VAT on bank charges and insurance

Your bank charges fees for your business account and you pay premiums for your insurance. These bills usually show no VAT. That is correct: financial services and insurance are usually exempt from VAT. (Belastingdienst: financial services and insurance)

Bank charges

Payment services are exempt. Think of the fees for your account, your card and your transactions. There is no VAT, so you have nothing to deduct. The costs themselves are deductible for income tax.

Insurance

Insurance and the services of intermediaries are also usually exempt. You book the premium as a cost without VAT. On many insurance policies you do pay assurantiebelasting (insurance premium tax). That is not VAT and you do not deduct it as input VAT.

Note

The word is "usually". A bank or insurer can also supply services that are taxed, such as advice or software. If the invoice shows VAT, check whether it is a business expense.

In ZZPboek

When you import your bank statement, the app recognises bank charges. You book them on the bank charges account without VAT. That way they go into your costs and not into box (rubriek) 5b.