The next campaign for the 2024 tax return (which will take place between April and July 2025) will be the first that can be paid via a simple Bizum. If you are required to pay, if you receive a refund, you will continue to receive a credit on your account. And this change raises questions: will there be changes in our relationship with Bizum? It’s important to keep in mind that we don’t just have to report our usual income and expenses. In fact, there is certain operations which require particular attention from the Treasury. Like certain payments made or received via Bizum.
This platform has become an agile and super practical tool for making quick transfers and payments between users. However, even if the simplicity of the process might suggest otherwise, these payments, which in fact These are little more than bank transfers with another methodmay also be subject to declaration. We tell you everything.
Three cases that are important to keep in mind
According to tax regulations, as we have already indicated on occasion regarding the limitations of Bizum transfers, only There are three situations in which we will be required to report our payments made or received via Bizum. Not remembering this leads to penalties and complications that we can easily avoid. Furthermore, the three hypotheses are very clear:
- First of all, if the annual figure exceeds 9,999 dollarsin which case it will be our own bank which will communicate the corresponding information to the Treasury. It is important that we reflect this in the declaration so that all the information matches.
- Secondly, if we use Bizum to collect income with economic profitability as in the case of receiving payment of rent for real estate via this platform.
- And finally, If we are self-employed and use Bizum to invoice our services or salesin which case you must accompany the income with the corresponding VAT and personal income tax.
Bizum Hacienda, how are declarations made as a legal entity?
But that’s not all: your banking entity reserves the right to carry out an audit of your movements and the Tax Agency will also examine your banking movements if you exceed certain thresholds and carry out numerous transactions via Bizum.
It is important to keep in mind that these obligations only apply in specific cases and not in sporadic situations in which a payment is made via Bizum. In other words, we can continue to use this platform to make payments in our daily lives without worrying about your tax return
It is crucial to be aware of these tax obligations to avoid possible sanctions or fines from the Treasury. The same application allows us to keep a detailed record of all transactions made through Bizum. In case of doubt, the recommendation will always be contact a tax advisorbut, in general, we must consider Bizum transactions like any other that we can make in cash, by transfer, by check, etc.
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