On April 3, the deadline to submit the 2023/2024 Income Tax Return begins for those who have decided to do it online. Although this procedure is annual, new payment methods, such as Bizum, cause some taxpayers to have doubts about what income obtained through this platform should be included.
During these last few months, this application has undergone some changes to make the transactions made through them more secure. It is a digital identifier that will make your job easier when making a purchase, you will only have to enter your phone number and have your bank application active to accept the movement. Furthermore, accessing this website through Bizum guarantees that the purchasing site is reliable.
What is the amount of money that can be sent and received daily
The Bizums that can be sent will range between 50 cents and 1,000 euros. On the other hand, the amount of money that can be sent in one day cannot be more than 2,000 euros regardless of the number of transfers. And the number that can be received will be limited to 5,000.
When do you have to declare the Bizums in your income?
Although at first Bizum was used among family and friends, over time it has also established itself as the payment method for many businesses to pay some taxes. That is why they are subject to tax control and there are certain cases in which they must be included in the Income Tax Return. The Organization of Consumers and Users (OCU) has explained on its website when they must be declared.
According to the organization, in the case of small payments, between individuals, they do not usually pose a problem, but large or repeated ones “are striking.” The Tax Agency has set the limit from which to declare the amount of 10,000 euros in a fiscal year for individuals, but there are also other cases.
When freelancers use Bizum to charge their clients, something very common in online commerce and to a lesser extent in physical stores. Like the rest of client income received through transfers, checks, cash, etc., what Bizum receives must be declared in personal income tax as income from its professional or business economic activity.
When the landlord of a property receives the payment of the monthly rent from his tenant through this application, just as if the deposit were made into his bank account by traditional transfer, the landlord must include these payments as income from real estate capital returns.
If they do not do so, taxpayers may face fines ranging from 600 euros to a payment of 50% of the amount that has not been declared.
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