The Income Tax campaign does not end all concerns about the Income Tax return.
It is advisable to plan taxes in advance and constantly monitor regulatory compliance.
The end of the Income Tax campaign is a time that can cause various concerns. The first is that the deadlines for filing the Income Tax return end on July 1, 2024. In addition, you must comply with your obligations without disrupting your plans or those of those people or entities important to the company.
Fortunately, most of the most cayman islands email list relevant concerns that arise at the end of the Income Tax campaign have a solution . Let's look at some of the main ones and the remedies to address them.
Individuals who carry out economic activities are subject to personal income tax. The payment of the differential rate may, in some situations, represent a difficulty for the self-employed. If this is the case, first of all, you should analyze whether it is due to problems in cash management .
A first solution is to resort to the splitting provided for by the IRPF regulations . It allows payment to be made in two interest-free instalments :
The first of these would be 60% of the debt and would be made at the time of filing the tax return. However, if it is done by direct debit, the charge to the account is made on June 30.
The second, for the remaining 40%, would take place on November 5, 2024.
Another option, which is not compatible with the previous one, is to request a deferral . This allows you to draw up a schedule to pay little by little and overcome the liquidity problem. It involves paying late payment interest.
When requesting a delay, it is important to take into account whether the amount exceeds 50,000 euros or not . If the amount is less, you can apply online and without presenting any guarantees. The process is often automated, especially if the debt is less than 3,000 euros or no more than 24 monthly payments are requested.
In recent years, access to different forms of tax deferral or splitting has become easier.
2) The owners of the company have paid a lot of personal income tax
With the Income Tax return , it is time to check what the net tax has been . Therefore, the end of the Income Tax campaign is a key moment to become aware of the weight of the IRPF in the activity.
At this point, the 2023 personal income tax payment will be in a bad way. However, it may be time to start, if you have not done so before, proper tax planning for the future. In fact, it is a trend that will be consolidated, if possible even more, with the new anti-fraud software . The reason is that the Treasury will have easier ways to access the data.
In any case, tax costs or advantages must be included in all decision-making processes . The different legal forms of approaching projects must be analysed. It may be, for example, advisable to examine whether the legal form through which the activity is carried out is the correct one. In this whole process, harmony between advisor and client is very important . And, to favour the fluidity of this relationship, it is best to have tools such as Sage for Accountants that allow a collaborative approach between both parties.
3) Employees with a very high differential rate
In SMEs, there are often some employees who pay a high differential rate . This may be due to various circumstances. For example, they may regularly receive income that is not subject to withholding.
In some cases, it happens that the worker worries, even though, in reality, he is delaying the payment of the tax . Normally, this problem is more frequent among people with poor savings habits.
The solution for these cases is to increase the withholding rate . The company can do this whenever the employee requests it, without ever exceeding the maximum marginal rate.
4) Submitting an income tax return with which you do not agree
Tax rules are often open to several interpretations . With the end of the Income Tax campaign, the time has come to make a decision . You have to file your tax return in accordance with one of them. The reasonable temptation is to file it in such a way that you pay the minimum.