Practical guide for making your Income Tax Return 2018Erika
The season for Income Tax Declarations is upon us. Remember that you can file in person, online or by telephone. Choose the option most convenient for you and follow these tips:
- The calendar
The campaign began on 15 March and ends on 2 July. To ensure you don’t miss the deadline, check our tax declaration calendar.
- The documents
Before filing your declaration, you must have the following up-to-date documents to hand:
- Certificate of withholdings and what you have collected from the Tax Agency
- Documents relating to severance or cessation of labour activity
- Deductions for pension or mortgage plans
- Documents relating to home purchase
- The draft
You can apply on the web or on the free app from the Tax Agency. You can check, change and accept your application if you have an electronic certificate or ID. We advise you not to leave it until the last minute, because if you need to change any important data and you are not within the timeframe, you will be penalised.
- Read the draft. Read it again. Yes, read it again!
You have no idea how many headaches you will save if you read the draft thoroughly. Yes, several times. The option to do it on the app is very convenient, but you will avoid penalties if you cross-check your personal details, any change of address, divorce, purchase of an apartment, new pension plan, donations to NGOs and, in general, all your fiscal information.
- Rebate or payment?
If your tax return leaves you with a rebate (that is, the Treasury will repay you what is due to you), remember that usually takes a month, more or less, before you receive the refund; legally the Treasury has six months to pay out.
If your return requires you to make an additional payment, you can do so in a single payment or divide it into two payments. You just have to mark the corresponding box on the form.
- Separate or joint?
This is one of the questions that many couples consider every year, since there is the option to declare jointly or individually. However, if you are married it may be advisable to make a joint declaration, especially of both partners’ incomes don’t come to more than 3,500 euros, or in the case where one of the two does not have a salary.
- What a difference a postcode makes…
We recommend that you pay attention to the fine print of the Declaration of Income Tax in your Autonomous Community, because some deductions may vary. For example, childcare costs, a large family, the birth of a child or even your rental payments have their own conditions depending on your place of residence.
- Let me give you some advice
Filing your Tax Return is a simple process, but it’s also true that many people find it a laborious process or simply don’t have time to do it. In either case, at Duguech&Dip, we recommend you request a prior appointment at the Tax Agency, as its officials are there to help you, or, if you prefer, you can avail of the services of a consultant or a lawyer who specialises in this area.
Legal Notice: Since legal advice must be tailored to the specific circumstances of each case, and laws are constantly changing, nothing on this article should be used as a substitute for the advice of competent legal counsel. The content on this article is offered only as information and does not constitute solicitation or provision of legal advice. You should always consult a suitably qualified lawyer regarding any specific legal problem or matter.
© 2019 Duguech & Dip, S.L.P. – All rights reserved