Bookkeeping before your holiday: what should freelancers check?
- Tina Lumer
- Jul 7
- 7 min read
Going on holiday is not only about booking a hotel, buying tickets and packing your suitcase.
If you work as a freelancer or self-employed professional in the Netherlands, taking time off can affect your income.
When you stop working, your income may go down. But your business expenses continue.
Insurance, subscriptions, bank fees, software and other regular costs still need to be paid. You also need to think about taxes and filing deadlines.
This does not mean that entrepreneurs should not take holidays.
It simply means that a little financial preparation can help you enjoy your time off without worrying about your business.
How much does your holiday really cost?
The first thing most people calculate is the cost of the trip.
Flights, accommodation, food and entertainment.
But for a self-employed entrepreneur, this is only part of the real cost.
Imagine that you are going away for three weeks and your holiday costs €3,000.
During those three weeks, you may work less or not work at all. This means that your income may also be lower.
At the same time, your regular business expenses continue.
And there is another important point: what happens after you return?
You need to start working again, complete new projects, send invoices and then wait for your clients to pay.
This means that the period of lower income may last longer than the holiday itself.
When planning your holiday budget, think about:
the cost of your trip;
your personal expenses;
possible loss of income;
regular business expenses;
upcoming taxes;
the first few weeks after your return.
This will give you a much more realistic picture of how much money you need.
Check your financial reserve
A relaxing holiday starts with knowing that you have enough money to cover your expenses.
Before you leave, ask yourself a few simple questions.
Do I have enough money for my personal expenses?
Can my business continue to pay its regular bills?
Have I set aside enough money for taxes?
Will I still have enough money after I return?
The right amount of financial reserve is different for every entrepreneur.
It depends on your income, expenses and the type of business you run.
The important thing is to understand your financial situation before you leave.
Money in your bank account is not always money you can spend
This is an important point for every entrepreneur.
A high balance in your business bank account does not automatically mean that all the money is available to spend.
Part of the money may be needed for VAT or other taxes.
You may also have upcoming payments for insurance, rent, software, subscriptions or other business expenses.
For example, having €20,000 in your business account does not necessarily mean that you can freely spend €20,000.
Before making financial decisions, you need to know how much of that money is actually available.
This is one of the reasons why good bookkeeping is so important.
It helps you understand what belongs to your business, what needs to be reserved for taxes and how much money you can actually use.
Check your tax deadlines
You may be going on holiday, but tax deadlines are not.
Before you leave, check whether you need to file a VAT return or make any tax payments during your absence.
It is also a good idea to check:
upcoming VAT return deadlines;
expected tax payments;
letters and messages from the Dutch Tax Administration;
other important administrative deadlines.
If you work with an accountant, make sure that all necessary documents are provided before you leave.
This is much easier than looking for invoices and bank statements while sitting on the beach.
Send your invoices before you leave
Have you completed work but not yet sent the invoice?
Do not wait until you come back.
The later you send an invoice, the later your client will pay.
Before your holiday:
send invoices for completed work;
check which invoices are still unpaid;
send payment reminders when necessary.
A few hours of administration before your holiday can make a big difference to your cash flow after you return.
Check your regular business expenses
Many business expenses continue even when you are not working.
For example:
insurance;
rent;
telephone and internet;
bank fees;
accounting software;
professional subscriptions;
leasing costs;
other regular payments.
Before you leave, check which payments will be taken from your business account during the next few weeks.
Make sure that there is enough money available to cover them.
It sounds simple, but it can prevent unpleasant surprises during your holiday.
Think about the first weeks after your holiday
This is something many entrepreneurs forget.
Imagine that you take three weeks off.
After your holiday, you return to work.
You start new projects, complete the work, send invoices and then wait for your clients to pay.
This means that your income may remain lower for several weeks after your holiday.
For this reason, your financial reserve should cover more than just the time you are away.
It is also useful to have enough money for the first few weeks after you return.
This will help you avoid unnecessary financial pressure.
Prepare your business for your absence
The better your business is organised, the easier it is to take a real break.
Before your holiday, you can:
inform your clients that you will be away;
set up an automatic email reply;
check upcoming payments;
send outstanding invoices;
provide documents to your accountant;
make sure important tax and administrative matters are taken care of.
The goal is simple.
You should not have to do your bookkeeping while you are on holiday.
Use your holiday as a reason to check your business finances
Preparing for a holiday is also a good opportunity to look at the financial health of your business.
Ask yourself:
How much profit is my business really making?
What are my regular expenses?
Do I have enough financial reserves?
How much money should I set aside for taxes?
Are there any clients who have not paid their invoices?
How long could my business continue to pay its bills if my income temporarily decreased?
If some of these questions are difficult to answer, the real issue may not be your holiday.
It may be a sign that you need a better overview of your business finances.
A simple holiday checklist for freelancers and entrepreneurs
Before you leave, check that:
✓ all completed work has been invoiced;
✓ you have checked unpaid invoices;
✓ there is enough money in your business account;
✓ money has been reserved for upcoming taxes;
✓ you have checked your tax return deadlines;
✓ your accountant has received the necessary documents;
✓ regular business expenses are covered;
✓ you have a financial reserve for the first weeks after your return.
If everything is taken care of, you can start packing your suitcase.
Good bookkeeping is about more than tax returns
Bookkeeping is not only about filing tax returns and meeting the requirements of the Dutch Tax Administration.
Good financial administration helps you understand what is really happening in your business.
How much are you earning?
How much are you spending?
Which taxes still need to be paid?
Can your business afford a new investment, a large purchase or a few weeks of holiday?
When you know the answers to these questions, making financial decisions becomes much easier.
And taking time off becomes easier too.
Planning a holiday? Check your business finances first
Before you leave, take some time to check your invoices, upcoming tax deadlines, regular expenses and financial reserve.
A little preparation can help you enjoy your holiday without worrying about unpaid bills, tax returns or unexpected financial problems when you come back.
Frequently Asked Questions
How much money should I set aside before going on holiday as a freelancer?
There is no single amount that is right for every entrepreneur. It depends on your personal expenses, regular business costs, upcoming tax payments and how much your income may decrease while you are away.
Remember to plan not only for the holiday itself, but also for the first few weeks after you return.
Do I still need to file my VAT return while I am on holiday?
Yes. Going on holiday does not change your tax filing deadlines.
Before you leave, check whether you need to file a VAT return or make any tax payments during your absence. If you work with an accountant, make sure they receive all necessary documents on time.
Should I send my invoices before going on holiday?
Yes. It is a good idea to send invoices for completed work before you leave.
The later you send an invoice, the later you will receive payment. Sending your invoices on time helps you maintain a healthy cash flow during and after your holiday.
How can I prepare my business finances before taking time off?
Start by checking your business bank account, unpaid invoices, upcoming expenses and tax obligations.
Make sure you have enough money to cover your personal expenses, regular business costs and upcoming taxes.
It is also useful to have a financial reserve for the first few weeks after you return.
Why do I need a financial reserve after my holiday?
When you return, it may take some time before you start new projects, complete the work, send invoices and receive payments from your clients.
This means that your income may remain lower for several weeks after your holiday.
A financial reserve can help you cover your expenses during this period.
Is the money in my business bank account available to spend?
Not always.
Part of the money in your business account may be needed for VAT, income tax, insurance, subscriptions or other business expenses.
Good bookkeeping helps you understand how much money is actually available and how much should be reserved for future payments.
Can an accountant help me prepare financially for a holiday?
Yes. An accountant can help you understand your current financial position, upcoming tax obligations, regular business expenses and cash flow.
Having a clear overview of your finances makes it easier to plan your holiday and avoid unexpected financial problems when you return.
Why is good bookkeeping important when planning a holiday?
Good bookkeeping gives you a clear overview of your income, expenses, taxes and available financial reserves.
This information helps you understand whether your business can comfortably manage a temporary period of lower income while you are away.
Need help with your business finances?
Lumer Finance supports freelancers, self-employed professionals and companies in the Netherlands with bookkeeping, tax returns, financial reporting and business-related financial questions.
Would you like a clearer overview of your business finances or professional support with your bookkeeping?
Contact Lumer Finance to discuss how we can help.
And after that, you can start packing your suitcase.
Comments