Three cases in which the Treasury will ask you to reflect your Bizum in the income statement

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Three cases in which the Treasury will ask you to reflect your Bizum in the income statement

Bizum, cases, income, reflect, statement, Treasury

With the upcoming Income 2022 campaign, it is important to keep in mind that not only do we have to report our usual income and expenses, but there are also certain operations requiring special attention from the Treasury. Transactions that include payments made or received through the Bizum platform.

A platform that has become a very popular tool for making quick and easy transfers and payments between users. However, although the simplicity of the process may suggest otherwise, these payments, which in fact they are little more than bank transfers made in another waymay also be subject to the income statement in certain situations.

Three cases that are important to keep in mind

According to tax regulations, as Xataka Móvil reminds us, only there are three situations in which we will be obliged to declare our payments made or received via Bizum. Not remembering it, but it brings penalties and complications that we can easily avoid. The three hypotheses, moreover, are really clear:

  • In the first place, if the annual figure exceeds 10,000 dollars, in which case our own bank will report the corresponding information to the Treasury. It is important that we reflect this in the statement so that all information matches.
  • Secondly, if we use Bizum to receive income with economic profitabilityas in the case of receiving payment for the rental of a property through this platform.
  • And finally, if we are independent and use Bizum to collect our services or our salesin which case you must accompany the corresponding VAT and personal income tax income.

It is important to bear 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 daily payments without worrying about your income statement.

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However, it is important to be aware of these tax obligations to avoid possible penalties or fines from the Treasury. The same application allows us to easily 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, Bizum transactions should be considered like any other that can be made in cash, by transfer, check, etc.

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