the DBA Act, tax reporting, or a sustainable mobility policy, good preparation prevents stress and gives your team a bright start to the new year.
Do you want to save time and work flawlessly? Then start your 14-day free trial now. This way, you will not only make the transition to 2025 easy, but you will also lay a firm foundation for a productive and successful year.
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